ESG-focused fintech Spiral raises $28mn to launch B2B model

US fintech Spiral has raised US$28mn to help it transition to a B2B approach, and enable banks and financial institutions to drive sustainability

New York-based fintech startup Spiral has raised US$28mn in Series A to help banks and fintechs embed sustainability and social impact into their businesses.

Spiral is planning to use the funding to launch a technology model called ‘Impact-as-a-Service’, which simplifies back-office operations, donation processing, compliance and technical integrations with 1.5 million charities to allow banks and financial institutions to engage consumers in their ESG agendas.

The startup was founded in 2019 by former Morgan Stanley Managing Director Shawn Melamed. Its first product was a socially responsible consumer banking app, which amassed more than 65,000 users and processed $65mn in transactions in under a year. Spiral says this proof of concept demonstrates how successful can be in the transition to a B2B model.

Spiral ‘a game-changer’ for banks and FIs

The latest Series A funding comes courtesy of lead investor Team8 alongside additional backers Euclidean Capital, Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.

"After launching our own mission-driven consumer banking app and witnessing its rapid growth, we saw that rather than offering an independent banking app, the greatest value would be to partner with other financial institutions,” Founder and CEO Shawn Melamed says.

“We decided to make our technology accessible to help more people and businesses make an impact easily using their current banking and financial apps. We realised that our innovative impact products are game-changer differentiators for banks, credit unions and financial institutions that want to lead the market and give back to their communities while increasing their revenues and expanding their customer base."


Featured Articles

Capital One's Takeover of Discover: All you Need to Know

Capital One's proposed US$35.3bn acquisition of Discover Financial would bring together two of the largest credit card companies in the US

Sustainability LIVE Net Zero: Sustainable Finance Insights

Financial services and banking executives have the opportunity to hear from the world’s biggest sustainability leaders discussing the future of Net Zero

EPAM: 96% of Consumers Happy With AI in Banking

EPAM Continuum has conducted its 2024 Consumer Banking Report, suggesting that 96% of consumers are happy with banks adopting AI

Bitcoin Reclaims US$1tn Valuation; the Bull Market is Here


COMING SOON: Top 100 Women in FinTech 2024

Digital Payments

FinTech LIVE Dubai: Linoy Kidd, CIO at HSBC

Financial Services (FinServ)