For Good Causes, a UK-based firm that lets people convert their loyalty points and rewards into a digital monetary donation to charity, has launched.
UK charities have seen increasing demand for their services at the same time as fundraising has become more difficult, particularly with the demise of cash, says For Good Causes, which is attempting to bridge the gap by tapping into the estimated £7 billion in unused rewards that Brits have sitting around.
Following a pilot, people can now convert their air-miles, rewards and loyalty points into donations to more than 20,000 charities. Big brands, including BP, Rakuten and Vodafone are onboard, letting people transfer their points to good causes.
The platform is free for charities and brands to sign up to, with for-profit For God Causes taking a 10% commission on each donation processed.
Aiming to raise £500 million for UK charities over the next five years, For Good Causes plans to expand internationally and raise £5 billion over the next ten years.
Crispin Rogers, CEO, For Good Causes, says: "On average we have around six loyalty cards each in the UK and more than half of us don’t use all our points and rewards. This means over £7bn worth of unused rewards are sitting around doing nothing, whilst millions more are being earned every day.
"Imagine if we could recycle just some of that value and turn it into a force for good, helping UK charities continue their amazing work."