Nationwide Building Society has doubled down on its interest in charitable donation startup Percent, joining in a $5 million venture round led by Morpheus Ventures.
At its launch, Percent offered users a card-linked app with the opportunity to donate a percentage of their spending at participating retailers to their chosen charity or local good cause.
The company has since broadened its outloook, with the introduction of an API that businesses can now integrate into their own services. Examples include contributing a fixed percentage of what a customer spends, matching a donation made when making a payment, or rounding up a financial transaction.
Donations made can be distributed to up to seven million non-profit causes around the world that have been added to Percent’s validated 'Purpose Platform'.
Henry Ludlam, founder and CEO of Percent, says: “Percent was founded to become the global API-first infrastructure behind all giving. This will be the foundation for a better, fairer future of capitalism in which every financial transaction has social and environmental good built into it. "
Nationwide first invested in the fintech in 2019, and introduced the system to customers in 2020.
The firm says it will use the new funding to expand to the US, the US, building on its existing presence in the UK and Australia.