Former Wealthfront CEO Adam Nash has brought out of stealth his latest venture: Daffy, a platform aiming to reinvent charitable giving.
Nash, an Acorns board member and long-time angel investor, has teamed up with Alejandro Crosa, a software engineer who has worked at LinkedIn, Slack and Twitter, on Daffy, previously known as Silverback Ventures.
Daffy members choose how much money they want to set aside for charity every year and then watch it grow tax-free in one of nine investment portfolios in three categories: standard, ESG or crypto.
Contributions to a member’s Daffy fund can be made with a linked bank account, a credit or debit card through Apple Pay, most publicly traded stocks, and crypto. Members pay a $3 per month fee.
Members can donate at any time to over 1.5 million charities, ranging from national non-profits to their child’s school fundraiser.
The startup, which is established as a donor-advised fund, has raised over $4.8 million in seed funding backed by the likes of Ribbit Capital, XYZ Ventures, and Coinbase Ventures, as well as a host of angels.
Says Nash: “Alejandro and I spent a lot of time talking with people about their giving practices, the hurdles that interfere with good intentions, and what would make an outstanding, guilt-free giving experience. To that end, we built Daffy to be as flexible or as structured as our members want it to be.”