New York-based startup Spiral has raised $28 million to launch its 'Impact-as-a-Service' platform designed to help banks and fintechs embed sustainability and social impact into their businesses.
The Series A round, which brings Spiral's total funding to $42 million, was led by Team8 and joined by Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.
Spiral is the brainchild of former Morgan Stanley tech executive Shawn Melamed and ex-Skype head of product and growth Dan Blumenfeld. Former Morgan Stanley COO Jim Rosenthal has joined the board.
The firm began life as a consumer-facing "ethical banking app" that made it easy for users to give to charities but is now transitioning to a B2B model, helping banks, credit unions and fintechs embed sustainability, social impact, and ESG into their core businesses.
The firm simplifies back-office operations, donation processing, compliance, and technical integrations with 1.5 million charities.
Says Melamed: "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.
"We decided to make our technology accessible to help more people and businesses make an impact easily using their current banking and financial apps."