Percent Raises $5M Aiming To Become The ‘Stripe For Donations’ To Good Causes
- ByAyushi Ray | July 21, 2021
Percent raises $5M aiming to become the ‘Stripe for donations’ to good causes. The company was founded in 2017, Percent provides an API allowing firms to customers to donate to good causes, matching a donation made when making a payment, or rounding up a financial transaction, for instance. Post funding will help it to expand in the US, as well as its existing presence in the UK and Australia. The UK’s Nationwide Building Society – also an early investor and customer of the product – is a co-investor in the round. Henry Ludlam, Founder, and CEO of Percent, said: “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.”
Kristian Blaszczynski, Managing Partner of Morpheus Ventures, said: “With the events of the last several years, it has become more apparent that aligning brands with purpose is driving consumer behavior and spending. However, today, the process of donating to nonprofits is incredibly archaic, manual, and inefficient. Percent’s API-first platform abstracts away all of these complexities and automates the processes, allowing businesses to align closer to their stakeholders and focus on their core business.” Percent could well be pushing at an open door. Kantar Research says that only 22% of people could name a brand they thought was doing a good job addressing issues such as climate change, plastic waste, and water pollution. On the flip side, 95% of businesses think that “purpose” is at the heart of what they do. The disparity could not be more stark.
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