D.C. startup Goodworld is on a mission to make donating to a charity easier — and through a new partnership with Verrency, an Australian financial technology service, the company is adding one more tool to its toolbox to do just that.
Goodworld is a hashtag-to-donation platform that enables people to give instantly to charities on Facebook, Instagram and Twitter just by using #donate. The donor’s credit or debit card is charged and the money is deposited directly in the charity’s bank account. The company currently has more than 3,000 partnerships with charitable organizations, such as PETA, Save the Children and American Heart Association.
Now, with Verrency, Goodworld has added a "roundup" option to its offering. After making a purchase, the price would be rounded to the nearest dollar and automatically donated to a charity of the customer's choice. Customers can change the amount of their roundups and set a cap for their donations.
"There is nothing more routine than pulling out your credit or debit card and making a transaction," said Goodworld co-founder and COO John Gossart. "People do it several times a day. Roundups are a great way to have an impact and to feel a little better about the way you’re spending your money."
According to the Giving USA 2017: The Annual Report on Philanthropy for the Year 2016, American individuals, institutions, estates, foundations and corporations donated an estimated $390.05 billion to U.S. charities in 2016. Individuals donated more than $280 billion, which is a 3.9 percent increase from 2015.
"Customers want to feel good about where they are banking and they want to feel good about the products they consume," said Gossart.
Goodworld and Verrency are now looking to partner with some of the largest financial institutions in the U.S. to increase these rates of donations. Verrency's technologies will help customers determine their donation amounts and other details through their banking apps.
"The backbone of the product exists, but how it will be customized is based on the preferences of the banks," said Gossart. "Customers will be able to make donations and changes through their banking app. Our partnership will be powering the interaction between customers and their banks."
In 2017, MasterCard announced its partnership with Goodworld through its Start Path program. Start Path provides operational support, commercial access and strategic investments for startups across the world building innovative solutions in financial services and commerce.
The joint service will be launched globally in stages, and it will be initially available in the U.S., Australia and New Zealand.
