Credit score: Overflow
Overflow, a expertise firm redefining generosity by means of revolutionary monetary options, proudly pronounces the profitable closure of its $20 million Collection B funding spherical. Wesleyan Funding Basis led the strategic spherical and is joined by present buyers together with Uncork, R7 and TheGP.
Overflow empowers church buildings, nonprofits and donors alike by creating merchandise that make giving frictionless and elevated by means of a full suite of money and non-cash giving. The corporate is on a mission to encourage the world to offer by revolutionizing charitable giving and democratizing revolutionary monetary options to the philanthropic sector.
Overflow’s relentless pursuit entails making charitable giving seamless and safe, whereas additionally saving their prospects cash. The brand new funding will allow Overflow to scale in the direction of its wider mission of turning into the monetary working system for the religion area and past.
“With this newest spherical of funding, we are actually positioned to broaden past our core giving answer to new product areas resembling spend administration – a type of ‘Brex for Church buildings,’” mentioned Vance Roush, Founder and CEO. “Our objective is to ascertain a full monetary suite of options to avoid wasting church and nonprofit finance groups money and time. Moreover, having the ability to consolidate a corporation’s monetary exercise into one platform permits for better entry to actionable insights and alternatives for extra monetary merchandise like progress lending.”
Given its origins, Overflow is positioned to meet its imaginative and prescient of redefining generosity for the digital age. Since its inception, Overflow has been dedicated to the transformation of the giving panorama with an preliminary mission of introducing the sector to seamless inventory donations, essentially the most underutilized but highest-leverage fundraising avenue. By way of this work, Overflow has bridged the hole between charitable organizations and their donors. The platform’s revolutionary strategy has seen a median inventory donation of $12,979, a staggering 100 occasions bigger than the nationwide common money donation. The platform now boasts over 240,000 customers and is on observe to eclipse 1M this 12 months. Overflow didn’t cease with inventory donations although, and now in below 4 years boasts essentially the most complete giving answer within the business together with ACH, Card, Inventory, DAF, Wills, Crypto, Apple Pay, Venmo, CashApp, Google Pay and PayPal giving all by means of one ‘straightforward button’ integration.
“The Wesleyan Funding Basis has an extended 78 12 months historical past of serving the monetary wants of church buildings which act because the spine of communities,” mentioned Norwood Davis, president at Wesleyan Funding Basis. “Overflow is deeply aligned with that mission, and empowers so many church buildings, nonprofits, and different charitable organizations in addition to the communities they serve. Because the monetary wants of church buildings shift to fulfill tomorrow’s alternatives, we’re excited to mix the energy of WIF’s steadiness sheet with Overflow’s innovation.”
Overflow’s dedication to serving church buildings, nonprofits, and donors has attracted over 450 main organizations to its platform. Entities just like the Golden State Warriors Group Basis, American Most cancers Society, Life Church, Church of the Highlands, and Convoy of Hope are among the many distinguished names benefiting from Overflow’s disruptive expertise.
Overflow believes that by empowering monetary operators and govt groups of high-impact church buildings and nonprofits with the monetary expertise they deserve will act as a superpower for them to take their organizations to the subsequent stage. This implies a better influence in native communities and an acceleration of fixing society’s most urgent issues resembling non secular and psychological well being, meals and housing insecurity, training, illness, catastrophe reduction and a lot extra. They aren’t simply facilitators of this generosity both, however they lead with it. Every year, Overflow reserves and deploys 10% (a ‘tithe’) of their income again into the organizations they serve to mannequin what generosity can appear to be.
The previous press launch was offered by an organization unaffiliated with NonProfit PRO. The views expressed inside don’t straight replicate the ideas or opinions of the workers of NonProfit PRO.