Fintech app uBack is seeing some major successes lately in their efforts to scale their social good connection platform. Not only did they recently announce a $2 million Series A funding round, they are currently in Silicon Valley as part of the 2017 class of exhibitioners at Startup Grind.
The market is certainly strong: in 2015, corporate donations accounted for almost $19 billion of total charitable giving in the U.S., according to the 2016 Giving USA Report. uBack connects nonprofits to corporations and individuals with an easy way to give back to the community — through the smartphone.
uBack was launched by two former Accenture employees, Melissa Bodford and Kaitlin Reimann, after Bodford had an eye-opening experience at her local YMCA. The club’s executive director came in asking for program donations, but because a class started immediately after, many forgot to contribute. “Our altruistic impulse lasts just 8 seconds,” says uBack President Andrew Somoza. That’s eight seconds for donor causes to capture essential dollars.
The giving app, founded in late 2015, simplifies the donation process to bridge the gap in just a few clicks: find the non-profit of your choice, enter donation amount, and you’re done. “You can hire a car in two clicks. But in order to give back to a charity, there wasn’t a way to do it,” says Somoza. The app keeps your donations on file so there’s no hair pulling during tax season and your employer has the chance to enroll in the platform and match your donation.
“Corporate matching helps recruit and retain millennials that are concerned with social impact and giving back to their communities,” says Somoza. “Because they understand how philanthropic the organization is.”
The impact can already be seen on events like Giving Tuesday, where 83 percent of non-profits saw an increase on first-time donors, and organizations like United Way of Greater Greensboro, who saw 57 percent increase in donation employee giving programs, according to their site.
uBack will use the Series A round to make key hires and continue scaling their product development. “Some of these funds will be used to get the platform off the ground, to be able to roll out a handful of new customers and to bring in the right talent,” says Somoza. “Like any company that raises money, we need some additional technology fire power. We’re looking to bring in a few key roles.”
To take part in Startup Grind, uBack was handpicked from 200 cities and 80 countries. “It puts on stage in the next couple of days, which is great for the business. We are getting tremendous feedback, media coverage, and traction,” says Somoza.
uBack has quickly grown their database to 250,00 non-profits and keeps on growing. But the company’s focus remains the same. “Our main focus right now is driving more corporations and connecting them to employees and employees back to non-profits to create a community,” says Somoza.