In effort to expand reach and scale the platform, charitable giving fintech startup uBack has partnered with Bank of America, giving them access to more than 24 million customers. Once those users are on the platform, they have the option to easily give back to more than 800,000 non-profits.
“This partnership is game-changing for us on so many levels,” says Melissa Bodford, co-founder and CEO. “We get to achieve our core mission, which is to make it easier than ever for people to give to the causes they care most about, and we get to amplify Bank of America’s commitment to social good.”
uBack, which is based in Charlotte and has an office in Atlanta, connects non-profits to corporations and individuals through their app — tapping into the almost $19 billion in corporate donations in the U.S. — to grab their interest within eight seconds. That’s how long our altruistic impulse lasts, according to executives.
By simplifying the process, individuals can donate to the non-profit of their choice with just a few clicks. Corporations can also add incentives to recruit and retain socially-conscious millennials and match donations.
“The biggest hurdle to success for a startup is brand awareness. You want people to know who you are and what you do so they will make your product part of their daily lives,” says Bodford. “This partnership with Bank of America accelerates our brand awareness exponentially. Now, 24 million people around the country will have access to uBack when they enter the bank’s mobile experience. That’s huge. Plus, those people will have an opportunity to take their charitable giving to the next level. That’s even better. ”
Upon logging into their Bank of America mobile app, customers will see uBack ads as part of the experience. Once they click, they are automatically redirected in-app to the uBack donation portal, where they can search for their favorite non-profits and donate immediately.
“One of our customers’ top priorities during the holiday season is giving back to their communities and favorite charities,” said Michelle Moore, Bank of America’s head of Digital Banking, in a statement. “That’s why we’re making it more convenient for them to make donations through mobile banking while they’re managing their financial lives.”
uBack was founded in 2015 by two former Accenture employees, Bodford and Kaitlin Reimann. It’s already creating a real impact for the non-profit sector — 83 percent of non-profits in the app saw an 83 percent increase in first-time donors during Giving Tuesday. They have grown their database to more than 250,000 non-profits.
Earlier this year, uBack closed on a $2 million Series A funding and participated as part of the 2017 class of exhibitioners at Google for Entrepreneurs’ Startup Grind.