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Spiral Raises $28M Series A to Help Banks and Fintechs Easily Embed Sustainability and Social Impact

By Shawn Melamed|March 28, 2023
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When we founded Spiral three years ago, we didn’t just want to bring our product idea to market — we wanted to help people and nonprofits drive positive change through everyday banking products and revolutionize financial services for a better world.

Now, we see that the financial industry is embracing a new reality. 

Our passion for creating a future in which banks and financial institutions drive positive change, together with their communities and customers, motivates us to continue to push ourselves and our team. So today, we’re announcing our latest funding round as we continue to grow and lead the world at the forefront of this space.

We are thrilled to announce our $28 million Series A round led by Team8 with additional funding from Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB. This brings our total funding to $42 million and gives us a powerful foundation to accelerate the future of our groundbreaking Impact-as-a-Service™ platform, which is transforming the financial industry for the greater good.

As our first impact-driven product, we launched a socially responsible consumer banking app in 2021, which grew to 65,000+ customers and $65 million in transactions in less than a year. After witnessing its rapid growth, we saw that rather than offering an independent banking app, the greatest value would be to partner with other financial institutions. The early success illustrates the urgency in which banks and credit unions need to incorporate access to impact-driven and ESG-forward banking, and demonstrates how offerings like this tremendously help with customer acquisition, engagement, and retention. We realized that our innovative impact products are game-changer differentiators for banks, credit unions, and financial institutions that want to lead the market and give back to their communities while increasing their revenues and expanding their customer base. Therefore, we decided to make our technology accessible to all financial institutions to help more people and businesses make an impact easily using their current banking and financial apps. 

But there’s still so much more work to do.

Picture a world where every financial transaction you make can help make a positive impact in your community and around the world. That’s the vision of Spiral. 

This year, we will launch our Impact-as-a-Service™ platform and expand our offerings for more than 10,000 financial institutions across the U.S., including banks, credit unions, and fintech companies. The latest investment will be used to grow our first-of-its-kind platform that helps banks and other financial institutions easily embed sustainability, social impact, ESG, and CSR into their products and empower millions of customers to achieve daily impact and contribute to a better world. 

One of our core goals at Spiral is to help banks and credit unions unlock the power of community, sustainability, and social impact and drive customer engagement. With Spiral, they can increase revenues through higher engagement and increased spending with their cards and create socially responsible debit cards, credit cards, accounts, and payment products. By embedding our impact-driven products, banking customers at all income levels can easily make an impact through everyday purchases, round-up card transactions, monthly charitable giving subscriptions, and tax-deductible donor-advised funds for long-term charitable giving.

Inspired by our passion for revolutionizing impact, we continue to be a passionate, purpose-driven, mission-oriented, and people-oriented company. So once again, we'd like to thank our amazing customers, team, and investors for all their guidance and support as we continue to create a new age of financial services. 2023 is a big year for Spiral. And with this announcement, we know it's just the beginning.

So let's continue to push boundaries, break down barriers, and make a positive impact on people's lives.

 

— Shawn

CEO and Co-Founder

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Shawn Melamed
Shawn is a visionary fintech entrepreneur and investor. As the CEO and Co-founder of Spiral, he's on a mission to revolutionize financial services for a better world. He led two successful company acquisitions and was a Managing Director at Morgan Stanley.

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