New app Kynder has chosen market leading data and intelligence platform, Moneyhub, to support them on their journey to transform charitable fundraising.
By turning every transaction into an automated micro-donation, users can donate regularly as they go about their everyday lives.
The last twelve months have been particularly hard for charities with many of the traditional ways of donating and fundraising off limits due to social restrictions. Indeed, according to research, 54% of charities will need to close their doors unless the situation improves. Kynder is seeking to introduce a new way for individuals to donate and support charities to help solve this issue.
Labelled ‘Passive Philanthropy’, Kynder allows everyone to support the causes that matter most to them by turning every purchase and payment into a microdonation. A user simply links their account to a chosen charity and sets a percentage donation level. Moneyhub’s Open Banking connections gives Kynder visibility on how the user is spending their money so that the affordable donation percentage can be calculated. The app will then seamlessly facilitate the microdonation in the background with no additional actions required from the user. Philanthropists can pause or stop donations, prevent donations on certain transactions (eg. mortgage payments), change charities at the touch of a button and amend donation levels whenever they choose.
Recent charities to sign up to Kynder include Mind, Variety the Children's Charity, Wild at heart Foundation and the Be Well Collective.
Through Moneyhub’s Open Banking API, Kynder can collate transactions to ensure that whether a transaction has been made on a card, phone or directly from a banking account, the same percentage can be applied and donated. This means that every coffee, meal, paper or holiday can have an impact, and everyone, no matter the size of donation, can make a big difference in the long term. The more you spend, the more you donate.
According to Kynder the average donation to charities is £10 via direct debit. With the Kynder app the average donation rises to £30. A 250% increase. With no subscriptions or set up fees and a flat 1.5% transaction fee, Kynder incentivises more giving and allows on average larger donations to reach charities. Kynder will also look to reinvest a portion of the 1.5% fee into charitable projects around the world to ensure that every donation goes as far as possible.
By working with Moneyhub, Kynder can link to the UK's open banking network and all information is kept safe and secure through high-level security and oversight.
Kynder has significant ambitions, with aims to reach over 100,000 users by the end of the year. This would generate an estimated £55m in donations. In addition, Kynder has plans for a future US expansion following the close of its current fundraising round.
Harry Mead, Founder of Kynder comments:
“I truly believe that one of the few positives of the pandemic is that it has made us a far more compassionate society. Never have we wanted to give more and support each other to such a great extent. Kynder exists to enable this sense of national community to drive good causes forward at a time when they need all the help they can get. Now we can all support the causes that mean the most to us at a level we can always afford. As the saying goes, the smallest act of kindness is better than the grandest intention. We’re grateful to have found a partner in Moneyhub who shares our values and could help us realise our ambition. Without Moneyhub’s innovative open finance technology, our dream could not have come true.”
Samantha Seaton, CEO of Moneyhub comments: “The Covid-19 pandemic has put a significant financial pressure on charities just when they are needed the most. By using Kynder, individuals can help to support charities that are close to their heart without breaking the bank. Just apportioning a small percentage for each transaction can build up to make a big impact.
At Moneyhub, we are passionate about using Open Banking for good and the Kynder app does just this. Open Banking can open up a world of possibilities for innovation in any sector and we are pleased to partner with such a pioneering and kind business such as Kynder to make a difference to charities and those that they serve.”