Fintech Accelerator Spriral Raises $28 Million Series A

The fintech wants to make it easy for all financial institutions to help their customers do good things.

Spiral has raised $28 million in Series A funding for its “Impact-as-a-Service” platform, which will help fintechs build in sustainability and drive positive change.

The New York-based startup was started three years ago, and in 2021, it launched a socially responsible banking app for consumers. In less than a year, it had 65,000 customers and $65 million in transactions.

Since then, Spiral has stopped making its own app and instead works with financial institutions to reach more people.

“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,” Spiral co-founder and CEO Shawn Melamed said.

“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.”

Team8 led the Series A raise, which was joined by Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB. This brings the total funding for the startup to $42m.

Now, Spiral wants to help banks and credit unions “unlock the power of community, sustainability, and social impact,” which will drive customer engagement.

Its built-in product should make it easy for customers to do good things with their everyday purchases, like rounding up credit card purchases, making monthly donations to charity, or setting up tax-deductible donor-advised funds for long-term giving to charity.