GoFundMe is a start-up company founded in San Diego. It first appeared online in 2010, and since then has helped millions of people raise money for various campaigns.
In the last year, GoFundMe users raised over 2 billion dollars for a variety of causes. Unlike similar platforms, GoFundMe is a highly reputable company with a transparent business ethic. People use it to raise awareness and money for medical, environmental, political and other issues. Currently as much as 4 million dollars is raised on average every day by its users.
The basics of Fintech
As we shall see, there are many reasons to qualify GoFundMe as a Fintech company. But before getting on to that, it is essential to understand what Fintech encompasses. Short for financial technology, Fintech refers to companies with an online presence that operate in mobile payments, money transfers, loans, fundraising and even asset management.
Recent Fintech reviews by Accenture established that global investment in Fintech start-ups has gone through the roof, from $930 million back in 2008 to over $12 billion by the start of 2015.
Why GoFundMe is considered a Fintech start-up
GoFundMe is a successful Fintech start-up for many reasons. Firstly, unlike similar websites, GoFundMe users get to keep every donation they receive and are not forced to withdraw the money by a specific deadline. This way, if you choose to start a campaign on GoFundMe, there is no danger of losing your money.
What’s more GoFundMe does not impose any goal limits. This means that fundraising campaigns can be as little or as much their creator wants them to be. More importantly, Fintech reviews have shown that in terms of pricing GoFundMe is cheaper than other platforms. It withholds 5% from each donation received, charges 3% for WePay transactions and charges no more than 30 cents per transaction. If you decide to start a campaign on GoFundMe you will soon realise that the fees are some of the lowest available among similar companies.
GoFundMe can be used for personal reasons and important life events, meaning it’s less limiting than some of its counterparts. Moreover, customer support is readily available and the website is easy to navigate.