It raises a crowd $ 7.5 million to the non -profit financial management platform
- Fintech Startup raised $ 7.5 million of financing led by Flashpoint.
- Fintech starts non -profit organizations in financial management, which includes more than 35 institutional clients.
- The crowded donation collection comes at a time when the White House withdraws the freezing of federal scholarships.
Fintech Startup, which is based in Miami, has closed its headquarters, which provides financial management for non -profit organizations, just a new financing round.
The startup of the Business Insider said that the company consisting of 35 people has received $ 7.5 million in financing from the AS -based FlashPoint company, and also told Business Insider. Florida and Wilson’s Bird Capital also shared the financing round, along with Sarona Ventures and Garage.
The crowd help non -profit organizations to track spending, deposit money, and create tax models. Startup includes more than 35 customers, including Pi Kappa Alpha Frothers and Harvard Athletics, which uses the platform to manage sports students.
The co -founder and CEO of Daniel Grunstein said that Crombed will use financing to build their sales teams. “We really want to double what has succeeded for us, which is the personal field sales approach,” he said.
The investment follows a $ 6 million seed tour led by the garage in October 2022By raising a total crowded financing to $ 13.5 million.
Before participating in the establishment of Grunstein, Grunstein worked in financial services at JP Morgan, where he helped get products to obtain funds from donors. There, note that non -profit organizations lack resources on how to manage financial affairs, such as banking deposit and taxes. “This repeated issue continued to appear,” said Grenstein. “There was a lot about how to get money and not a lot about how to manage the money you raised.”
The GRUNSTEIN founder, Daril Gislter, previously worked in Graduway, a startup for graduate networks I merged with the brothInnocent donation collection, in 2021. Gethlter’s contacts helped from GRADUYWAY Collegia Collegia Clubs and sisters as first clientsGrenstein said.
Gronstein says crowded donations come amid the increasing uncertainty of government funding for non -profit organizations. The administration of President Donald Trump temporarily suspended the payment of billions of dollars from grants and federal loans on Tuesday. Wednesday, The White House management and budget office withdrew the memo.
However, press secretary Caroline Levit said In a post on x The executive order of President Trump on federal financing “will remain in effect and its impact,” adding to confusion To freeze financing.
Many non -profit organizations depend on these federal scholarships for their processes. Gronstein said that while the funding memorandum was canceled, the sudden shake is “coming out of the left field.”
Despite the uncertain future of government funding for some non -profit organizations, Grencitin still expects these organizations to see an increase in the requirements of reports and compliance.
The crowded is one of a handful of companies trying to simplify non -profit financial management. Givefront, startup in Y Combinator’s Winter 2024 collectionAlso hold the books for non -profit organizations.