The last decade is replete with examples of fintechs changing the way in which U.S. corporations handle money. Brex simplified company cards. Strengthen automated spending controls. Mercury has rebuilt startup banking. However, this wave of economic innovation has largely bypassed a big a part of the economy: nonprofits.
Give ina YC-backed startup founded by a 21-year-old Harvard dropout Matt Tengtracool and UC Berkeley Aidan Sunburywants to alter that. The company is constructing a financial platform specifically designed for nonprofits, including food banks, animal rescues, non-governmental organizations, churches and homeowners associations.
Generate nonprofits They make up about 6% of US GDP and contribute trillions of dollars yearly, but most still depend on outdated financial instruments. Givefront believes that a contemporary spend management, compliance and reporting infrastructure – tailored to the realities of nonprofit organizations – can enable significant efficiencies across the sector.
Before launching Givefront, Tengtracool experimented with a microcredit aggregation startup in Nigeria. Later, while studying computer science and statistics at Harvard, he worked for several nonprofit organizations and, amongst other things, led a number of organizations himself. At one nonprofit, he helped increase donations to just about $500,000. According to Tengtracool, these experiences highlighted a transparent gap facing nonprofits. They are subject to strict regulatory and reporting requirements, but lack the tools that modern businesses take with no consideration.
“I have always been interested in financial systems, and this work is a natural fit with that,” the CEO told TechCrunch. “While we, along with several other students, helped run these nonprofits, we discovered that most of them did not have sufficient financial tools to ensure compliance or protect their tax-exempt status. The tools they relied on were not at all consistent with what is considered modern in the startup world.”
Tengtracool initially developed the primary version of Givefront to resolve these problems internally. What began as a tool for organizations he worked with soon expanded to local nonprofits across the country. Over time, the team focused on a unified financial platform designed exclusively for registered nonprofits. about 1.9 million of them within the USA
Givefront launched at Y Combinator Winter 2024 with a broad vision that spans banking and accounting. However, the team quickly discovered that convincing nonprofits to switch accountants or core banking relationships required a slow and arduous sales process, leading to a shift to card and expense management.
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“It is much easier to get an organization to change the card they use than to replace their entire accounting system,” Tengtracool said.
Although Givefront offers similar features to corporate spending platforms like Ramp and Brex, it stands out for its exclusive concentrate on nonprofits.
Nonprofits have restrictions that almost all businesses never face. They manage restricted and unrestricted grants, report expenses to donors and foundations, track volunteer expenses, and file IRS Form 990 disclosures. Many nonprofits manage dozens of grants at a time, each with its own spending and reporting rules.
Legacy nonprofit systems like Blackbaud, Sage, and MIP still dominate the market, but they often lack real-time spend controls, modern approval workflows, and seamless integration with the tools nonprofits increasingly depend on.
Rather than completely replacing these systems, Givefront positions itself as a vertical plane that sits above them. The platform integrates with legacy accounting software while providing nonprofit expense control, audit receipt capture, grant-based budgeting, and automatic reporting.
“Many of the workflows we are developing are deeply specific to how this part of the economy works,” Tengtracool said. “Our workflows and integrations represent a 10x improvement over traditional enterprise or spend management tools.”
Givefront generates revenue from card exchanges and subscriptions linked to the bill payment feature. Over time, Givefront plans to grow revenue by introducing related products, including payroll, banking, budgeting and possibly investment and endowment management.
Since launching its cards about six months ago, Givefront has onboarded a whole bunch of organizations and reports greater than 200% month-over-month growth in revenue and total payment volume. The company expects to serve roughly 1,000 nonprofits by the top of the 12 months, with a longer-term goal of reaching 5,000 organizations by the center of next 12 months.
Tengtracool says the youth of the team, which incorporates a 17-year-old founding engineer, has been each a bonus and a challenge to date. Some nonprofit leaders find the age of the team refreshing, while others are hesitant to entrust financial infrastructure to such a young group.
Churches and non secular organizations have driven the best acceptance, he says. Many depend on volunteer treasurers as a substitute of full-time finance staff, and Givefront’s automation significantly reduces their operational burden.
The company recently closed a $2 million round led by Script Capital with participation from Y Combinator, C3 Ventures, Phoenix Fund and angels, including the CEOs of Chariot and Wealthfront. The seed investment will help the corporate scale sales, grow its team and expand its card and bill payment offerings.
