Funding

AuthenticID Scores $100 Million in New Funding

AuthenticID Scores $100 Million in New Funding
By David Penn Posted on
Categories: Alumni News, authenticID, Daily news, Funding

AuthenticID, an identity proofing solution provider for the enterprise, has raised $100 million in funding from Long Ridge Partners. The investment will help the company continue to bring innovative identity proofing solutions to its customers in financial services, telecommunications, government, and other sectors.

“Our platform is relied upon by a majority of the U.S. wireless carriers and various identity platform to securely establish identity,” AuthenticID CEO Jeff S. Jani said. “Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”

Union Square Advisors, a boutique technology-focused investment bank, served as AuthenticID’s financial advisor in the transaction.

AuthenticID gives businesses the ability to conduct document-centric identity verification with a high degree of accuracy and fast processing times. The 100% automated solution helps companies increase conversion rates and eliminate fraud at a time when businesses are seeing a surge in the volume of customers who need to be digitally onboarded in order to use their services. AuthenticID leverages machine learning algorithms, AI-powered neural networks, and state-of-the-art computer vision to determine when photos and faces do not match, whether identification documents are fraudulent, and if either the name or face being analyzed has been associated with suspicious activity in the past.

Founded in 2001 by Blair Cohen, AuthenticID made its Finovate debut two years later at FinovateSpring. In the years since, AuthenticID has brought its technology to ten companies in the Fortune 100, three of the top U.S. banks, two of the top three credit reporting agencies, and three of the top five telecommunications companies in the U.S., as well as several international banks and companies around the world. Earlier this month, the company announced that it had reached a new milestone with the launch of its new enterprise-grade SaaS system that can process nearly 35 million identity proofing transactions in a day and more than one billion in a single month.

“AuthenticID has built a market-leading computer vision system to meet the ever-growing requirements of this market,” AuthenticID Chief Technology Officer Richard Huber Jr. said when the milestone was announced. “Our system sets a new standard for reliably and accurately verifying anyone’s identity from anywhere in the world.”

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Dwolla Secures $21 Million in Funding to Innovate B2B Payments

Dwolla Secures $21 Million in Funding to Innovate B2B Payments
By David Penn Posted on
Categories: Alumni News, Daily news, Dwolla, Funding

In a venture round led by Foundry Group, modern payments platform Dwolla has raised $21 million in new funding. The capital takes the company’s total funding to more than $70 million according to Crunchbase, and will help fuel the Des Moines, Iowa-based fintech’s growth initiatives, enhance its partner relationships, and drive the company’s product roadmap.

Also participating in the funding were Park West Asset Management LLC, Union Square Ventures, Detroit Venture Partners, Firebrand Ventures, and Next Level Ventures. Individual investor Jeremy Andrus, CEO of Traeger, also participated in the round.

The investment in Dwolla comes in the wake of a surge in transaction volume over the past year – due largely to the economic fallout from the COVID-19 pandemic. With an increase of 80% in transaction volume since the beginning of the crisis, Dwolla sees itself on track for more than $30 billion in transaction volume this year. The company noted that this week that it has onboarded approximately three million end users on its payments platform in the first six months of 2021.

“We continue to be excited at the speed of innovation and demands from the marketplace,” Dwolla CEO Brady Harris said in a statement announcing the investment. “We continue to see significant client and payment volume growth due in part to our new products like Real-Time Payments, Push-to-Debit, and our low-code solutions. This funding will allow us to fully capitalize on the momentum we’re experiencing, as we continue to scale our tech stack with innovative solutions and invest in go-to-market capabilities with international expansion and technical integrations with exciting fintech partners.”

This spring, Dwolla added real-time payment options to its platform. Powered by Cross River Bank, the Real-Time Payments solution uses the RTP Network to send money directly to bank accounts in seconds. The partnership enabled new businesses integrate Dwolla’s payment API to connect with RTP-enabled FIs and send money, while Dwolla’s current customers were able to begin using the technology simply by changing a single line of code.

“Today is game-changing,” Harris said when the new offering was announced in April. “Not just for adding real-time payments to Dwolla’s payments technology. But because of how we collaborated with a forward-thinking financial institution to make real-time payments easily accessible to businesses of all sizes. The immediacy of real-time payments will fundamentally change how businesses operate.”

Check out our profile of Dwolla from earlier this year. The company was founded by Ben Milne in 2008. Milne served as CEO of the company through March of 2020.

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Buy Now Pay Later Pioneer Sezzle Secures $30 Million in Funding from Discover

Buy Now Pay Later Pioneer Sezzle Secures $30 Million in Funding from Discover
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Sezzle

Days after Bloomberg News reported that Apple will add Buy Now Pay Later (BNPL) functionality to Apple Pay, we learn that Buy Now Pay Later “OG” Sezzle has received an investment of $30 million from Discover. And not only will Discover make a financial commitment to the company, which most recently demonstrated its technology on the Finovate stage at FinovateFall in 2018, Discover also entered into an agreement that will enable the card company launch a Buy Now Pay Later service on its own Discover Global Network.

“We are excited about our relationship with Discover, as we believe our mission, vision, and values align,” Sezzle CEO and Executive Chairman Charlie Youakim said. “Discover’s capabilities via their network and financial products will enhance our own offerings and provide more paths to financially empower our consumers.”

Today’s announcement is also the fruit of an agreement inked back in February that enabled Sezzle to work with selected merchants on the Discover Global Network. Discover SVP of Global Business Development and Acceptance Jason Hanson underscored the benefit that BNPL provides to its merchant partners, and also noted that the partnership would boost Sezzle’s ability to “grow its business and provide new payment opportunities.” To this end, as part of the collaboration, Sezzle also will join a dedicated referral program that will introduce Discover’s credit and debit card products to its customers.

Founded in 2016 and headquartered in Minneapolis, Minnesota, Sezzle enables consumers to make purchases at more than 34,000 participating retailers, and pay for those purchases in four, interest-free installments over six weeks. Approval decisions are available instantly, and using Sezzle has no impact on the consumer’s credit.

The explosion in interest in Buy Now Pay Later payment schemes has been a boon for companies like Sezzle that were helping consumers shop today and pay tomorrow before it was cool. Last month, Sezzle announced partnerships with Target and Barstool Sports, and the company continues to affirm its plans for an initial public offering in the U.S. – having launched publicly on the Australian Stock Exchange (ASX) in 2019.

Sezzle began the year signing a $250 million receivable funding facility with Goldman Sachs and Bastion Funding to help fuel the company’s growth in the U.S. and Canada.

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M1 Finance Locks in $150 Million in New Funding

M1 Finance Locks in $150 Million in New Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, M1 Finance

Another day. Another new fintech unicorn.

M1 Finance, which offers a financial super app featuring automated investing, lending, and banking services, has secured $150 million in Series E funding. The round was led by SoftBank’s Vision Fund 2 and takes the company’s total capital to more than $300 million. The Chicago, Illinois-based fintech now has a valuation of $1.6 billion, giving the firm “unicorn” status.

In its funding announcement, M1 Finance noted that the investment will help the company develop and deliver new products and features, continue to innovate on its platform, and expand its workforce. The Series E, which featured the participation of existing investors, as well, comes after a year in which the M1 Finance launched a trio of new solutions – Send Check, Custodial Accounts, and Smart Transfers – and reached more than $4.5 billion in total assets under management.

“Each funding round is proof and motivation that people believe in our mission of empowering financial well-being,” M1 Finance founder and CEO Brian Barnes said. “Financial well-being isn’t a luxury, it’s a necessity. Our platform helps people have more control, more freedom, and more power over their money. We experienced massive growth in the past year, and it’s extremely gratifying to see investors and clients believe in our vision and make it a reality.”

A Finovate alum since its debut at FinovateFall in 2016, M1 Finance combines the ability to build and maintain a personalized, automated investment portfolio – including access to fractional share investing – with a flexible line of credit and a digital banking service integrated into the user’s investment portfolio. M1 Finance offers both a free Basic program as well as a Plus program for $125/year (with the first year free) that has a lower borrowing rate, 1% cash back on spending, and access to Smart Transfers, Custodial Accounts, and Send Check functionality.

“M1 Finance simplifies the complex, time-consuming money management process for individuals,” SoftBank Investment Advisers Managing Partner Munish Varma said. “We believe the company is well-positioned to consolidate users’ financial lives on a one-stop super-app with its Invest, Spend, and Borrow products.”

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LoanPro Scores $100 Million in Series A Funding

LoanPro Scores $100 Million in Series A Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, LoanPro

The tech-first alums of our FinDEVr developers conferences are often as savvy fundraisers as they are sharp technologists. This week in our Q2 Alum Funding Report, we noted that two of the quarter’s biggest fundraisings were from companies that made their Finovate debuts at FinDEVr events: Brazilian neobank NuBank, which secured $750 million in funding in June, and financial data network Plaid, which raised $425 million in funding in April.

This week, we add another FinDEVr alum to this list. LoanPro, a Farmington, Utah-based fintech that made its FinDEVr debut earlier this year, has raised $100 million in Series A funding. The growth equity investment comes courtesy of FTV Capital, and will help LoanPro add to its SaaS-based loan management, servicing, and collections platform, as well as enter new lending verticals and make investments in other “client-centric growth initiatives.”

“As founders who started out as lenders, we understand the pain points that lenders experience,” LoanPro co-founder and CEO Rhett Roberts explained. “LoanPro was built by lenders for lenders – we use a modern tech stack to simplify the user experience of managing loans – we do the hard work on the back end to make the front end clean and simple to use.”

With more than $15 billion of loans under management and 600+ clients in the U.S. and Canada, LoanPro offers a diverse range of loans types and lending programs. The company’s product suite include prime, sub-prime, and personal loan products, as well as consumer, auto, and business financing solutions. LoanPro also offers point-of-sale financing and the retail financing rage of the day – buy now pay later payment options – as well. LoanPro’s platform gives lenders an automated, configurable workflow, real-time access to data and insights, frictionless payment collections, and a flexible lending program.

In addition to the financial support, FTV Capital will use its market knowledge and strategic network to help grow LoanPro’s platform. The firm’s Robert Anderson, who led the investment, will join LoanPro’s board of directors.

“FTV Capital is excited to partner with LoanPro’s strong, passionate leadership team who have built an industry leading SaaS platform based on a deep understanding of their market and the needs of their customers,” Anderson said.

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More Than $2.8 Billion Raised by 14 Alums in Q2 2021

More Than $2.8 Billion Raised by 14 Alums in Q2 2021
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Finovate alums enjoyed their biggest Q2 fundraising to date. A total of 14 alums from both our Finovate and FinDEVr conferences raised in excess of $2.8 billion in equity funding over the course of April, May, and June of this year.

For those who wondered if the second quarter of 2021 would represent a continuation of the strong performance Finovate alums recorded in Q1 of 2021, the answer is an unqualified “yes.” In fact, Q2 2021 funding not only exceeded all previous second quarter tallies; the sum also rivaled all previous first quarter alumni funding totals, as well.

Previous quarterly comparisons

  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums
  • Q2 2016: More than $510 million raised by 23 alums

Most of the funding in the second quarter came in the month of June, both in terms of the amounts raised and the number of alums involved. Modest second quarters are no surprise, and this year’s slow April – with only a pair of alums announcing funding – is reminiscent of last year’s slow May in which only three alums announced funding.

Top Equity Investments for Q2 2021

  • NuBank: $750 million
  • Plaid: $425 million
  • Trulioo: $394 million
  • Klarna: $369 million
  • Scalable Capital: $180 million
  • Paysend: $125 million
  • SmartAsset: $110 million
  • TipRanks: $77 million
  • Arkose Labs: $70 million
  • Credit Sesame: $51 million

Four big fundraisings dominated the second quarter for Finovate alums. NuBank’s $750 million was the clear standout, but impressive sums were raised by three other alums – Klarna, Plaid, and Trulioo – in Q2 also. Altogether, the top ten equity investments for Finovate alums in the second quarter represented $2.55 billion or more than 91% of the total raised by alums in Q2 2021.

Here is our detailed alum funding report for Q2 2021.

April: More than $440 million raised by two alums

May: More than $303 million raised by four alums

June: More than $2.1 billion raised by eight alums

If you are a Finovate alum that raised money in the second quarter of 2021 and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.

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Open Finance Platform Moneyhub Secures $18 Million to Fuel Expansion

Open Finance Platform Moneyhub Secures $18 Million to Fuel Expansion
By David Penn Posted on
Categories: Alumni News, Alumni profile, Daily news, Funding, Moneyhub

In its biggest investment round to date, U.K.-based Open Finance platform Moneyhub has secured $18 million in funding to support its expansion into new markets. The round was led by Sir Peter Wood, founder of Direct Line and Esure, via his new investment vehicle, SPWOne.

“It is incredibly rewarding to be able to deliver results to both investors and clients in this truly transformational landscape,” Moneyhub CEO Samantha Seaton said. “It is a fantastic vote of confidence from Sir Peter and his team, who are renowned for foreseeing game-changing growth opportunities – and a ringing endorsement of our team and our strategy for applying new technology where the rules of engagement have been turned upside down.”

A Finovate alum for more than four years, Moneyhub demoed the SmartAsset feature of its solution at FinovateEurope 2017. At the event, the company showed how SmartAsset’s AI-driven, intelligent messaging functionality helps users better manage their finances. In the years since, Moneyhub has grown into a leading open finance and data intelligence platform that offers both API and white label solutions to help businesses leverage personalization to enhance the customer experience. In the U.K., Moneyhub currently provides customer-permissioned financial data access to more than 200 financial services providers via 584 connections with an additional 3,500 connections in Europe.

Moneyhub’s funding announcement comes on the heels of a new partnership with Triodos Bank, a sustainable bank that supports working toward positive social, environmental, and cultural change. Founded in 1980, Triodos Bank serves more than 700,000 banking customers in the U.K., Germany, Spain, the Netherlands, and Belgium. The bank has lent more than £8 billion to support projects around the world that are dedicated toward “benefitting the people and (the) planet.” Triodos Bank also co-founded the Global Alliance for Banking on Values (GABV), a 63-bank network designed to promote sustainable banking.

“We are pleased that our customers will now be able to integrate their everyday banking with Moneyhub’s app and enjoy the many benefits of Open Banking, such as helping them to easily track spending and set budgets to help manage money,” Triodos Bank U.K. head of retail banking Gareth Griffiths said.

In addition to its partnership with Triodos Bank, Moneyhub teamed up with mortgage market insights and intelligence firm Hometrack, shared branch banking innovator OneBanks, and adtech specialist Zedosh this summer; partnered with financial health platform Level Financial Technology and charitable fundraising app Kynder this spring; and began the year collaborating with professional services company Aon and ESG investment platform The Big Exchange.

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Karat Financial Banks $26 Million for its Credit Card for Digital Creatives

Karat Financial Banks $26 Million for its Credit Card for Digital Creatives
By David Penn Posted on
Categories: Daily news, Funding

This week in our Finovate Fintech Halftime Review eMagazine, Senior Analyst Julie Muhn explored the trend of niche banking. Niche banking leverages the current explosion in identity-awareness to create unique and tailored banking experiences for members of a growing number of different communities.

The news that Karat Financial, a Los Angeles, California-based company that offers a credit card designed for digital creatives, has raised $26 million in Series A funding is the latest indication that this trend may only be growing stronger.

Launching its “Black Card for Creatives” last year, Karat is targeting the digital influencer economy of YouTubers, Twitch livestreamers, and others who often struggle to translate their online earnings into creditworthiness in the eyes of traditional lenders and banks. And while this challenge extends to a broader population than just digital creatives, there is no small benefit for a banking services company in being associated with one of the more vibrant developments in 21st e-commerce and entertainment.

Karat offers a business card with cash back rewards, and zero-cost credit advances for sponsorship payments. The corporate card acts much like an American Express card, with balances paid off monthly. This lack of interest charges – as well as Karat’s no-fee policy – helps keep the cost of using the card as low as possible, a priority for digital creatives with potentially volatile revenue sources.

To this point, in lieu of a traditional bank application, Karat wants to know about Instagram followers and sponsorship deals, YouTube subscriber counts and Twitch donations in order to get digital creatives the access to credit that is commensurate with their success as online influencers.

Karat was founded by Eric Wei, a former product manager at Instagram, and Will Kim. This week’s Series A round – which consisted of $15 million in debt financing and $11 million in venture funding – was led by Union Square Ventures and featured participation from GGV Capital and SignalFire.

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Illuma Labs Secures Funding to Fuel Innovation in Voice Authentication

Illuma Labs Secures Funding to Fuel Innovation in Voice Authentication
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Illuma Labs

An investment of $2.5 million from Curql Fund will help Illuma Labs further innovate in the field of voice authentication for credit union call centers. The company will use the capital to enable new anti-fraud features as well as new platform integrations to ensure its technology is accessible to a wide range of credit unions.

Illuma Labs flagship product, demonstrated at the company’s most recent Finovate appearance at FinovateFall last year, is Illuma Shield. The solution leverages real-time voice authentication rather than traditional, knowledge-based authentication techniques to combat fraud, improve efficiency, and enhance the overall member experience.

“This technology uses state of the art Artificial Intelligence, machine learning, and voice biometrics to address three of the top concerns for credit unions,” Illuma Labs founder and CEO Milind Borkar explained. “Improving member experience by emulating the warm welcome of a brick-and-mortar visit, creating operational efficiency by shortening call times, and increasing security to prevent account takeovers.”

“The infusion of investment from Curql is very timely for expanding this solution to the entire credit union community,” Borkar added.

Earlier this year, Illuma Labs announced a partnership with TDECU (Texas Dow Employees Credit Union) which deployed Illuma Labs’ voice authentication technology in its Member Contact Center. With more than 354,000 members and more than $4 billion in assets, TDECU is a not-for-profit financial cooperative that offers a full range of deposit products as well as online and mobile banking, and lending solutions.

“Our top priority is to keep members connected to their money in a way that is not only safe and secure, but also easily accessible,” TDECU Chief Growth, Strategy & Marketing Officer Alex De La Cruz said. “We look to fintech as a solution through our partnership with Illuma Labs to provide added security and a best-in-class Member experience.”

Also this spring, Illuma Labs teamed up with Wisconsin-based Connexus Credit Union ($3.3 billion in assets; 382,000 members). Headquartered in Plano, Texas, Illuma Labs was founded in 2016.

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SmartAsset Secures Unicorn Status with $110 Million Investment

SmartAsset Secures Unicorn Status with $110 Million Investment
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, SmartAsset

SmartAsset, a fintech that helps individuals connect with qualified financial advisors and improve their overall financial health, announced a major fundraising this week. The company secured a $110 million investment in a Series D round led by TTV Capital that takes SmartAsset’s valuation to more than $1 billion.

“Our mission is to help people get better financial advice,” SmartAsset founder and CEO Michael Carvin said. “With this additional capital we are going to make further investments in building the web’s best personal finance resource and enhancing our ability to connect consumers to financial advisors across the U.S.” Specifically, SmartAsset noted in its funding announcement that it will invest in new product offerings, technology infrastructure, and data partnerships. The company also pointed to the growth it has experienced since its last major funding in 2018 – growing revenues by 10x and nearing $100 million in annual recurring revenue – to support its goal of “aggressively” adding to its workforce. With 202 full-time employees currently on board, SmartAsset is seeking to expand its workforce by more than 75% this year.

“SmartAsset is quickly expanding its lead in one of the largest markets in the U.S. by providing an incredibly valuable resource for both consumers and financial advisors alike,” TTV Capital Partner Mark Johnson said. “The company helps millions of people make better financial decisions while simultaneously enabling advisors to grow their business.”

Also participating in the round were Javelin Venture Partners, Contour, Citi Ventures, New York Life Ventures, North Bridge Venture Partners, and CMFG Ventures.

More than 100 million consumers access SmartAsset’s personal finance content, tools, and other resources each month. Named one of America’s Best Startup Employers in 2020 by Forbes, the company announced recently that LPL Financial had selected SmartAsset for its Vendor Affinity Program, giving 18,000+ independent financial advisors access to SmartAsset’s SmartAdvisor platform.

“SmartAsset gives (advisors) a new way to connect with investors across the country digitally, while also freeing up time to spend with their existing clientele,” Rob Pettman, LPL Financial EVP for Wealth Management Solutions, said. “It also provides advisors more choice in solutions they can leverage to grow their business.”

SmartAsset began the year by announcing Firoze Lafeer as its new Chief Technology Officer. The company made another addition to its C-suite in April when it hired James Kennedy as its Chief Compliance Officer and Director of Legal. SmartAsset made its Finovate debut in 2014 at FinovateSpring.

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B9 Raises Pre-Seed Funding to Help New American Workers Get Paid

B9 Raises Pre-Seed Funding to Help New American Workers Get Paid
By David Penn Posted on
Categories: Daily news, Funding

A pre-seed funding round of $1.7 million will help U.S. fintech startup B9 build its financial app that helps immigrant workers secure interest-free payroll advances.

“Immigrant communities and other marginalized groups are invisible to traditional banks,” B9 CEO Sergei Terentyev said. “They are hardworking people who deserve a full service banking option that fits the way they earn and spend.” Terentyev called the response to B9 “overwhelming” and said that “hundreds of thousands” of interested users have joined the company’s waiting list.

“In our view, access to banking services that allow families to share resources, build credit and plan for the future is an equality issue, and the early response we’ve seen demonstrates the magnitude of the demand,” Terentyev added.

B9 offers 0% APR pay advances of up to 15 days, as well as a free virtual Visa debit card, and access to both U.S. and international money transfers. The San Francisco, California-based company charges a monthly subscription fee of $4.99.

B9 will use the funding to add to its team, as well as make technology investments. The company hopes to have 100,000 customers by the end of the year with its focus on consumers who are not only underserved by traditional banks, but are also often preyed upon by predatory lenders. In addition to its early wage access feature, B9 expects to offer additional services such as merchant discounts and access to insurance.

In their funding announcement, the company underscored the size of the non-U.S. born population – more than 40 million – as well as the fact that the lion’s share of U.S. population growth – up to 80% – will come from the growth of the first- and second-generation immigrant population.

B9’s services are set up with this in mind. In addition to offering a low, monthly subscription rate, applicants only require a U.S. mailing address, social security number, or ITIN, as well as a government-issued ID from either a U.S. source or from the applicant’s country of origin. Multiple language customer service is available.

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Klarna Locks in $639 Million in New Funding; Earns $46 Billion Valuation

Klarna Locks in $639 Million in New Funding; Earns $46 Billion Valuation
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Klarna

In a round led by SoftBank – and featuring participation from Adit Ventures, Honeycomb Asset Management, and WestCap Group – consumer payments pioneer Klarna has raised $639 million in funding. The investment brings the company a valuation of $46 billion at a time when the buy now pay later trend is reshaping consumer financing

“Consumers continue to reject interest- and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs,” Klarna founder and CEO Sebastian Siemiatkowski said. “More transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.”

A Finovate alum since 2012, Stockholm, Sweden-based Klarna was among the innovators in “after-delivery payment” which enabled buyers to receive products before payment was due, with the facilitating company taking on all credit and fraud risk for online merchants. To state the obvious, Klarna’s approach to consumer financing has caught on in the years since with a wave of companies across the globe launching their own “buy now pay later” options – especially of late. Today, with this investment, Klarna is Europe’s biggest fintech unicorn, with more than $1.2 billion in 2020 revenues, and more than 18 million customers in the U.S. alone. The company’s payment options are available at nearly a quarter of the top U.S. retailers, and can be found in 17 markets around the world. Klarna’s most recent offering, Pay in 4, is a full embrace of the buy now pay later format, giving consumers the opportunity to pay for purchases over time in four, interest-free payments.

In addition to being the highest-valued private fintech in Europe, Klarna is now the #2 fintech in terms of valuation in the world – behind Stripe. And as part of the GiveOne initiative launched by Klarna earlier this year, the company will direct 1% of this week’s investment to “initiatives supporting planet health.”

“Klarna is really transforming and disrupting corporate giving by not only implementing a long-term commitment but also by enabling others to do the same,” explained Nina Siemiatkowski, founder and CEO of Milkywire, a social impact platform that serves as Klarna’s strategic partner in the GiveOne project. “We hope that many more companies follow their lead and support our planet by funding those who are on the frontlines making impactful change on a daily basis.”

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