Charityvest

Charityvest operates as a financial technology company focused on expanding generosity through modernizing donor-advised funds (DAFs). Founded in 2016 by Stephen Kump, Ashby Foltz, and Jon D Koon, the Atlanta-based company aims to make the sophisticated financial tool of a DAF accessible to a broader audience. The inspiration for the company stemmed from co-founder Stephen Kump's experience as a philanthropic advisor, where he observed the benefits of DAFs for his high-net-worth clients and saw an opportunity to democratize access through technology. Kump's background includes serving as a U.S. Army infantry officer and working as a strategy consultant at firms like Bain & Company, complemented by an MBA from Yale and degrees from Georgia Tech. Jon Koon brought entrepreneurial experience from the fashion and manufacturing industries, having founded several successful companies from a young age.

The company's core offering is a digital, tax-deductible giving account that functions like a personal foundation. Individuals and corporate clients can contribute cash, stock, cryptocurrency, and other assets to their Charityvest fund, receive an immediate tax deduction, and then recommend grants to over 1.4 million U.S. nonprofits at their convenience. A key feature is the platform's efficiency; there are no fees for basic accounts or for sending funds to charities. For donors who wish to grow their charitable balance, Charityvest offers low-fee investment options using ETFs from providers like Vanguard and Blackrock, with all-in fees positioned to be significantly lower than traditional DAF providers. Revenue is generated through three primary streams: administrative fees on invested assets, software-as-a-service (SaaS) fees for corporate workplace giving programs, and fees for its "Community Funds" feature.

Charityvest has enhanced its platform with several features to increase its utility. In 2022, it introduced investment portfolios, including ESG options, and capabilities for donating complex assets. A notable addition is "Community Funds," a collaborative tool launched in 2023 that allows groups, from friends to workplace teams, to pool charitable capital for specific causes on a custom-branded webpage. This social feature aims to make giving more engaging and relational. The company has secured $7.08 million in funding across five seed rounds, with backing from investors like Y Combinator, Duro Ventures, and Praxis. In October 2024, it was announced that Foundation Source, a provider of DAF solutions, acquired Vennfi, the technology venture that powers Charityvest.

Keywords: donor-advised funds, DAF, fintech, philanthropy technology, charitable giving, workplace giving, tax-smart giving, online fundraising, grantmaking, collaborative giving, Community Funds, impact investing, nonprofit fundraising, stock donations, crypto donations, charitable assets, Stephen Kump, Y Combinator, corporate philanthropy, social giving