B Generous Launches Donate Now, Pay Later™, Increasing Average Donation Values by 60%+ for Nonprofits
First-ever philanthropic credit product has potential to unlock billions for nonprofits
LOS ANGELES, Aug. 25, 2022 /PRNewswire/ -- B Generous, a first of its kind FinTech for good platform, announces the official launch of Donate Now, Pay Later™ (DNPL), a revolutionary new tool allowing donors to make contributions to their favorite nonprofits through a proprietary philanthropic credit product called a Point of Donation Loan™ (PoDL). Using Donate Now, Pay Later™, the nonprofit receives the donation immediately, and the donor gets the tax receipt right away, but the donor pays nothing out of pocket at the point of donation and instead pays over time, with no interest, costs or fees.
Founded by three-time, venture-backed entrepreneur and philanthropist, Dominic Kalms, with the simple mission to get more donations to more nonprofits faster, B Generous partnered up with Drake Bank, a mission aligned community bank in St. Paul, Minnesota, to power the world's first Point of Donation Loan (PoDL) program.
"B Generous' biggest goal is to help nonprofits scale their mission. By using DNPL, nonprofits enjoy larger average donations, higher donor conversion and retention, and more money, faster, and best of all, we put an end to monthly donor cancellations and pledge defaults," explains Dominic, Founder and CEO of B Generous."Last year, Americans donated $484 billion to nonprofits. Yet, about half of all U.S. nonprofits today have less than one month of cash reserves on hand. To put it simply, Americans are incredibly generous, but many nonprofits are still struggling. B Generous fundamentally solves the liquidity problem for nonprofits, without putting pressure on donors' finances, allowing people to give what they want, not merely what they feel constrained to give."
The almost half-a-trillion-dollar philanthropic market is the largest underserved sector of finance today, with no current lending or credit solutions available. B Generous, which is leading the Philanthropy Technology (PhilTech) movement, is leveraging the proven concept of Buy Now, Pay Later (BNPL) in order to allow donors to make larger financial contributions without stressing their bank accounts. Based on proprietary market data, Point of Donation Loans will increase average donation values by 60%+.
Nonprofits can roll out B Generous' DNPL product using a seamless integration process, without any in-house technology team required. The DNPL button can be added to their website, email and social media campaigns, crowdfunding campaigns, and wherever the nonprofit fundraises. The nonprofit can then instantly begin receiving higher donations to achieve their mission. What's more, for their donors, it appears like familiar existing monthly giving options, making adoption effortless and frictionless.
"Making the decision to partner with B Generous was not only strategic, but natural. The insights into nonprofits that B Generous can offer pairs well with the financial experience and processes we can bring to the table," said Nichol Dehmer, Chairwoman of Drake Bank. "The potential impact of point of donation loans on donation landscape is monumental. We are proud to be aligned with such an innovative organization and look forward to driving the future of modern donations."
Donors can finance donations for as little as $75 and up to $50,000 in aggregate, while paying no interest, transaction or late fees, and receiving their tax receipt immediately.
Prior to founding B Generous, Dominic was the CEO of GVNG.com., which Forbes described as "One of the most revolutionary platforms in the social impact space" and "the 'Shopify' For Non-Profits." GVNG.com empowers anyone to set up a nonprofit project in five minutes or less.
The larger B Generous executive team includes nonprofit executives, philanthropists, fundraisers and technologists with Board members and Investors from PayPal, FICO, Affirm, Goldman Sachs, J.P. Morgan, WebBank, Blackbaud, United Way Worldwide, Give.org, UNICEF, ASPCA, Boy Scouts, Girl Scouts, Susan G. Komen, and many more. B Generous is backed by some of the most notable VC and Angel investors in the FinTech world and has raised almost $10M to date in venture funding.
"I am extremely excited at what B Generous is doing," said Jay Odell, Former President of Blackbaud, the world's leading software company powering social good. "Donate Now, Pay Later is both revolutionary but also consistent with how people donate online today. This is going to become a must-have option on every donation page."
B Generous uses financial technology for good to allow donors to Donate Now, Pay Later™, giving people the financial freedom to donate to nonprofits. Donors are able to finance donations to their favorite nonprofits, interest free, and while the organization receives the donation immediately, the donors pay over 3, 6, or 9 months. Point of Donation Loans are the first ever Philanthropic Credit Product, increasing average donation values for nonprofits significantly. B Generous is led by a team of nonprofit executives, philanthropists, fundraisers, and technologists, with Board members and Investors from PayPal, FICO, Affirm, Goldman Sachs, J.P. Morgan, WebBank, Blackbaud, United Way Worldwide, Give.org, UNICEF, ASPCA, Boy Scouts, Girl Scouts, Susan G. Komen, and many more. B Generous is backed by some of the most notable VC and Angel investors in the FinTech world and has raised almost $10M to date in venture funding. B Generous is also a member of Blackbaud Social Good Startup Program for the 2022 cohort. To learn more, visit: https://bgenerous.com/.
SOURCE B Generous
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article