US-based ethical banking app developer Spiral received $14m yesterday in a series A round that included insurance firm Phoenix Insurance.
Venture group Team8 led the round, which also featured Communitas Capital, Nidoco, MTVO and undisclosed executives from the financial sector.
Spiral’s banking app enables users to access interest rates it describes as attractive in addition to monthly bonuses on their deposits, while also providing them with an easy way to support charities and non-profit organisations.
Shawn Melamed, Spiral’s co-founder and CEO, said: “Spiral plans to pioneer the ethical banking industry by creating a new ecosystem solution for more than 100 million charitable givers and 1.5 million non-profit businesses.
“Not only does Spiral make it easy and engaging for people to support causes they care about but we also financially reward them so they can personally thrive.”
