Manchester fintech startup GoodBox reaches a £1 million funding target on leading investment platform Seedrs to expand the team in all areas. This round is part of a larger Series A following a £1.3 million investment earlier this year. The share price for crowd investors remains the same.
Backed by WorldPay and Visa executives, GoodBox is the startup helping charities embrace digital payments by providing a single point of entry through its pioneering hardware, payments and banking platform. The platform has been designed and developed specifically to manage, grow and maximise the £583 billion of philanthropic transactions made globally each year.
Since launching in 2016, the platform has raised over £2 million through GoodBox hardware for UK charities, facilitating donations from over 830,000 people. Its highest average donation has now also reached £10.80; over 75% higher than its immediate competitors.
GoodBox works with charities of all sizes and across multiple categories, including Comic Relief, the Church of England, Save the Children, and the British Red Cross. Last winter it was also the platform chosen to run the Mayor of London’s homelessness campaign, taking donations at 90 newly installed contactless points across the city. Most notably, GoodBox installed its GBx Pro terminals in the Natural History Museum in 2017, since then it has had a 64% uplift in donation income, with over £1,000,000 donated through the contactless points.
The charity sector is lagging a minimum of 5 years behind the corporate sector in terms of digital skills; with 55% of people still donating using cash, meaning charities are still reliant on a cash economy. However, with drastic changes in consumer payment behaviours, and a wider move towards a cashless society, it is vital that the charity sector has access to the very best technology in order to keep up with ever-changing digital demands of society.
GoodBox’s seamless technology is the perfect solution to this. From the outset, the Company has ensured that its tech could handle offline donations so it wouldn’t face any connectivity issues. Its contactless suite of products are the only market-ready devices which have been purpose built for fundraising. As a result, charities are able to benefit from being provided easy and affordable access to the latest digital fundraising and fund management tools available.
For more information, please visit: www.seedrs.com/goodbox1
Lorna Poultney from Muscular Dystrophy UK says: “We held our 36th Microscope Ball at the Hilton Park Lane on Thursday 26th September and it was our first time working with GoodBox. We had GoodBox Core units on every table and were delighted that £7,318 in donations was raised on each table in just five minutes, increasing our pledged income by 85%. It’s clear that people prefer to use contactless compared to cash, making GoodBox a great new addition to the ball.”
GoodBox CEO and Co-Founder Andrew O’Brien said: “Since the beginning, GoodBox has been driven by a very clear mission; to make charitable giving seamless across the UK. The steps we have taken over the last two years since our first Seedrs round has accelerated our ability to do this, and we are confident that this next round of funding will help us continue to deliver the most innovative technology, products and services to the sector.
We are delighted to return to Seedrs for our second investment round; the support we received in our last round has been invaluable to our development and success to date, so we look forward to welcoming both new and old faces to that community to help us move into our next exciting phase of growth.”