'Impact-as-a-Service' platform Spiral raises USD 28 million

Friday 31 March 2023 12:31 CET | News

‘Impact-as-a-Service’ platform Spiral has raised USD 28 million in Series A to help fintechs embed sustainability and drive positive change.


The US-based startup was founded in 2020 and launched a socially responsible consumer banking app in 2021, which grew to 65,000 customers and USD 65 million in transactions in under a year. Spiral has since pivoted to partnering with financial institutions rather than offering an independent app, to extend its reach.

The company wanted their innovative impact products to be game-changer differentiators for banks, credit unions, and financial institutions that want to lead the market and give back to their communities while increasing their revenues and expanding their customer base.

This is why they decided to make the technology accessible to all financial institutions to help more people and businesses make an impact easily using their current banking and financial apps, as the company states.

‘Impact-as-a-Service’ platform Spiral has raised USD 28 million in Series A to help fintechs embed sustainability and drive positive change.


The Series A raise was led by Team8, with participation from Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix and Nidoco AB, and brings the startup’s total funding to USD 42 million. Spiral now aims to help banks and credit unions ‘unlock the power of community, sustainability and social impact’, in turn driving customer engagement.

What is Impact-as-a-Service?

As Fortune puts it, Impact-as-a-Service helps companies, through technology, to tackle and report on intractable social issues at scale. Phase 1 of this technology has thus far concentrated on four key areas:

  • employee diversity, inclusion, unconscious bias, and harassment prevention training;

  • upskilling courses and critical skills education to help students and employees stay up to date on changes in technology, to ensure long-term opportunity and career advancement;

  • programs to track and reduce greenhouse gas emissions;

  • and corporate giving and volunteerism programs.

Tech and financial giants including Microsoft, Google, ADP, and JPMorgan Chase dominate the ranks of early adopters of this software. But major companies outside those data-centric industries, including Coca-Cola, Levi Strauss, and Honda, are using Impact-as-a-Service, too. As has been the case with most software-transformed industries, Impact-as-a-Service could be broadly adopted and implemented with an unparalleled speed of innovation.

How does the Spiral platform work?

Spiral solves the need of banks, credit unions, and financial institutions to embed ESG, environmental and social impact into their core businesses, improve community impact and increase revenue through higher engagement and increased spending, as the company says.

With Spiral, financial institutions can appeal to younger generations and decrease their customer acquisition costs using cause marketing. They can also increase customer loyalty, differentiate their brand, grow their ESG score, and offer socially responsible bank accounts, debit cards, and credit cards.

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Keywords: green finance, financing , investment, product launch
Categories: Banking & Fintech
Companies: Spiral
Countries: United States
This article is part of category

Banking & Fintech


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