What is this modern giving account that Pinkaloo talks about all over our site? What's a giving account? What's modern about it? And is it really solving a problem? Let's dive into it!
Rise of FinTech
Take a look at successful tech products such as Mint (financial budgeting and tracking; acquired by Intuit), Venmo (mobile transfers and payment among peers, now a part of Paypal), and Wealthfront (automated/robo-brokerage; independent with $4B+ in assets under management). Each of those services quick rise shows that community members, and millennials in particular, want and are ready to use tech-focused solutions to manage their finances. In fact, according to research by SalesForce, 75% of millennials are reliant on mobile banking. And it’s not only younger community members using these services. In fact, Wharton research suggests that younger users of these services are driving adoption among their parents.
401ks, IRAs, HSAs
As the Pinkaloo team looked at these trends, alongside the proliferation of financial management accounts that many people have (checking, savings, 401ks, IRAs, HSAs, brokerage accounts) we realized there was a need and opportunity for an accessible and affordable philanthropic giving account. That's where Pinkaloo comes in.
Pinkaloo’s modern giving account is an easy-to-use, accessible, and safe giving account, that centralizes giving, and helps with budgeting, as well as discovering great charities and projects.
Democtratizing Giving Accounts
Historically, centralized charitable accounts, such as Donor Advised Funds (DAFs) or Family Foundations, have only been available to wealthy families. DAFs and Family Foundations not only help centralize giving activity, but they also help donors with budgeting and tax planning. The modern giving account allows anyone to take advantage of those features, along with a whole bunch of modern features, such as social and sharing tools and how-to / best practices to empower that next generation of power donors. Donors expect these tools in managing their finances and until they are available for charitable giving, younger donors won’t unleash their full passion and drive the change they are capable of creating.
That's our mission: To apply the best of today's modern technologies that people expect to philanthropy. No longer does a giving account need to only be available and accessible to the most wealthy, and there is no reason that the technology to support and administer those accounts needs to be old and dated.