New York-based startup Spiral has successfully raised $28 million to launch its ‘Impact-as-a-Service’ platform, which aims to assist banks and fintech companies in incorporating sustainability and social impact into their operations.
The Series A funding round brings Spiral’s total investment to $42 million, led by Team8, with participation from Euclidean Capital, Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.
Founded by former Morgan Stanley tech executive Shawn Melamed and ex-Skype head of product and growth Dan Blumenfeld, Spiral also welcomes former Morgan Stanley COO Jim Rosenthal to its board.
Initially launched as a consumer-focused “ethical banking app” facilitating charitable donations, Spiral is now pivoting to a B2B model. The company is dedicated to helping banks, credit unions, and fintechs integrate sustainability, social impact, and ESG principles into their core operations.
Spiral streamlines back-office functions, donation processing, compliance, and technical integrations with 1.5 million charities. Melamed commented, “After launching our own mission-driven consumer banking app and witnessing its rapid growth, we realized that instead of providing an independent banking app, partnering with other financial institutions would deliver the greatest value. We opted to make our technology available to enable more individuals and businesses to make an impact easily through their current banking and financial applications.”