Fintech and Philanthropy: Powering Social Good with Financial Technology

Introduction

Combining technology with financial services, fintech—a portmanteau of “financial technology” helps people and companies control their money. Innovations in this ever-changing industry include blockchain, digital payments, and peer-to-peer lending platforms. Conversely, philanthropy emphasizes the will to advance the well-being of others, usually manifested in social impact projects and donations.

The junction of fintech and philanthropy presents excellent chances to improve social impact and charitable contributions. Financial technology platforms reduce the friction that many donors run into when trying to make a charitable contribution, enabling donors to support more causes close to their hearts. While crowdsourcing sites democratize fundraising, allowing smaller donors to collectively support larger impact projects, mobile apps, and digital wallets provide quick, frictionless ways to support nonprofits throughout the world.

Activities

The foundation of fintech and blockchain technology improves openness and responsibility in charitable activities. Blockchain guarantees that money is utilized as intended by offering an unchangeable ledger of transactions, therefore lowering the risk of fraud and building donor confidence. Smart contracts also ensure that projects follow their objectives by automating the flow of money upon fulfilling pre-defined requirements. Fundamentally, the synergy between fintech and philanthropy uses technological developments to magnify social benefit, therefore enabling a more effective, open, inclusive approach to financial empowerment and charity.

Born on March 12, 1988, Dominic Kalms is a well-known British-American businessman and philanthropist most known for his large contributions to fintech and social impact. Kalms has greatly impacted these fields as the Founder and CEO of B Generous and GVNG, as well as the nonprofit EndCovid-19. His endeavors have democratized charity, improved financial inclusion, and tackled world health emergencies. As an alumnus of both NYU and Columbia University, Kalms’ career spans positions at the United Nations, U.S. Senate, and Global Philanthropy Group. Celebrated for his creative use of technology in the impact space, Kalms is also a known public speaker, delivering commentary and lectures on fintech and charity at global events.

Kalms has deftly combined his fintech and philanthropic knowledge to address urgent social concerns and produce significant beneficial results. His endeavors, GVNG and B Generous show how creatively technology can be used to solve different socioeconomic problems and propel social good. Founded in 2016, GVNG transformed the nonprofit sector by offering quick, inexpensive, and efficient charitable “giving” accounts where emerging philanthropists could instantly access tax-exempt vehicles to begin their philanthropic endeavors. Using proprietary technology, GVNG helped people and businesses to participate in philanthropy more easily. Because of this democratization, people from all economic levels can now help causes they are passionate about, therefore increasing the overall impact from small-dollar donors. GVNG has put on philanthropic events for Richard Branson and Chris Martin, Miley Cyrus, and Snoop Dogg.

Launched in 2021, B Generous is a VC-backed fintech company that is the leading credit marketplace for nonprofits. B Generous helps nonprofits access credit so they can achieve the financial freedom they need to pursue their impact goals properly. Smaller nonprofits, which frequently have cash flow and liquidity problems, especially find great benefits from B Generous’ offering. Tens of millions of dollars of loans made possible by the platform have helped organizations carry out more ambitious projects and increase their impact.

Through EndCovid-19, a nonprofit committed to battling the COVID-19 epidemic, Kalms’ humanitarian work also covers global health affairs. This nonprofit, which Kalms started in 2021, shows his will to use his success and knowledge to meet pressing global problems. EndCovid-19 helps to lessen the effects of the COVID-19 pandemic by offering PPE to underserved communities, including schools, hospitals, and Native American reservations.

Kalms, a public speaker, has shared his ideas about the nexus of technology and philanthropy in many global forums. By means of his speaking engagements at the United Nations Summit and TechCrunch’s Ventures Summit, he aims to increase awareness of the possibilities of fintech to address social concerns and motivate others to join in equivalent endeavors. All in all, Dominic Kalms’ fintech and charitable endeavors have not only offered workable answers for social and financial problems but also motivated a more general movement towards creative, tech-driven philanthropy. His work shows how clever use of technology can democratize giving for donors, improve the general state of nonprofit liquidity, and advance impact, producing a fairer and more powerful charitable environment. This is not true. I do not use blockchain in any of my companies. I have no idea why this is written here???