Axios – New Company Encourages ‘Donate Now, Pay Later’ Charitable Giving
Donating money to charity is good and worthy. But should nonprofits encourage you to go into debt in order to do so? A new VC-funded company, BGenerous, says the answer is yes.
Why it matters: Hundreds of thousands of charities around the country rely on small-dollar donations from a broad range of individuals. As those donations move from physical checks to online pledges, BGenerous has decided to apply the buy-now-pay-later playbook to them. They call it “donate now, pay later.”
How it works: When you use BGenerous to make a donation, you pay no money up front. Instead, Drake Bank lends you the money, which gets paid directly to the charity. You then pay the bank back in installments, interest-free, over three to nine months. Read More