Overflow Announces Close of $20M Series B Funding Round
Overflow, a technology company redefining generosity through innovative financial solutions, proudly announces the successful closure of its $20 million Series B funding round. Wesleyan Investment Foundation led the strategic round and is joined by existing investors including Uncork, R7 and TheGP.
Overflow empowers churches, nonprofits and donors alike by creating products that make giving frictionless and elevated through a full suite of cash and non-cash giving. The company is on a mission to inspire the world to give by revolutionizing charitable giving and democratizing innovative financial solutions to the philanthropic sector.
Overflow's relentless pursuit involves making charitable giving seamless and secure, while also saving their customers money. The new investment will enable Overflow to scale towards its wider mission of becoming the financial operating system for the faith space and beyond.
"With this latest round of funding, we are now positioned to expand beyond our core giving solution to new product areas such as spend management – a sort of ‘Brex for Churches,’” said Vance Roush, Founder and CEO. “Our goal is to establish a full financial suite of solutions to save church and nonprofit finance teams time and money. Additionally, being able to consolidate an organization’s financial activity into one platform allows for greater access to actionable insights and opportunities for additional financial products like growth lending.”
Given its origins, Overflow is positioned to fulfill its vision of redefining generosity for the digital age. Since its inception, Overflow has been committed to the transformation of the giving landscape with an initial mission of introducing the sector to seamless stock donations, the most underutilized yet highest-leverage fundraising avenue. Through this work, Overflow has bridged the gap between charitable organizations and their donors. The platform's innovative approach has seen an average stock donation of $12,979, a staggering 100 times larger than the national average cash donation. The platform now boasts over 240,000 users and is on track to eclipse 1M this year. Overflow did not stop with stock donations though, and now in under 4 years boasts the most comprehensive giving solution in the industry including ACH, Card, Stock, DAF, Wills, Crypto, Apple Pay, Venmo, CashApp, Google Pay and PayPal giving all through one ‘easy button’ integration.
“The Wesleyan Investment Foundation has a long 78 year history of serving the financial needs of churches which act as the backbone of communities,” said Norwood Davis, president at Wesleyan Investment Foundation. “Overflow is deeply aligned with that mission, and empowers so many churches, nonprofits, and other charitable organizations as well as the communities they serve. As the financial needs of churches shift to meet tomorrow’s opportunities, we’re excited to combine the strength of WIF’s balance sheet with Overflow’s innovation.”
Overflow's commitment to serving churches, nonprofits, and donors has attracted over 450 leading organizations to its platform. Entities like the Golden State Warriors Community Foundation, American Cancer Society, Life Church, Church of the Highlands, and Convoy of Hope are among the prominent names benefiting from Overflow's disruptive technology.
Overflow believes that by empowering financial operators and executive teams of high-impact churches and nonprofits with the financial technology they deserve will act as a superpower for them to take their organizations to the next level. This means a greater impact in local communities and an acceleration of solving society’s most pressing problems such as spiritual and mental health, food and housing insecurity, education, disease, disaster relief and so much more. They are not just facilitators of this generosity either, but they lead with it. Each year, Overflow reserves and deploys 10% (a ‘tithe’) of their revenue back into the organizations they serve to model what generosity can look like.
The preceding press release was provided by a company unaffiliated with NonProfit PRO. The views expressed within do not directly reflect the thoughts or opinions of the staff of NonProfit PRO.