It’s not enough for companies to just do business anymore. As consumers, we expect companies to be socially responsible. The 2015 Nielsen Global Corporate Sustainability Report found that consumers are willing to pay more if a company is known for being environmentally friendly or for its commitment to social value. Here are six companies in fintech that are doing it right.
Unlike traditional insurance companies, Lemonade customers can be sure their money is being used for the right reasons. Typically, the way insurance companies make a profit is by keeping the money they don’t pay out in claims. Lemonade only takes a small flat fee from customer’s premiums and the rest goes to paying claims fast. Best of all? If there is unclaimed money at the end of the year (and there usually is), instead of keeping that money to make a huge profit, Lemonade donates it to causes people care about. Some of the causes include: Teach for America, Robin Hood Foundation, Code to Inspire, Breast Cancer Research Foundation and UNICEF.
Chuffed’s story started because it saw the potential greatness that could happen if everyone did something to help – big or small. That idea transformed into what Chuffed is today, a crowdfunding platform for socially-conscious projects. So, what makes Chuffed different from other crowdfunding platforms? Chuffed doesn’t take a penny from a project’s earnings. Each project that’s created on Chuffed keeps 100% of the donations it receives.
Offering automated solutions to accounting, HR, and payroll isn’t all Sage does. They’ve also created a global foundation for change. The Sage Foundation was created to help communities in all 23 countries they operate in. Sage lives out their mission of transforming lives by offering employees five days of volunteering per year, providing grants that create opportunities for the young and disadvantaged, matching employee charitable donations and fundraising, and donating their software licenses. How lucky are we to partner with them?!
The same opportunities that someone with a decent credit score has don’t always exist for the 45 million people who lack credit history, and Oportun wants to fix that. Oportun offers accessible and affordable loans for those with bad or non-existent credit. Their aim is to improve financial stability by connecting people to tools, resources, and products. Additionally, Oportun supports organizations that give students access to educational tools and they support nonprofits that are helping families in neighborhoods where their customers live and work.
PayPal helps its customers buy, sell, and send without entering their card information each time. But what makes PayPal so great is their dedication to social innovation. PayPal believes in using their resources for good to impact financial health, increase charitable giving around the world, and strengthen communities where they live and work. In 2017 alone, 640+ charities raised $8.5 billion via PayPal, 49 million people contributed to a charity via PayPal and during the holiday season over 8 million people contributed $1.1 billion to charities. We’re here for PayPal powering the way people donate!
A 2015 FDIC report shows that twenty-six percent of U.S. households are un- or underbanked. SOLE Financial provides an option for direct deposit through payroll cards to those who don’t have a traditional bank account. But SOLE is more than just a paycard company – SOLE is a financial inclusion company with a focus on social responsibility, environmental awareness and community involvement. In addition to various company-wide initiatives throughout the year, like blood drives and clothing drives, SOLE allows employees one paid day to volunteer per year, aptly named SOLE Service Day. The SOLE Paperless Trees Program honors clients who have switched to 100% direct deposit by planting trees in the client’s name. Additionally, SOLE focuses heavily on cardholder education throughout the entire cardholder experience.
What other fintech companies are known for their social responsibility? Let us know in the comments!