Growfund: Donor-Advised Funds For Everyday Donors
In 2016, Global Impact “democratized giving” with the launch of a donor-advised fund (DAF) called Growfund, but it wasn’t like any other DAF on the market. Growfund boasted zero brokerage fees, a low grant requirement ($25) and no account minimum to get started.
“[We thought] how could you make this available for every person … donors of all sizes,” said Scott Jackson, president and CEO at Global Impact, an international philanthropy organization that focuses on humanitarian needs.
But, was the disruption to the DAF model successful?
Two years later, Growfund has an average of 350 users and $1.4 million assets under management. The platform counts personal donors, employers, nonprofits, universities and giving circles among their users.
To reach its goal of $10 million of assets under management, Global Impact isn’t relying on old-school methods. Instead, it’s using Growfund to provide solutions to what the next generation of donors is looking for.
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