Social giving startup Goodworld announced a partnership with Australian payments company Verrency on Tuesday.
The partnership is aimed at creating a new charitable giving service that banks can offer to customers, according to a news release.
The concept plays on the idea of rounding up for charity, in which the remaining cents from transactions are rounded up to the nearest dollar for donations. The service will offer the option to bank customers to set aside a “round-up” of debit and credit card transactions to the nearest dollar. Customers will then be able to donate that money directly to a preferred charity.
Additionally, customers get mobile notifications from a bank’s app about the donation, and the ability to post it on social media.
The service will initially be available in the U.S., Australia and New Zealand, the company states.
“This offering will showcase what we’ve always known at Goodworld – that anyone can be a philanthropist. Even a roundup of a few cents makes a huge difference when people come together to give,” said CEO Dale Nirvani Pfeifer in a statement.
1776-based Goodworld launched in 2014 to facilitate donations via hashtag, and attracted investment from D.C. government. The company’s technology allows users to link their bank account to their social media account and send a donation. Donors get a receipt back from the organization. The startup indicated further expansion late last year when it was selected to participate in Mastercard’s Start Path program.