Worldcoo is a Spanish Social FinTech startup that has the highest B-Corp certification score in Spain and their technology is accredited by The European Commission. The Company was launched in 2017 as a free online tool to allow e-commerce sites to cooperate with social initiative through their users.
What do they do?
This social FinTech leverages Round Ups in order to donate them to NGOs. They do this both online and via POS devices at brick-n-mortar checkouts (the devices you put your card into when paying).
Round Ups are when the price you have just paid is rounded up to the nearest whole number. E.g. you would pay a 0.30¢ round-up if your shopping cost €15.70. The feature has been becoming popular with banks and FinTechs for savings and investment purposes.
Worldcoo is not a bank, furthermore, it is not using the round-ups for savings purposes. Instead, they use the round-ups as micro-donations. So far, they have raised over €39.445.320 from around 33 million donators.
The innovative part is that Worldcoo works completely as an intermediary, the business relies entirely upon relationships and their proprietary technology. This Spanish FinTech has agreements with the POS providers, where their technology is easily implemented into the system in order to permit round-up do.
Although we have been using POS systems for years, it seems that Worldcoo is one of the first companies to integrate technology into them. This means you don’t have to have a digital savvy bank that offers the round-up service. Instead, you can shop at a franchise which has partnered with Worldcoo.
The company has managed to fund more than 500 social projects around the world, which have improved the lives of more than 700.000 direct beneficiaries. The donations have come from people across 35 different countries.
Their international expansion has been very rapid. This is because it’s a win-win for their customers (retailers), as they can be viewed as a more social company by the shoppers. Additionally, there aren’t any infrastructural changes, new trainings or much work in general for its implementation.
Another positive aspect is the fact that Worldcoo allow those who wouldn’t normally donate, begin to change their mindset about how a little contribution can be a big impact for social initiatives.