What do they do?
Worldcoo is a Spanish Social FinTech startup that also has a B-Corp certification. 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 30c round-up if your shopping cost €15.70. Round-ups have been becoming popular with banks and FinTechs for savings and investment purposes. However, Worldcoo is not a bank, furthermore, it is not using the round-ups for savings purposes. Instead, Worldcoo is an intermediary, and they use the round-ups as donations. So far they have raised over €2.5m from around 5m donators.. The negligible roundups when shopping do indeed add up!
The innovative part is that Worldcoo works completely as an intermediary, the business relies entirely upon relationships and their proprietry technology. This Spanish social FinTech has agreements with the POS providers. Their technology can be easily implemented into the system in order to permit round-up donations. 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.
Worldcoo has managed to fund more than 300 social projects around the world, which have improved the lives of just under 2m beneficiaries. The donations have come from people across 35 diffferent 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 those who wouldn’t normally donate begin to change their mindset about helping others. By realising that the combined miniture help by themselves and others can have such an impact on communities around the world could push them to think about these initiatives a bit more.