Although financial technologies have transformed the business world over the past decade, the nonprofit sector, a vital part of the economy, has largely been left behind. Givefront, a startup founded by 21-year-old dropouts from Harvard and UC Berkeley, aims to fill this gap.
To support this mission, the startup has raised $2 million in seed funding. The investment round was led by Script Capital, with participation from Y Combinator and other funds.
Givefront is building a dedicated financial platform for food banks, charitable foundations, churches, and other nonprofits. Despite accounting for 6% of the U.S. economy, this sector still relies heavily on outdated financial tools.
Founder Matt Tengtrakul explains that modern tools designed for traditional businesses fail to meet nonprofits’ specific reporting and grant compliance requirements. While the startup initially planned to offer banking services, it later shifted its focus to expense management and corporate cards, which saw faster adoption.
The platform integrates with existing accounting software and offers features such as grant management and receipt collection for audits. Already working with hundreds of organizations, the startup is growing its revenue by 200% month over month. Notably, one of the team’s lead engineers is just 17 years old.
