Foundation Source, a provider of cloud-based solutions for private foundations has bought Vennfi, the financial technology firm that powers Charityvest, the industry’s largest donor-advised fund (DAF) sponsor.
Foundation Source will use DAF functionality to provide modern giving experiences while also opening up new avenues for charity innovation and expansion.
Go deeper with GlobalData
The acquisition will widen Foundation Source’s portfolio of services and accelerate the distribution of giving solutions across the wealth management field by providing a turnkey private label platform that will make supplying and administering a donor-advised fund easier and more efficient for DAF sponsors, broker-dealers, independent RIAs, and other financial institutions.
Along with the acquisition, organisations may accelerate their corporate and employee giving initiatives with the help of a workplace programme.
Foundation Source solidifies its position as a market expert in philanthropic technology, management, and professional services with this purchase.
Expanding upon its range of offerings, Foundation Source will be the sole supplier offering scalable, comprehensive digital solutions for planned giving, donor-advised funds, and private foundations. This makes it the ideal option for financial advisers, wealth management firms, and customers of private banks.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMoreover, In December 2019, Charityvest, a 501(c)(3) public charity and sponsor of donor-advised funds, and Vennfi, a financial technology firm, introduced the debut of the Charityvest DAF programme to the general public.
After Foundation Source purchases Vennfi, Charityvest, will carry on as a distinct business under the direction of its own board of directors. The Charityvest DAF programme, the turnkey DAF platform, and the workplace donating programme will all be powered by Foundation Source technology.
Vennfi’s management team, led by Stephen Kump, will join Foundation Source, offering their knowledge and insights to ensure an elite client experience and the future growth of the merged organisation.
Earlier this year, Foundation Source disclosed the acquisition of PG Calc, an expert in planned giving software and services, as part of its effort to create a single platform for a diverse variety of flexible, popular, tax-advantaged tools to make giving easier.
Joseph Mrak III, CEO of Foundation Source stated: “With this acquisition, Foundation Source can now offer a DAF platform with an intuitive and frictionless user experience that sets a new industry standard for technology innovation. This strategic acquisition is an important milestone in Foundation Source’s mission to make giving easier and more impactful, and we’re excited to make these philanthropic solutions widely available to help people and companies drive change.”
Vennfi CEO, Kump added: “Our organisations share a commitment to provide wealth managers and their clients with easier access to collaborative giving tools and resources. After a highly collaborative and exploratory process over many months, it became clear that, together, we can catalyse more giving by making it more accessible, secure, and efficient for more people. We are enormously excited to join the Foundation Source team to unlock even more purposeful giving in the years ahead.”
