St. Paul, Minn. | September 14, 2022 – Drake Bank announces its partnership with B Generous and the launch of Donate Now, Pay LaterTM (DNPL), a revolutionary new fintech allowing donors to make contributions to their favorite nonprofits through a Point of Donation LoanTM (PoDL). This proprietary philanthropic credit product allows nonprofits to receive donations immediately, while the donors pay over time with no interest, costs, or fees but receive the tax receipt immediately.
The Bank’s partnership with B Generous is mission-aligned, focusing on using financial technology and tools to build better futures and allow individuals and nonprofits to achieve more together.
“Deciding to partner with B Generous was not only strategic but natural. The insights into nonprofits that B Generous can offer pairs well with the financial experience and processes we can bring to the table,” said Nichol Dehmer, chairwoman of Drake Bank. “The potential impact of point of donation loans on donation landscape is monumental. We are proud to be aligned with such an innovative organization and look forward to driving the future of modern donations.”
Dominic Kalms founded B Generous with the simple mission to get more donations to more nonprofits faster. The almost half-a-trillion dollar market is the largest underserved finance sector today, with no current lending or credit solutions available.
“B Generous’ biggest goal is to help nonprofits scale their mission. By using DNPL, nonprofits enjoy larger average donations, higher donor conversion and retention, and more money faster. Best of all, we put an end to monthly donor cancellations and pledge defaults,” explains Dominic, founder and CEO of B Generous.
“Last year, Americans donated $484 billion to nonprofits. Yet, about half of all U.S. nonprofits today have less than one month of cash reserves on hand. To put it simply, Americans are incredibly generous, but many nonprofits are still struggling. B Generous fundamentally solves the liquidity problem for nonprofits, without putting pressure on donors’ finances, allowing people to give what they want, not merely what they feel constrained to give.”
B Generous leverages the Buy Now, Pay Later (BNPL) concept to allow donors to make more significant financial contributions without stressing their bank accounts. Donors can finance donations from $75 to $50,000 in aggregate, while paying no interest or fees, and receiving their tax receipt immediately.
Nonprofits can roll out B Generous’ DNPL product using a seamless integration process by adding the DNPL button to their website, email, social media, crowdfunding, and other fundraising platforms. They then begin receiving higher donations to achieve their mission.
Drake Bank is a purpose driven independent bank in St. Paul. We were founded in 2002 by a group of successful entrepreneurs committed to helping others succeed for the shared prosperity of their community. Our 70+ founders invested their own money to fund the first business loans and many are still shareholders today. Start building a better future. Learn more at drake-bank.com.
B Generous uses financial technology for good to allow donors to Donate Now, Pay Later™, giving people the financial freedom to donate to nonprofits. Donors can finance donations to their favorite nonprofits, interest-free, and while the organization receives the donation immediately, the donors pay over 3, 6, or 9 months. Point of Donation Loans are the first ever Philanthropic Credit Product, increasing average donation values for nonprofits significantly. B Generous is led by a team of nonprofit executives, philanthropists, fundraisers, and technologists with Board members and Investors from PayPal, FICO, Affirm, Goldman Sachs, J.P. Morgan, WebBank, Blackbaud, United Way Worldwide, Give.org, UNICEF, ASPCA, Boy Scouts, Girl Scouts, Susan G. Komen, and many more. B Generous is backed by some of the most notable VC and Angel investors in the FinTech world and has raised almost $10M to date in venture funding. B Generous is also a member of Blackbaud Social Good Startup Program for the 2022 cohort. Learn more at bgenerous.com.