Charitable giving veteran acquires FinTech innovator in deal aimed at
modernizing and expanding philanthropic giving for a next generation of donors
INDIANAPOLIS – March X, 2021 – Ren, a leading innovator in reshaping today’s philanthropic economy, today announced the acquisition of Baltimore, Maryland-based Pinkaloo, a developer of modern giving solutions. Together, the combined organizations will enable financial institutions, philanthropies, foundations, employers and corporations to play a more pivotal role in growing the social impact economy – with compelling, engaging and social solutions designed for a new generation of philanthropists.
Population trends consistently show that the two largest generations in U.S. history – Millennials and GenZers – are highly diverse, digital natives that prioritize their deeply rooted passions, social impact and ongoing engagement. They are also more likely to fund the causes they care about, more frequently, than previous generations, leveraging technology and social media extensively in their giving. As the largest independent philanthropic service provider in North America, Ren saw Pinkaloo as the ideal partner to revolutionize the donor experience and expand the philanthropic giving overall.
“Until now, giving tools have been rarefied air, designed and used predominantly for a small percentage of people,” said Joseph Fisher, President and CEO at Ren. “There is an unmistakable shift in our population and a rising demand for innovation, transparency and community participation. Our goal is to make doing good easier, and our acquisition of Pinkaloo accelerates our progress. By arming our clients with solutions that unlock and inspire the next-wave of philanthropists, we build upon our success with donor advised funds, charitable trusts, pooled income funds and more by making giving vehicles more accessible to a broader population. Ren is committed to engaging the next generation of donors with solutions that improve access, remove friction and expand giving overall.”
“Today’s philanthropic ecosystem demands ongoing innovation in how we recruit, engage and retain donors – all while also giving donors the best possible experience,” said Gideon Taub, Founder and CEO at Pinkaloo. “Donors want to be involved and drive change via small and large contributions alike. They need a robust platform to do just that – and a Ren-Pinkaloo team uniquely answers that demand. FinTech products have transformed virtually every dimension of money management, and today we are applying that same level of innovation in the charitable giving marketplace.”
With more than three decades of charitable giving expertise, Ren supports many of the nation’s largest and most prominent financial institutions and non-profit organizations, with technology and managed services that deliver the comprehensive administration, compliance, and expertise needed to efficiently manage philanthropic programs at scale. Together with Pinkaloo, Ren aims to amplify philanthropic participation with post-acquisition solutions that:
· Deliver easy, engaging and social solutions that drive adoption and growth
· Streamline grant automation and automate charity verification – for faster, more efficient delivery of funds
· Provide built-in ACH settlement to streamline administration and fund distribution
· Supply powerful APIs that can be integrated into existing solutions and used to design richer, more effective donor experiences
Terms of the sale were not disclosed.
On March 10, 2021, Joe Fisher and Gideon Taub will be co-presenting in a session with American Banker titled “Next Gen-erosity: How technology and evolving attitudes toward wealth are reshaping customer approaches to philanthropy.” For more information or to register, visit American Banker. Additional information and demonstration requests can be scheduled here.
Pinkaloo is modernizing charitable giving. Through our Modern Giving accounts, we enable Employers, Community Foundations, and Retail Banks to empower their employees and customers to drive the most impact via their charitable giving. Donors can now centralize all of their giving by funding their account when and how they want, find projects and charities that match their passions, and quickly and easily donate from their account to any charity that they want. Pinkaloo currently stands as a finalist for IDEO’s Reimagine Charitable Giving Challenge funded in partnership by The Bill and Malinda Gates Foundation and Better Giving Studio. Visit www.pinkaloo.com.
Ren is a driving force for powering people, ideas and institutions for good. As the leading independent philanthropic solutions provider in North America, Ren supports more than $20 billion of assets, delivering the expertise, standards and technology necessary to propel growth and scalability throughout the impact marketplace. The country’s most elite financial services firms, nonprofit organizations and community foundations rely on Ren to provide online access for donors, professional advisors and staff, to manage their planned gifts, including charitable trusts, donor-advised funds, pooled income funds, endowments and private foundations. Founded in 1987 and headquartered in Indianapolis, Ren holds an SOC 2 Type 1 certification that underscores its commitment to trust, security, compliance, and transparency. Visit www.reninc.com.
For media inquiries contact Erika Blaney