New UK app For Good Causes lets customer converts consumers credit rewards to contributions for charitable causes. Time will tell if a similar app will launch in Sweden. The company announced the launch in a press release.
For Good Causes – the UK-based fin-tech company – today (20/04/20, editors note) officially launches its innovative new scheme which is set to transform the way consumers and retailers donate to charity.
For several years UK charities have been under increasing pressure as demand for their services rise, at a time when fundraising is impacted on many fronts. Now as a result of the COVID-19 crisis, charities are forecasting a 48 percent decline in voluntary donations despite a 43 percent increase in demand, according to research by the Institute of Fundraising.
Following a successful pilot, For Good Causes is pleased to announce new brands are joining the service, allowing more consumers to give generously to their chosen charity without spending a penny, by converting their loyalty points and rewards into a digital monetary donation. It’s a new currency for giving.
For Good Causes is the world’s first charitable ecosystem working to create a brand-new income stream for UK registered charities as a response to the ongoing fundraising challenge. The platform unites hundreds of brands and retailers with more than 20,000 charities, enabling millions of consumers to donate their loyalty and reward points to causes that are close to their heart.
Crispin Rogers, CEO of For Good Causes, says: “On average we have around 6 loyalty cards each in the UK and more than half of us don’t use all our points and rewards. This means over £7bn worth of unused rewards are sitting around doing nothing, whilst millions more are being earned every day. Imagine if we could recycle just some of that value and turn it into a force for good, helping UK charities continue their amazing work.”
“We’re on a mission to raise £500m for UK charities over the next 5 years and £5bn internationally. Consumers of all ages love the idea of donating their rewards to a charity of choice, but it resonates particularly strongly with younger generations. Recent research conducted by KPMG showed 61% of millennials would actually prefer to donate their rewards to good causes than redeem them for personal use. And increasingly we are talking to brands who want to enable customers to do both – take some personal benefit, whilst also doing good and supporting others.”
Joining the For Good Causes platform today are:
– BP, with 1,200 forecourts across the UK
– The Koin Rewards App with brands like Neals Yard, Able & Cole, Ecotricity, Elvis & Kresse and 40 other eco-friendly and sustainable merchants
– Rakuten which enables consumers to shop and earn rewards at many high street brands like Morrisons, House of Fraser, Curry’s, B&Q