Goodsend is an iOS app which connects people in need of economic help with those who would like to ... [+]
GoodsendI recently came across a brilliant idea worth shining a light on. Goodsend is an iOS app which connects people in need of economic help with those who would like to donate to help them. In a simple sense, Goodsend is like Venmo for localized, direct giving; where instead of paying your friends, you're helping local community members pay their bills, their rent, buy groceries and more. They work with nonprofits to verify the ‘in-need’ status of all recipients.
I caught up with Co-Founder Arjun Srivastava to find out more about the idea and his journey.
Afdhel Aziz: Arjun, welcome! Please tell us a little about Goodsend and what it does?
Arjun Srivastava: Goodsend is a mobile-first, localized platform which taps into the infinite supply of financial help which exists, when individuals are able to give freely, efficiently and directly to their fellow neighbors in need. We’ve built a consumer mobile product for P2P micro-giving. In the same way one may use Venmo to send money to friends; you may use Goodsend to send money to neighbors who need help paying their bills, buying food and more. We work with community partners, nonprofits and universities, to verify the ‘in-need’ status of all recipients.
Our iOS app launched in October 2020. Since then, we’ve processed nearly $20,000 in micro-donations and have provided direct cash transfers to over 70 vetted recipients in Chicago, IL.
Goodsend was founded by myself and my older brother, Sid Srivastava. We’re currently based in Chicago, and hope to launch networks of P2P giving in additional communities soon.
Arjun Srivastava, Co-founder of Goodsend
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Aziz: This whole thing started during COVID when you thought that ‘there should be an authenticated app to help people for direct giving’ right? How did your frustrations lead to creating Goodsend?
Srivastava: Yes, the idea came about in April 2020. Like others, I was stuck at home and forced to be more observant of the world around me. During this time, I had two key observations.
First, the existing wealth gap in the US was growing wider. Those who already had the means, were working from home and saving more money than ever. Meanwhile, those who lacked means previously, were falling deeper into debt and poverty, due to COVID effects and unemployment.
Next, I noticed a new behavior of people sending money to strangers on Twitter. Individuals who needed help with their bills, would tweet their Venmo or Cash App handle, and others could send them money directly on these P2P payment apps. I began sending money to people in this fashion as well, however, I wasn’t always sure that I wasn’t being scammed.
I began speaking with my Dad about how a direct giving platform could help with these issues, at scale. He’s incredibly future-minded, and the best person to share ideas with. My brother, Sid, also agreed that there had to be others who’d consistently give directly to someone in need of help with their bills, as long as the process was simple and trusted. From there, Sid and I decided to get straight to work creating Goodsend.
Sid Srivastava, Co-founder of Goodsend
GoodsendAziz: How do you draw design inspiration from apps like Acorns and Robinhood - they simplified saving like you’re trying to simplify giving?
Srivastava: I believe that they’re two consumer products which democratized finance for a new generation.
I began using Acorns when I was in college, and loved the process of depositing ‘round-ups’ from my purchases and weekly micro-deposits into a personal investment account. It made the act of saving and investing feel much more accessible for someone like myself in their early 20s, who didn’t have much money as a student.
At Robinhood, they brought next-gen investors into the stock market, at a tremendous scale. Once again, it comes down to making important financial behaviors feel more accessible. Investing used to be something associated with well-established professionals or bankers on Wall Street, but now it’s a common behavior for the masses.
With Goodsend, we’re democratizing philanthropy. When you normally donate to a charity, the money isn’t going directly into the pockets of those in need. You also won’t ever feel the impact of your smaller donations.
By taking a mobile-first approach, focusing on direct micro-giving, and building a consumer product with rewards and incentives, we can change that. We hope to enable the masses to become philanthropists, in the same way other platforms have enabled so many to become investors.
Aziz: What has been the response so far from the community?
Srivastava: It’s been great. We’ve seen nearly $20,000 in total donations on the platform, with a monthly recurring volume of $1,500. With this volume, we’re helping a new group of 15 individuals in Chicago pay their bills, every month. Recipients include housing insecure students at DePaul University and underrepresented job-seekers who need some financial help while looking for employment.
Goodsend app users praise how intuitive the app is, along with how it allows them to do a little bit of good, consistently. Our community partners, such as DePaul USA and RiseKit, also show gratitude. By partnering with Goodsend to offer direct giving as an additional service to their existing beneficiaries, we’re collectively improving outcomes for those they already serve.
Aziz: You’re building this as a for profit social impact company, correct? Is the plan to look for capital?
Srivastava: Yes, Goodsend is being built as a for-profit. Our company’s success will be tied to the outstanding experience we can provide to those who give with us, and the help we can provide to our recipients. As we continue to deliver this value, we hope to monetize our platform in conscious ways, along with entering the financial services sector for underserved segments of the market.
Right now, we’re a self-funded operation; The plan is to bring in outside capital soon, in order to speed up product development, tap into new distribution methods, and expand into additional communities.
Aziz: Finally, how can brands help you in your work?
Srivastava: We’re currently working with brands who’d like to become Goodsend distribution partners and/or be a part of our initial rewards program for Goodsend donors.
We’d also appreciate any organizations who’d like to get involved via fundraisers within their workforce, or in-person events within the Chicago community.
It’s important to note that Goodsend is a fiscally sponsored organization. This allows us to legally intake tax-deductible contributions from corporations and grant-makers. Overall, if you’re a brand or organization that would like to align yourself with an innovative startup doing good in the community, please do get in touch
The Link LonkMay 31, 2021 at 11:00PM
https://www.forbes.com/sites/afdhelaziz/2021/05/31/how-innovative-app-goodsend-is-making-it-easy-to-help-our-fellow-citizens-by-giving-micro-donations/
How Innovative App Goodsend Is Making It Easy To Help Our Fellow Citizens By Giving Micro-Donations - Forbes
https://news.google.com/search?q=easy&hl=en-US&gl=US&ceid=US:en
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