Lately, it has become so easy to get involved in pretty much everything through social media: changing your profile picture after a terrorist attack or a tsunami or an earthquake and getting 100 likes for it. Social sharing can create much awareness but it does not boost funds for the concrete projects (more on this very insightful “Likes don’t save lives” UNICEF campaign).
Jason Dominique and his team have founded a new social marketplace for global good that lets you take action on causes you care about in an instant and is drawing more and more attention: he has recently been selected by Urbania magazine as one of the 50 people who are creating extraordinary projects in Quebec in 2016.
A social network for millennials
With this in mind, Philafy was created. This certified Benefit Corporation wants to help millennials give and raise funds in an instant for issues that matters to them and their friends. Some might say that millennials are particularly individualistic but more and more studies tell a different story and Jason truly believes there is more to this thriving generation.
“Millennials realize a disconnect between their social engagement and online actions — only 2% of Millennials find their online philanthropic involvement satisfying”
This is where Philafy enters the game: a tool that is technically adapted to the generation – a social network – to enable them to take meaningful steps towards action. Through the platform you can do much more than liking and sharing the world’s problems… you can share actionable content: causes you care about and a way to give in one step. The process is very simple: if you wish, when liking a project, you can share it with a ‘1-Click’ micro-giving (e.g. 50¢, $1 or more) call to action button and choose which social causes (e.g. Nonprofits, Charities, NGOs, etc.) will receive the funds.
“Every post can be a micro-fundraising campaign that uses the network to raise more donations faster.”
An innovative payment model
What makes the platform a real game changer is its payment model: when it comes to giving, users need to purchase Philafy prepaid donation credits, a virtual currency that lets them send donations. When traditional crowdfunding and donation platforms took a commission on all donations received by the cause, Philafy is working the other way around: charging a 5% fee to users when they buy prepaid donation credits on Philafy. This new transaction-based fee model is innovating and particularly attracting for causes as it redistributes 100% of donations to causes in 120 countries.
Through a partnership with Stellar Development Foundation – a nonprofit organization focusing on making traditional financial systems more democratic – Philafy is using technology to send, track and stock the virtual currency that is indexed on US dollar: you buy USD and virtually get USD. For example, if a user wants to add 20$ to its donation wallet, a total amount of 21.91$ – 20$ + 1$ (5%) Philafy fees + 91¢ (2.9% + 30¢) credit card processing fees – will be charged.
Bootstrapped from day one, Philafy is still looking for additional funds to boost product sales & marketing but already has very concrete assets – part of the District 3 incubator – and ambitious objectives: in two weeks a private beta version will be finalised and a public beta version will be presented before summer.