FinTech news in garage category

Crowded, a free banking app targeting member-based nonprofit organizations, like fraternities, sororities and booster clubs, closed on $6 million to continue developing its suite of banking and member management tools. Crowded co-founder and CEO Daniel Grunstein told journalist that the company designed its mobile app for the specific needs of club treasurers so they can perform duties, for example, requesting and collecting member dues and tax reporting, digitally versus physically sending out notices to pay each month. Organizations often open banking accounts at nearby institutions, while some groups, like fraternities, sororities and on-campus clubs, are required to bank through their student activities, but without many of the features of modern banking. One of the ways Grunstein says his company differs is that rather than charge subscription fees, Crowded collects interchange fees from merchants when those debit cards are used to make purchases.