Funraise expands the core capabilities of their platform by offering real-time wealth screening through the WealthEngine API.
Funraise was founded in 2015 with the goal of creating a better fundraising platform. Led by Justin Wheeler, the Co-founder and CEO, Funraise provides an end-to-end solution for nonprofits. This includes fully functional peer-to-peer fundraising websites, customized donation forms, donor CRM tools, marketing automation, wealth screening, giving strategies, analytics, and more.
With over 20 years of nonprofit experience, Justin Wheeler and his two co-founders, Jason Swenski and Tony Sasso, knew there was a better way to innovate in the fundraising space. “We want to reinvent the way nonprofits fundraise,” says Wheeler. “Over the past few decades, there has been little change to the operational side of how nonprofits work.” So, Wheeler, Swenski, and Sasso and decided to start Funraise with the goal of creating an end-to-end solution for nonprofits to drive positive change in philanthropy.
Wheeler, Swenski, and Sasso each brought complementary experiences to the project and had a clear vision. If they could make a comprehensive platform that would modernize the fundraising stack, they would make it easier for fundraisers to work, which would help drive an increase in donations.
Funraise had a very clear vision from the start, and that always included real-time wealth screening. Wheeler knew the technology existed from previous roles. “I was a customer of WealthEngine at my prior nonprofit. We screened our donors on-the-fly through WealthEngine’s Salesforce integration. I interacted directly with the data and saw its power. So, when we started Funraise, we knew this would be a differentiator to make prospecting and cultivation easier for fundraisers. Including wealth screening capabilities within our solution gives our customers the ability to supplement their donor profiles with rich data in real-time.”
They engaged WealthEngine to integrate its powerful wealth data and the ability to connect directly to it in real-time through its API. They worked directly with WealthEngine and its API Evangelist, TJ Stalcup, to make wealth screening a key component in their platform. Development was a breeze, according to Wheeler. “WealthEngine’s API is so well documented, so there really wasn’t any challenge for us to implement. We also leveraged TJ and his expertise to help us build custom options along the way.”
Funraise developed two custom processes. The first screens all donors as the donation payment comes in. As the screening occurs, the donor’s demographic, social, and wealth information is automatically appended directly onto their profiles. The second process screens historical records upon initial migration to backfill any prior donors. Both of these processes give their customers richer information to take action on and further cultivate the relationships with their donors. Through these custom connections into the WealthEngine API, Funraise’s clients can fundraise smarter with capacity-driven segments through automated wealth screenings.
Funraise has received positive responses to their platform, and WealthEngine’s API is a key component. Many of their customers don’t have much experience with wealth screening, and this functionality has helped them significantly by making it easy. As a result of screening donors using address, email, or phone numbers, their clients have seen a 60-75% match rate and more donor intelligence.
While Funraise has only been customer-facing since the end of 2015, some of their clients have already seen amazing results:
• One customer acquired about 6,000 new donors through a campaign and screened them using the WealthEngine functionality. They found that about 10% of those individuals had a net worth over $1 million, which they have since passed to their major gift team to cultivate major relationships.
• Another customer performed a historic migration and found 10 donors with an ultra-high net worth over$200 million. They didn’t know this information before, but armed with this knowledge, they were able to set up follow up meetings and engage these donors.
Stories like these are common amongst Funraise’s customers. Many are now understanding the value provided by wealth screening. “WealthEngine offers more efficiency to our customers,” says Wheeler. “With this functionality, they can spend more time cultivating relationships and engaging with the right donors instead of doing research.”
Funraise is just getting started. In less than two years, they have already developed quite an impressive platform.
Wheeler adds, “I want to continue to build functionality that innovates in the fundraising space. We have some great features that we want to add, and TJ has been responsive to bounce ideas off. As we continue to grow our platform in the future, WealthEngine will remain a trusted partner.”
To learn more about Funraise, please visit their website.
Learn More About the WealthEngine API
WealthEninge’s API allows users to look up wealth information about customers and prospects in real-time for sales and fundraising in a streamlined and automated way. We normalize and process data from over 45 sources and have profiles on over 240 million individuals – covering almost the entire U.S. adult population.
There are several ways your solution’s value proposition could be enhanced by offering this robust data set to your end-customers. Whether it’s the addition of a simple button, adding fields to a report, or customizing some business logic, you can quickly achieve results by easily accelerating integration into the incredibly simple WealthEngine API.
Our API is completely self-service so feel free to give it a try. Visit dev.wealthengine.com and register for the sandbox. Get in touch with our API Evangelist, who is dedicated to making you successful with the WealthEngine Platform, and explore ideas. With the WE API, the possibilities are endless.