FOUNDATION SOURCE ACQUIRES VENNFI, THE FINTECH POWERING DONOR-ADVISED FUND CHARITYVEST

Acquisition expands Foundation Source's range of enterprise-grade, tech-enabled offerings with donor-advised fund and workplace giving capabilities 

Reinforces Foundation Source as the leading provider of turnkey philanthropic solutions 

FAIRFIELD, Conn., Oct. 17, 2024 /PRNewswire/ -- Foundation Source, the nation's largest provider of cloud-based solutions for private foundations and planned giving, today announced it acquired Vennfi, the financial technology company powering Charityvest, an industry-leading donor-advised fund (DAF) sponsor. Foundation Source will harness the DAF functionality to deliver modern giving experiences and create new opportunities for innovation and growth in the philanthropic sector.

"With this acquisition, Foundation Source can now offer a DAF platform with an intuitive and frictionless user experience that sets a new industry standard for technology innovation," said Joseph Mrak III, CEO of Foundation Source. "This strategic acquisition is an important milestone in Foundation Source's mission to make giving easier and more impactful, and we're excited to make these philanthropic solutions widely available to help people and companies drive change."

The deal will broaden Foundation Source's suite of offerings and accelerate the delivery of giving solutions across the wealth management industry through a turnkey private label platform that will make offering and administering a donor-advised fund easier and more efficient for DAF sponsors, broker-dealers, independent RIAs and other financial services organizations. The acquisition also includes a workplace program that allows employers to streamline corporate and employee giving efforts.

"As financial advisors and wealth management firms look for ways to differentiate themselves beyond traditional investment advisory expertise, a full set of philanthropic capabilities is essential for holistic client engagement," Mr. Mrak continued.

Through this transaction, Foundation Source reinforces its position as the leader in philanthropic technology, administration, and professional services. Building on its market-leading suite of capabilities, Foundation Source will be the only provider to deliver scalable, end-to-end digital solutions across private foundations, planned giving, and donor-advised funds, making it the optimal choice for professional advisors, and financial institutions serving wealth management and private banking clients.

"Our organizations share a commitment to provide wealth managers and their clients with easier access to collaborative giving tools and resources," said Vennfi CEO, Stephen Kump. "After a highly collaborative and exploratory process over many months, it became clear that, together, we can catalyze more giving by making it more accessible, secure, and efficient for more people. We are enormously excited to join the Foundation Source team to unlock even more purposeful giving in the years ahead."

The Charityvest DAF program was launched to the public in December 2019 as a partnership between Vennfi, a financial technology company, and Charityvest, Inc., a 501(c)(3) public charity and donor-advised fund sponsoring organization. Following Foundation Source's acquisition of Vennfi, Charityvest, Inc. will continue to operate as a separate, independent entity, managed by its own Board of Directors. Foundation Source technology will power the Charityvest DAF program, the turnkey DAF platform, and the workplace giving program.

"We are grateful for the past partnership with Vennfi and look forward to working closely with Foundation Source to harness additional capabilities to help our donors give more, and give more purposefully," said Paul Glyer, Secretary of Charityvest, Inc.

The management team of Vennfi, led by Mr. Kump, will join Foundation Source, contributing their expertise and insights to sustaining a world-class client experience and the continued expansion of the combined entity.

Earlier this year, Foundation Source announced the acquisition of planned giving software and services leader, PG Calc, as part of its growth strategy to build a single platform for a wide range of flexible, popular, tax-advantaged resources that make giving easier.

The transaction was completed on October 17, 2024. The terms of the transaction were not disclosed.

About Foundation Source (foundationsource.com)

Foundation Source is the leading provider of enterprise-caliber and technology-led charitable giving solutions. At the forefront of philtech, Foundation Source is the partner of choice for turnkey software and services that offer end-to-end support for donor-advised funds, planned giving and private foundations. We offer a range of purpose-built, cloud-based platforms that facilitate all stages of giving and a configurable suite of administrative, compliance, tax, and philanthropic advisory services for donors, nonprofits and charities, and professional advisors, including RIAs and financial institutions serving wealth management and private banking clients.

With 65 years of experience, Foundation Source empowers people and companies to create a better world through philanthropy. We support more than 4,000 charitable organizations, administer more than $25 billion in foundation assets, and facilitate more than 120,000 grants and planned gifts annually.

About Vennfi

Vennfi Inc. is a financial technology company enabling the future of purposeful philanthropy. Its flagship offering is a next-generation, technology-enabled administrative solution for 501(c)(3) donor-advised fund sponsors, first launched in partnership with Charityvest Inc. in 2019. Headquartered in Atlanta, GA, Vennfi is backed by Y Combinator, Sovereign's Capital, Teamworthy Ventures, and others.

About Charityvest (charityvest.org)

Charityvest, a donor-advised fund (DAF) sponsor, is on a mission to catalyze generosity via modern technology. It endeavors to enable everyone to engage more in philanthropy—to give, to give more, and to give better. In addition to serving individual and corporate donors, Charityvest partners with leading financial advisors and workplaces to launch modern giving programs for their stakeholders. Charityvest is headquartered in Atlanta, GA. For more information, or to start your personal giving account, please visit charityvest.org.

MEDIA CONTACT

Carly Taylor

foundationsource@neibartgroup.com

973-618-6993

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