GoFundMe, the crowdfunding platform, has announced that it has generated $30 billion in campaigns since its launch in 2010. The platform has seen significant growth, with 150 million people using it to send or receive money. A report by the Indiana University Lilly Family School of Philanthropy found that younger generations, unmarried individuals, and those who are less religious are more likely to give through crowdfunding than traditional nonprofits. GoFundMe’s CEO, Tim Cadogan, expressed excitement about the platform’s ability to bring people together to help each other on a large scale. The company acquired Classy in 2022, an online platform that facilitates giving to nonprofit organizations, which contributed to the reported $30 billion raised. In comparison, charitable giving to nonprofits in the US reached $499.3 billion in 2022. The most common donation on GoFundMe is $50, and fundraising campaigns typically reach the personal networks of the individuals who started them. However, some campaigns capture a broader audience, especially during high-profile events like disasters. GoFundMe monitors and verifies campaigns connected to such events and uses its database to identify anomalous campaigns. The platform also ensures transparency and compliance with banking partners to prevent fraud. While crowdfunding’s impact on traditional nonprofit giving is not yet clear, GoFundMe shares anonymized data with GivingTuesday to track giving trends. Other platforms like DonorsChoose and Meta also facilitate online crowdfunding. GoFundMe’s CEO believes there is room for further growth in online donations and hopes to normalize asking for help in the coming years.
$30 Billion Raised on GoFundMe’s Crowdfunding and Nonprofit Giving Platforms
