Amber Innovations has launched a new crowdfunding platform – Amber FundMe. 

The platform’s pilot stage, which went live yesterday (January 19), will first support small businesses, in particular, charities, social enterprises and non-profits to raise funding. 

According to Michael McNaughton, managing director of the Amber Group, the parent company of Amber Innovations, “many Caribbean countries have not yet been able to capitalise on the effectiveness of crowdfunding because of the unavailability of localised technology and banking offerings (as stated in the 2018 World Bank study on the Potential of Crowdfunding in the Caribbean)“.

He added: “In North America, the United Kingdom and Africa, on the other hand, many businesses, charities and social causes, have found success and now Jamaica will have access to these opportunities.” 

To get started on the Amber FundMe platform, businesses must first complete a registration form and upload supporting documents for verification. After approval, they can then create a campaign by detailing the project or cause with supporting images and videos, the amount they want to raise and its duration. The platform also has a secure built-in payment gateway which will see donations collected, authenticated and settled into the campaigners’ local bank accounts. 

“Crowdfunding platforms outside of Jamaica have proved to be very exclusionary for local businesses, and require a United States bank account for settlement of donations. We are pleased to be able to bring this innovation to our local community.” McNaughton said.

“These businesses will not need an e-commerce account to collect donations, but must have a bank account in the business’ name.”  

Businesses seeking to utilise Amber FundMe’s platform must be in operation for at least one year, and the funding they intend to raise must support a social cause. Campaigners will also have the option to update donors on the status of their projects from start to finish. 

“Accountability and transparency are a few of our guiding principles at Amber. What’s great about Amber FundMe, is that persons looking to raise funds will have access to a global community to support their causes. Our platform will also allow them to pull insights and demographics on the donors for auditing purposes and to measure the success of the campaign,” McNaughton added.   

Donors will be able to earn reward points which can be later used to re-donate to future campaigns. In addition to these reward points, a percentage from each donation will also be donated to a local charity. There is no cost to set up a campaign, but a competitive transaction fee will be charged for the use of Amber FundMe’s platform.

MISSION TO DO GOOD IN THE WORLD

“Amber’s mission is to do good in the world through technology and this product, like all our products and services, is an extension of that mission. Amber FundMe will provide a platform to empower businesses to do good in the world, one community at a time, through one campaign at a time. As we say in Jamaica, one-one coco full basket,” McNaughton said. 

Amber Innovations is the software development arm of the Amber Group. The technology company is behind the recently launched Travel Pal App.

Interested companies may visit amberfundme.com to learn more about how they can raise funds for their social causes.