More than 40 years ago, congress enacted the Community Reinvestment Act (CRA), encouraging banks to help meet the credit needs of low and moderate-income neighborhoods. And while this legislation has improved the lives of many people, unfortunate inefficiencies have prevented banks from fully helping those in need, as finding non-profit partners that align with CRA guidelines is tedious and convoluted today.
Luckily for banks and other financial institutions, findCRA was built making finding CRA-aligned nonprofits seamless. Their proprietary decisioning algorithm analyzes every nonprofit in a community and identifies the ones that are aligned with CRA, allowing banks to spend less time researching and more time building relationships.
How much is findCRA doing in ARR?
findCRA is a pure-play SaaS business that bills its customers on a recurring subscription basis. The company has three pricing tiers based on the number of locations and assets under management, with annually contract values ranging from $1,200 to $5k annually.
According to CEO Ben Loehle, the company is now serving eleven total customers and is doing around $14k in ARR right now. Being a new product, findCRA was pre-revenue 12 months ago.
How much has findCRA raised?
While the parent company of findCRA launched in 2012, the company recently pivoted into their new core SaaS product that went live in 2017. To date, the company has raised $900k in total outside capital in large part to work through the dense technical regulations in the banking industry and develop their technology.
findCRA’s team of three full-time employees is based in Kentucky.