As we set out on our mission to help people be more generous, more often, we spent a lot of time talking to people about how they think about giving. Based on those conversations, we focused our first release of the product on four particular needs.
Make Giving A Habit
Most people believe that it is important to set aside money for those less fortunate than themselves. Unfortunately, while the intention is there, we discovered that most people do not meet their own goals for giving, and they feel guilty about it.
It's understandable. With personal and professional demands on our lives, we don't always find the time to give.
It doesn't have to be this way.
We built Daffy around the idea that this problem can be solved by simply selecting how much you want to set aside to give every year, and then automating those contributions. We call it "The Daffy Pledge." Just tell Daffy how much you want to give, select weekly, monthly, or yearly, and link your bank account. Done.
Daffy is a registered 501(c)(3) not-for-profit organization, so all of your contributions qualify as tax-deductible in the year they are made.
With Daffy, you can be the generous person that you aspire to be.
How Much to Give?
One of the surprising results from our research was the incredible lack of consistency across different people on how much people believe they should give to charity every year. Some people think in dollar amounts, others think in percentages. Some want to know what others around them are giving, and still more base it on their own personal success this year.
However, one thing was very clear: people really want more information to help give them the confidence to give. We were surprised to find out, unfortunately, how few existing products help people with this decision.
With Daffy, we have tried to provide information throughout the experience. We have leveraged both public and private data from multiple providers to help give our members some context for giving.
For example, when you tell Daffy where you live, the app provides the median household income and the median amount of charitable giving in your area. We leave it to the member to decide how much to give, but we hope that by providing data, more people will feel more comfortable making a choice.
Daffy is a community built around the commitment to give, not the amount you give. We hope that some of the same innovations that have helped people save energy and save money will also help them give more freely.
Grow Your Impact
Daffy supports a variety of ways to contribute. Besides your linked bank account, Daffy members can contribute cash through any debit or credit card linked with Apple Pay, as well as direct contributions of publicly traded stock and Bitcoin.
Once your money arrives at Daffy, it doesn't sit idle. Daffy invests your money so that while you are busy, your potential impact grows with your portfolio. Over time, this means that in many cases you will be able to make more donations over time.
When you set up your Daffy fund, one of the first choices you make is where you want your contributions invested. Daffy provides nine different portfolios, separated into three categories: Standard, ESG, and Crypto. Each category features portfolios that range from conservative to aggressive, so that every member can pick the option that best suits their needs.
All of our Standard and ESG portfolios are globally diversified across equities and bonds, and are built from high-quality, low-cost index funds from Vanguard and BlackRock, with average costs of just 0.045% for our Standard portfolios.
For those members looking for exposure to crypto, we have partnered with Bitwise Investments and Coinbase to provide access to both publicly traded index funds as well as direct ownership of Bitcoin and Ethereum.
Give Anywhere, Anytime
The first thing you will see when you open the Daffy app are three simple things: the amount of money you have in your Daffy fund, and two large buttons to Add Funds or to Donate.
This isn't an accident. This is what people told us that they want. The ability to easily contribute and donate money anytime, anywhere.
In the past few weeks, how many people have attended back-to-school functions or religious celebrations where a request was made for donations? Why does it have to be so hard to give?
With Daffy, you can open up your app in seconds, select donate, pick an amount knowing that you have the funds available, and then select from over 1.5 million charities to donate to. Tap tap tap, and it's done.
No more worrying whether you have enough money to give. No more notes and to-do items to go to the right website or find the donation form when you get home. No more worrying about donation receipts for your taxes.
Daffy is the Donor Advised Fund for You™
While we are excited to launch the initial version of Daffy, we are even more excited to start building in public. So while we are incredibly excited about our initial release, we know there are so many more innovative ways we can help people be more generous, more often.
Come join us. daffy.org