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Thanks to the blossoming world of alternative financing, people and businesses have ways of funding ideas and other investments that have never been available before. Crowdfunding has been used to fund the development of the FORM1 3D computer, the construction of the Nikola Tesla Wardenclyffe Science Center, the production of the Veronica Mars movie, and countless other projects. But could crowdfunding provide the money you need for your dream wedding? The possibility might not be as far-fetched as you think.
Crowdfunding site GoFundMe has an entire category on its site dedicated to weddings. According to public relations manager Kelsea Little, the site has hosted more than 13,500 crowdfunded wedding campaigns. But are the campaigns working? Little says that about $1.3 million was raised for weddings on GoFundMe in 2014 alone.
The site The Crowded Wedding is a relatively new crowdfunding site dedicated entirely to wedding-related campaigns. The idea for the site came when founder Ashley Klebusch was talking to her fiancé about a more personal application for crowdfunding than business ventures or idealistic causes. “I think it was the experience of seeing people crowdfund random things that made us think, ‘Why aren’t they doing things that are actually practical, like weddings,’” Klebusch explains.
The Right Approach
If crowdfunding your wedding seems like the right idea for you, there are some important things to consider before launching your campaign. Below are some tips to keep in mind:
1. Maintain a frugal budget The average wedding now costs about $30,000, but don’t expect $30,000 in unjustifiable charity from family, friends and strangers. Guests will be much more likely to donate money to a small, modest wedding than they will be to donate to a lavish over-the-top affair. “Your Champagne wishes and caviar dreams should not weigh heavy on the shoulders of your loved ones,” The Daily Dot’s Jaya Saxena writes.
2. Ask only for what you need
It may sound good to have others pick up the tab for a dream wedding, but donors are more compelled to give when they feel that those asking for donations have no other choice. For example, Jeremy Stamper recently raised nearly $10,000 for a second wedding when his wife suffered a traumatic brain injury in a car crash only 19 days after their first wedding, erasing all memory of the event. Having already spent his savings on the first wedding, Stamper turned to GoFundMe to raise money for the second wedding he promised his wife when she was recovering from her injuries.
3. Think honeymoon, not wedding
While many wedding attendees might be offended or think it tacky to be sent a crowdfunding link along with a wedding invitation, a growing number of happy couples have been turning to crowdfunding to help pay for their honeymoons or serve as an alternative to traditional gifts such as toasters or coffee machines. Klebusch says that couples have had a lot of success funding honeymoons on The Crowded Wedding, and it simplifies the gift-giving process for attendees.
4. Get the most bang for your buck Regardless of the crowdfunding site you choose, if you decide to ask others to pay for your wedding, the least you can do is get the most out of their money. Crowdfunding sites are not operating charities, and each site has its own way of taking its cut. GoFundMe takes 7.9 percent plus 30 cents per donation, and The Crowded Wedding keeps 3.0 percent of the total funding raised.
As the popularity of crowdfunding continues to rise, it will likely be used for many more practical applications. With the right approach, crowdfunding can now be a useful tool to take some of the stress and financial hardship out of your special day.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. While Even Financial finds these sources to be accurate, it does not endorse or guarantee any third-party content
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: firstname.lastname@example.org
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!