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Kiva is supported by grants, loans, and donations from its users, corporations, and national institutions. [9] Since 2005, Kiva has crowd-funded more than 1.6 million loans, totaling over $1.68 billion, [4] with a repayment rate of 96.3 percent. [4] Over 2 million lenders worldwide use the Kiva platform. [4]
The company was founded in 1999 as TransNational Bankcard, Inc. by John Pitzaferro. The company later changed its name to TransNational Payments, Inc. Pitzaferro said he had the idea to create the company after spending 16 years working in merchant services where he witnessed the lack of transparency in the industry. [2]
Typically banks both issued credit cards and helped merchants process them, but over time the industry consolidated. Now the industry is dominated by a few large issuers, with the top ten issuers holding 81.5% of outstanding credit card balances as of 2019. [2] Even fewer banks process credit cards.
The site is one of the first sites to offer crowd funding. Indiegogo allows people to solicit funds for an idea, charity, or start-up business. Indiegogo charges a 5% fee on contributions. This charge is in addition to Stripe credit card processing charges of 2,9% + $0.30 per transaction. [2] Fifteen million people visit the site each month.
The processing fee for online credit card payments will still apply to donations. [ 25 ] In June 2019, GoFundMe terminated a $3 million fund raising for an Australian rugby player, Israel Folau , to finance a court case to appeal his multi-million dollar dismissal.
The credit card processing fee for each donation is 2.9% plus $0.30 per donation, which is paid by the donor. [11] [5] All crowdfunding platforms charge money either through the tipping fee structure that YouCaring charges or through a straight percentage which the fundraiser pays on the total amount raised.
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