CloudPay is a Mobile Payment Network where 2% of your purchase goes to the nonprofit of your choice. CloudPay is similar to Visa but 70% less expensive (1% vs. 3%). Merchants donate 2% of the purchase to the nonprofit of the customers choice, and data show participants come back more often, and spend more per visit, increasing spending on average 25% at each location. Overall costs to merchants are similar to Visa, (3% vs. 3%). CloudPay increases revenue and profits of local merchants, increases donations for local charities, and builds a valuable social network based on where people spend their money. Also increases local tax revenue due to the local multiplier effect, and ultimately creates more local jobs. Successful pilot had 20k people signup in a town of 80k. Launching Beta in the Fall of 2014 throughout the San Francisco Bay Area.
Winner HUB Ventures Social Impact Competition. Investors = Village Capital, Good Capital/HUB Ventures, local Angels