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GoFundMe

gofundme.com

Founded Year

2010

Stage

Acq - Fin | Alive

Valuation

$0000 

About GoFundMe

GoFundMe is a social fundraising platform. Over 40 million people are part of the GoFundMe donor community, raising billions of dollars to solve problems and address needs. By making fundraising simple, fast, and effective, GoFundMe gives everyone the power to change their world.

Headquarters Location

855 Jefferson Ave

Redwood City, California, 94063,

United States

619-721-3863

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Expert Collections containing GoFundMe

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

GoFundMe is included in 2 Expert Collections, including Fintech 250.

F

Fintech 250

498 items

F

Fintech

7,746 items

US-based companies

Latest GoFundMe News

This 72-year-old hopes to retire one day — as soon as she raises enough money on GoFundMe

Jan 27, 2023

January 27, 2023 - Advertisement - Retirement experts say GoFundMe campaigns are raising piles of cash for older Walmart employees who want to retire — but heartwarming stories about the unexpected turn of events reveal a dark picture about economic security and aging in America. Let’s face the truth. - Advertisement - “This is not a feel-good story, this is about the failure of our retirement system,” Teresa Gilarducci, a labor economist at the New School, said of GoFundMe campaigns supporting older Walmart workers. ‘Stories of strangers helping elderly laborers’ - Advertisement - -0.09% A GoFundMe spokeswoman told MarketWatch that activists have appeared on GoFundMe over the years, but they began appearing more frequently last summer and gained momentum during the holidays. Campaigns are usually started by someone who has either seen a baby-boomer-or-older employee working at their local Walmart, or someone who has an older loved one working at the store. Ho. The applique usually has a picture of the worker in their store vest and name tag. Some describe situations where people in their 80s and 90s are working because they need to pay medical bills. Others say they are trying to give peace of mind and relaxation to an older person who has been working most of his life. (Walmart did not respond to requests for comment for this story.) After a TikTok video encouraging people to donate got millions of views, some Walmart employees hit GoFundMe with their equivalent of winning a lottery ticket: An 82-year-old man named Butch was able to retire A subsequent GoFundMe attracted over $166,000 in donations. A campaign for another 82-year-old Carmen in Arizona brought in more than $136,000 and covered “good Morning America , - Advertisement - Around the Holidays, GoFundMe Highlighted multiple fundraisers Helping older employees retire. Not all of them were Walmart employees; Former employees of McDonald’s, Target, Burger King and the US Postal Service also received support from GoFundMe campaigns. “Our community has been so inspired by stories of strangers helping the elderly that they have started other fundraisers to help people in their neighborhoods,” said a GoFundMe spokeswoman. “We have seen that fundraisers have started in Maryland, Florida, Texas and across the country. It shows how a fundraiser can inspire others in a positive way.” , ‘I think we have 3.9 million people in America now who are working over the age of 70 who need GoFundMe accounts. And this is not a practical solution to this problem., –Teresa Gilarducci, a labor economist focused on retirement security Campaigns to help retirees represent a tiny fraction of activity on GoFundMe, which has raised more than $25 billion since its 2010 launch for people who need to pay for funeral costs, Need help covering medical bills and other unexpected expenses. At least 20 GoFundMe campaigns have been started for Walmart employees in the past few months; Most fell well short of their fundraising goal. Many have $0 in donations, a search of the site shows. More troubling is the situation in the real world, where an older worker with a lower salary is less likely to have a well-funded retirement account, experts told MarketWatch. Nearly half of the American workforce doesn’t have access to a 401(k) retirement account at work, but working with an employer doesn’t necessarily guarantee retirement security, said John Scott, retirement savings project director at the Pew Charitable Trusts. Part-time workers may not work enough hours to qualify for a 401(k), and their earnings may be so low that it is nearly impossible to save enough for retirement, he said. “Even when they are participating, they are not accumulating wealth as workers in better-paying jobs,” Scott told Marketwatch. ‘We don’t agree with that math as a nation’ Gilarducci, who researches the retirement crisis at the New School’s Retirement Equity Lab, estimates that about 75% of the American workforce over age 70 is working because they don’t have enough money to retire, and 25% aren’t working. are because they want to. “I think we have 3.9 million people in America now who are working over the age of 70 who need GoFundMe accounts,” Gilarducci said. “And it’s not a practical solution to this problem.” Gilarducci said people working at this age and older are sometimes doing so because their Social Security payments — which average about $1,100 a month — aren’t enough. Meanwhile, whatever retirement savings they accumulated earlier in life could be wiped out by a financial setback such as a divorce, a medical disaster, or children in need of financial support. According to their research, the average retirement savings for workers aged 55 to 65 is $60,000; The June 2022 Vanguard report showed the average 401(k) account balance was $35,000. “We as a nation haven’t come to terms with that math yet,” she said. One positive aspect of the GoFundMe trend aimed at older workers, says Ghilarducci, is that it has shed light on the types of jobs many older workers have, and counters unrealistic fantasies about the rare “100-year-old yoga teacher.” . she said. She added that many of the older employees are working as janitors, home health aides or in Amazon warehouses, where they are often not seen by the general public (and someone who wants to start a GoFundMe account on their behalf). “Some of the elderly workers most in need are in low-wage jobs that are invisible to us,” she said. Gail Neal, left, and her granddaughter, Kelsey Fry. Neil, who is about 72, has worked at Walmart for about 15 years. Her family started a GoFundMe account to raise money to help her retire. Despite declining health, Neil continues to work partly because he owes a car loan of about $11,000 and has medical debt. Courtesy of Donna Stroud ‘I am constantly worried’ One of the Walmart employees looking forward to a GoFundMe-financed retirement is Gail Neal, a nearly 72-year-old who lives in White House, Tenn. She’s lost two toes to diabetes but still climbs ladders to stock shelves at Walmart, where she’s worked for about 15 years, her daughter Donna Stroud told MarketWatch. Family recently posted A TikTok video showing Neil at work with the hope of attracting more donations. His campaign had raised $775 toward its $20,000 goal as of January 25. Neil has health insurance through his job, but he doesn’t have a 401(k) account. (Walmart offers employees a 401(k) plan with an up-to-6% match that begins after one year and one month of employment, according to Employee Benefits Website .) Stroud said she wasn’t sure how much her mom makes from her Walmart job. The company announced this week that it is raising the minimum wage for store jobs to $14 an hour starting in March. Stroud said Neal is continuing to work partly because he has to make payments on a car loan of about $11,000, and personal loans to cover medical bills. Stroud said that despite her health problems, Neal says she can’t make time for doctor’s appointments because she doesn’t have enough paid time off. “I’m constantly worried,” Stroud said of her mother’s declining health. She described her mother as a hard worker who is not planning a luxurious retirement. “He’s at a point now where medically, he has to stop working,” Stroud said. ‘It should not happen’ Some policy changes could help improve retirement conditions for older low-wage workers, and some are already underway. About a dozen states now offer state-sponsored retirement accounts that can help fill gaps in retirement savings, Scott said, and a recently passed retirement law called the Saver Credit allows low-wage workers to deposit more savings. Should help. For Walmart employees in particular, boosting their wages to $25 an hour would be an important step toward helping them build retirement savings, said the corporate accountability director at United for Respect, a nonprofit group that advocates for retail workers. advocates, said. “With the current salary, it is hard for them to plan for the future when they are trying to survive today,” Agustin said. Another move that could help all workers save would be for companies to offer “safe harbor” 401(k) plans, which essentially means that companies automatically contribute to workers’ retirement accounts. said Ellen G. Frank-Miller, founder and CEO of the Center for Workforce and Organizational Research, a social enterprise that works to improve the quality of low-wage jobs and company outcomes. These plans are more expensive for companies to offer, but they… Credit: www.marketwatch.com /

GoFundMe Frequently Asked Questions (FAQ)

  • When was GoFundMe founded?

    GoFundMe was founded in 2010.

  • Where is GoFundMe's headquarters?

    GoFundMe's headquarters is located at 855 Jefferson Ave, Redwood City.

  • What is GoFundMe's latest funding round?

    GoFundMe's latest funding round is Acq - Fin.

  • Who are the investors of GoFundMe?

    Investors of GoFundMe include Accel, Meritech Capital Partners, Greylock Partners, Technology Crossover Ventures, Stripes Group and 3 more.

  • Who are GoFundMe's competitors?

    Competitors of GoFundMe include TrueAccord, WeLab, JUMO Marketplace, OneVillage, Lu.com and 9 more.

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