Ground.work
Acquired bySnap! Raise
Groundwork built digital banking and financial management tools for youth sports teams, acquired by Snap! Raise.
Founded
2015Groundwork built digital banking and financial management tools for youth sports teams, acquired by Snap! Raise.
Groundwork's platform gave volunteer-run organizations transparency features that general-purpose business banking lacked, including shared visibility into balances and spending for program administrators and parents. Its accounts carried FDIC insurance, and the product combined budgeting, billing, collection, and debit card spending in one place.
Joining Snap! Mobile in 2021 connected the product with the acquirer's Snap! Raise fundraising platform, so groups could raise and manage money within one company's ecosystem.
Source: finance.yahoo.com
Groundwork operated as a small independent company, with company profiles listing roughly two to ten employees before its acquisition. Its distribution was limited to the teams and clubs it could reach directly, without a larger platform behind it.
The September 2021 acquisition by Snap! Mobile, which employed a substantially larger team, ended Groundwork's run as an independent vendor, and its brand was retired in favor of the acquirer's product names.
Source: linkedin.com
Groundwork offered nonprofit teams, groups, and clubs a combined group account and money management platform. Funds were held in FDIC-insured deposit accounts, and administrators could budget, bill members, collect payments, and issue debit cards for spending.
After Snap Mobile acquired the company in 2021, the offering continued as Groundwork by Snap Mobile and was subsequently renamed Snap Spend within the acquirer's platform.
Source: finance.yahoo.com