The GiveCard Story

The Original Problem

In an increasingly cashless world, a simple moment of human connection sparked a solution to one of the largest gaps in financial technology today. Back in 2018, Lurein Perera was a sophomore at Boston College. He walked past an individual facing homelessness, but had no cash to help. This experience got Lurein to think about solutions- How do we make money accessible to those who need it, when today’s money is digital? That moment became the catalyst for GiveCard, a company that is now transforming how organizations move money in the modern economy.

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What began as a student project to help people give directly to those experiencing homelessness has evolved into a comprehensive financial technology platform that's addressing critical challenges across sectors. The initial solution was elegantly simple: prepaid cards that could be given directly to individuals in need. But as Perera and his team developed the concept, they discovered a much larger opportunity to modernize how organizations distribute funds at scale.

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What GiveCard is Today

GiveCard's technology platform combines the ability to issue specialized prepaid cards and bank payments with sophisticated program management tools. This system enables organizations to deliver payments efficiently at scale in as little as one day, complete with flexible controls, automated reloads, and built-in reporting capabilities. This comprehensive solution addresses fundamental limitations in traditional financial services that weren't built to serve the diverse needs of today's organizations.

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For nonprofits and government agencies, the platform solves critical operational challenges in running direct cash assistance programs. Traditional methods like cash, checks or wires are inefficient and difficult to scale, and setting up custom card programs directly with banks has traditionally been expensive and time-consuming for organizations, especially if they don’t have a dedicated team for it. GiveCard's solution includes automated onboarding and communications workflows, customizable card restrictions, and real-time analytics for measuring program impact. These features have become operational centerpieces for organizations like Breaktime, a Boston-based nonprofit distributing stipends to help youth out of homelessness, and My Sister's Place, one of the oldest women's domestic violence shelters in the United States.

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GiveCard’s work is supported by a growing body of academic and practical research that validates the effectiveness of direct cash transfers. Studies consistently show positive outcomes, including reduced poverty and hunger, increased school attendance, improved healthcare utilization, and enhanced mental health and stress reduction. Importantly, research has debunked common misconceptions, showing no significant increase in spending on "temptation goods" like alcohol or tobacco. These findings have strengthened GiveCard's commitment to expanding access to dignified financial assistance, with the company actively contributing to this research through their own impact studies and academic partnerships.

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On the other side, private companies also face their own set of challenges with mass payments, from customer refunds to clinical trial compensation. GiveCard's platform streamlines these processes by integrating into existing enterprise resource planning (ERP) systems, providing automated fund loading and real-time visibility that can be offered across departments and to leadership. Companies like Rynse, a fleet management service for governments, use GiveCard as fleet cards for drivers to purchase gas, car washes, and servicing, demonstrating the platform's versatility beyond traditional non-profit assistance programs.

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GiveCard’s technological sophistication extends to its security and compliance features. Organizations can implement customizable spending controls, monitor transactions in real time, and access robust spending data. The platform's API suite enables quick and seamless integration with existing in-house or custom-built systems, while maintaining strict controls over privacy and security.

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How is GiveCard Different?

What sets GiveCard apart is its "dual-engine" business model, which maintains the company's social impact roots while enabling sustainable growth. The nonprofit arm continues to run direct assistance programs and conduct research, while the for-profit arm generates revenue through software fees and a portion of the interchange fees generated when cards are used. 

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Looking ahead, GiveCard is focused on enhancing its technology to meet evolving market needs. The roadmap includes developing AI-powered analytics to provide deeper insights into payment impacts and patterns, expanding capabilities for international payments, and building comprehensive financial ecosystems around their payments technology. As part of this ecosystem, GiveCard has also expanded to provide bank transfers as well as real time payments via FedNow and RTP networks, along with prepaid cards. 

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From its humble beginnings as a campus project, GiveCard has grown to serve customers nationwide across various sectors, enabling the distribution of millions of dollars to thousands of individuals. The company's journey demonstrates how technology driven by social impact can create solutions that benefit organizations across sectors. Their specialized platform is setting the standard for modern money movement, empowering organizations with transformative financial technology that enhances both operational effectiveness and social impact.

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As we move toward an increasingly digital financial future, GiveCard is a testament to how thoughtful technology can address complex operational challenges in many different industries, while still making social impact. As organizations of all types seek better ways to distribute funds and manage payments, GiveCard's combination of technical sophistication and mission-driven values offers a more efficient, accessible, and dignified financial future for everyone.