CHARLOTTE, N.C.--(BUSINESS WIRE)--Social Venture Partners (SVP) Charlotte, a local nonprofit organization that invests skilled volunteer hours, social capital, and funding into grassroots nonprofits, has today announced its latest investment, along with a major contribution from the firm’s newest corporate partner, Credit Karma. Together, SVP Charlotte and Credit Karma will invest up to $120,000 into two local nonprofits, Feeding Charlotte and the Soccer Foundation of Charlotte, both aimed at improving social and economic inequality in Charlotte and beyond. This marks SVP Charlotte’s 22nd and 23rd strategic investment into Charlotte area nonprofit organizations since 2005, a total investment of nearly $2 million in 17 years.
“We are thrilled to partner with Credit Karma to add two notable nonprofits to our investee portfolio: Feeding Charlotte and the Soccer Foundation of Charlotte,” said Kristin Winkle Beck, Executive Director of SVP Charlotte. “Through our corporate partnership with Credit Karma, we were able to invest in two organizations this year, allowing us to make an even greater impact in the greater Charlotte community. We look forward to collaborating with Credit Karma and their team over the next few years to aid in the success of these two incredible nonprofits.”
In May, Credit Karma, the consumer technology platform with more than 120 million members, declared Charlotte as their east coast headquarters. Credit Karma has invested $90,000 into SVP Charlotte this year with the goal of delivering meaningful impact to the Charlotte community. As part of the investment, $30,000 will go toward SVP Charlotte’s capacity building programming and the remaining $60,000 will go into the grant fund to be disbursed to Feeding Charlotte and the Soccer Foundation of Charlotte over the next three years. In addition to financial support, Credit Karma will provide leadership and ongoing strategic thought partnership to both organizations over the course of the three year investment, as well as volunteer opportunities for Credit Karma employees to get involved.
"Credit Karma is proud to partner with SVP Charlotte to identify and grow local nonprofits in the region to make upward mobility possible, this is a particular passion point of ours at Credit Karma," said Andy Jenkins, Vice President of Engineering at Credit Karma. "We're doubling down on our presence in Charlotte, with plans to grow our employee base by 600 employees in the next year. We’re committed to the community and with this partnership, we are able to deliver greater impact in the Charlotte area through our commitment to SVP Charlotte, Feeding Charlotte and the Soccer Foundation of Charlotte."
Feeding Charlotte’s mission is to rescue surplus, freshly prepared meals to reduce food waste and feed the hungry. Their operating model leverages technology and volunteers to match organizations with excess food to other nonprofit organizations who serve people in need. This year, their second in operation, Feeding Charlotte has rescued 58,000 pounds of food. This equates to roughly 48,000 meals and is equivalent to removing 13 vehicles from the road for one month. The food rescuing nonprofit will leverage the funding to find space with refrigeration and freezers to safely store food that cannot be matched immediately.
Soccer Foundation of Charlotte leverages soccer to promote literacy to children in underserved communities in Charlotte-Mecklenburg Title 1 schools. Soccer Foundation of Charlotte is currently serving 450 kids at 18 Charlotte-Mecklenburg schools weekly, and the organization aims to grow to serve more than 1,000 students by 2023.
For more information about SVP Charlotte or the selected nonprofits please visit www.svpcharlotte.org.
About SVP
Social Venture Partners Charlotte (SVP) is an innovative nonprofit organization that provides a path for passionate and committed individuals and companies to collectively invest their money, skills, and time to nurture and support some of Charlotte's most promising nonprofit organizations who attack social and economic inequality. Founded in 2005, SVP Charlotte has invested over $1.7 Million dollars and thousands of skilled volunteer hours into high potential, high impact local nonprofits. SVP Charlotte is actively seeking more members to expand their social impact. Learn more about how the organization is attacking barriers to upward mobility and promoting nonprofit innovation by visiting the organization’s website or social media channels.
About Credit Karma
Founded in 2007 by Ken Lin, Credit Karma, an Intuit company (Nasdaq: INTU), is a consumer technology company with more than 120 million members in the United States, U.K. and Canada, including almost half of all U.S. millennials. While best known for pioneering free credit scores, the company’s members turn to Credit Karma for everything related to their financial goals, including identity monitoring, applying for credit cards, shopping for loans (car, home and personal), auto insurance, savings accounts and now checking accounts through our bank partner, MVB Bank, Inc., Member FDIC — all for free. Learn more about how Credit Karma members are making financial progress on TikTok, Instagram, Facebook and Twitter.