Playfora & Sila
Supporting Peer-to-Nonprofit Donations Through Sila’s Secure Bank Account Linking API
We firmly believe that each of us has the intrinsic dedication and power to change the world and together, we can be unstoppable. Our goal is to empower change by making it easier for everyone to create new ways to give
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Playfora & Sila:
At a Glance
Sila powers Playfora crowdfunding app and saved them years and thousands of dollars bypassing the money transmitter license in each state.
Playfora has streamlined the donation and fundraising process so that users can give to a nonprofit of their choice at pre-existing events. With a user-friendly, straightforward, and completely customizable app, your friends, family, or Fantasy Sports group can easily incorporate charitable giving into their activities.
With over 1.6 million in non-profits attached to the Playfora API, Sila’s banking tools empower Playfora consumers by making charitable giving much easier.
Sila’s fully compliant banking API is integral to Playfora’s functionality, allowing Playfora to thrive without having to worry about basic regulatory approval and compliance.
Sila’s compliance capabilities eliminated the need to fund the money transmitter licensing.
As a bank agent, Sila’s secure solution offered payment processing functionality out-of-the-box.
Sila’s knowledgeable fintech and compliance experts helped founders quickly discover the correct path to launch.
The Goal
Develop an easy-to-use and fully compliant banking app for simple non-profit donations and secure funds holding
Playfora is an accessible crowdfunding app that securely stores funds and donates to nonprofits on behalf of everyday users. Founded in 2020, Playfora makes it easier to give to the charity of your choice as part of a pre-existing event. An app that is capable of letting anyone incorporate charitable giving into everyday actions and events.
Playfora's ultimate goal is for users to have fun in daily experiences while simultaneously making a difference. With the Playfora app, you can attend a #CauseParty or participate in a purpose-driven fantasy sports league to enjoy both philanthropy and fun.
Automated donations to the charity of your choice is Playfora’s primary goal. The app makes giving donations non-intrusive and automatic. No longer would you need to initiate a donation and figure out how to pool the money and connect with the charity. Playfora is that stepping stone.
Without Sila
- Managing all of compliance under U.S. payment regulations
- Sourcing multiple vendors for KYC/KYB and other identity verification
- Trouble handling payment security when dealing with ACH debit and ACH credit transactions
- The expense of a money transmitter license (MTL) in every state: $1,000,000
- Years of waiting for the MTL compliance process to come to fruition
With Sila
- Tapping into Sila’s knowledge and integrated compliance features in their API code
- KYC/KYB handled by their Sila partner
- A reliable partner with ACH transaction capabilities to set automatic transfers securely and with ease
- Savings of up to $1,000,000 in MTL
- Starting up much faster, enter beta testing within a few months
A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.
The Results
The need for Playfora arose when CEO and founder Jeff Spencer saw the real-world issues with donations in nonprofits. Spencer saw a market for normal people who are regularly running social events to easily donate a portion of their earnings to nonprofits.
The idea for Playfora was born, but Spencer soon realized that in order to gain access to this technology, he needed to navigate the rules and regulations that go along with it.
Result 1
The Playfora app keeps funds safe, secure throughout the duration of your event. Playfora alleviates stress around money security and paying nonprofits. Thanks to Sila as a bank agent, payments stored in Playfora are ready to be redistributed. By empowering your neighbors, peers, and friends to include charity in ongoing events, you can connect and do something cause-worthy.
Result 2
No longer do you need to jump through hoops to transfer money between accounts. With Playfora, you can distribute the money as you see fit. Sila’s included KYC/KYB solutions mean that all your money is secure while in the account, and that only authorized transfers are made. Through Sila, the transaction process is streamlined, user-friendly, and straightforward.
Result 3
While you may want to donate or fundraise, starting a fundraising event can be time-consuming, costly (there are fees associated with it!), and draining. Through Playfora, you can easily include fundraising or donating at neighborhood barbecues, Fantasy leagues, dinner parties, and commercial efforts. Sila’s API securely stores the money safely and automates money transfers.
Result 4
Use Playfora for reimbursements, to contribute to a charity of your choice, and to designate prizes for contest winners. All transactions are tracked and communicated to users as well. Money can be sent as a percentage of the funds and automated through Sila’s ACH transfer technology. You can even track funds raised for your chosen nonprofit or foundation!
A new financial world, built by you.
Sila offers a simple, secure, and scalable banking API to make money programmable with built-in regulatory compliance.