Foundation Source, the charitable giving technology provider, has acquired Vennfi, the financial technology company powering the donor-advised fund sponsor Charityvest.
Foundation Source will harness Charityvest's DAF functionality to deliver modern giving experiences and create opportunities for innovation and growth in the philanthropic sector, according to the announcement.
Joseph Mrak III, the CEO of Foundation Source, said in a statement that the goal of the acquisition is to offer the wealth management industry a DAF platform with an intuitive and frictionless user experience that makes giving easier and more impactful.
"We're excited to make these philanthropic solutions widely available to help people and companies drive change," Mrak said.
He noted that Foundation Source will seek to deliver a turnkey private label platform supporting DAF sponsors, broker-dealers, independent RIAs and other financial services organizations.
The acquisition also includes a workplace program that allows employers to streamline corporate and employee giving efforts.
