Acquisition Furthers Snap Mobile’s Development of the first High School Arts & Athletics Program Management Platform
Snap Mobile today announced its acquisition of sports fintech startup Groundwork, a pioneering financial management platform for youth sports.
Through the acquisition, Snap! Mobile, Inc. expands its product range to be the first integrated fintech solution built, specifically to enable high school arts, athletic and youth sports programs to raise, budget, and manage money transparently in one easy to use solution
Snap! Mobile, Inc.’s acquisition of Groundwork closely follows the company’s closure of a $90M Series B round, one of the largest in the high school sports and extracurricular activities space and marks the first acquisition for the company.
Snap! Mobile, Inc. is the creator of Snap Raise, the nation’s largest digital fundraising platform for high school arts and athletics programs, which serves more than 15,000 unique schools and organizations, and 48,000 teams, groups, and clubs around the country.
“Our goal at Snap Mobile is to create a simple, integrated, full-service solution for high school arts and athletic programs, and our acquisition of Groundwork is a major step toward achieving this vision” said Cole Morgan, CEO of Snap! Mobile, Inc.
“We love the product the Groundwork team has created as it delivers financial transparency to school, team, and youth sports organization leaders. We are excited to begin the work to extend this offering to every high school team, club and group and give them something they’ve never had before - a complete financial management solution from fundraising to budgeting, spend tracking, and beyond.”
Groundwork founder Bill Lennon will join Snap! Mobile, Inc. as Vice President and lead its new financial technology team, where he will focus on accelerating the development of its high school financial management platform as well as the deployment of new financial services technology for youth sports organizations, from large youth sports leagues to individual booster clubs and school districts for existing Groundwork users.
“We started Groundwork with a simple goal in mind: to make it easy for youth sports leaders and volunteers to manage money safely so they can focus on making a difference in kids’ lives,” said Lennon. “Many of the individuals responsible for the financial success of youth sport organizations are first-time volunteers and busy parents. Groundwork is designed to enable anyone to step in, get up to speed, and manage organization and team funds in just a few clicks.”
Since its inception Groundwork processed more than $152M in payments from 13,800 teams and provides youth sports organizations with a financial management platform built to make managing money safe and easy.
Organization administrators, like executive directors, presidents, and treasurers of non-profit recreational, travel, and high school booster clubs use Groundwork. The platform enables them to open FDIC-insured deposit accounts via a partnership with Evolve Bank & Trust, Member FDIC. They can easily collect dues, manage budgets, issue debit cards, and disburse funds
Teams can budget, collect, and spend money under the oversight of their parent organization, which maintains financial controls and transparency into team finance. This makes financial management immensely easier for large organizations with dozens of teams and dynamic spending needs.