As new financial technologies emerge, there are always going to be winners and losers and controversies. Crowdfunding is now firmly entrenched in our lexicon and used to fund both businesses and personal endeavors. And of course, it has become a huge source of assistance for people in need, who may have suffered a significant recent loss. We’ve seen a lot of that of late here in the US with the devastating California fires and before that, Hurricanes Harvey, Irma & Maria.
So, good-natured souls set up crowdfunding campaigns for those who have suffered losses, and money pours into them. The controversy stems not from the generosity of friends and strangers who are there to help with their pocketbooks, but rather from whether or not that diverts funds from well-established aid organizations like the Red Cross. Yet TBD.
“Hundreds of people whose lives were uprooted by the Northern California wildfires are seeking financial help on sites such as GoFundMe.com, YouCaring.com, PlumFund.com, Facebook Fundraisers, Indiegogo’s Generosity.com and others. People across the Bay Area and country have donated millions of dollars, aided by the ease of giving with a click.