What is GoFundMe?


Quick Answer

GoFundMe is a crowdfunding source for people to donate money to the causes of individuals or families. Funding is raised for emergencies, such as the loss of a home, veterinary bills, medical costs and funeral expenses, or life events, including college tuition, participation fees for activities and wedding expenses.

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Full Answer

GoFundMe deducts a small fee from each donation as a method of payment. Recipients cash out their accounts at any time they desire, with the money being deposited into a bank account or onto a debit card. GoFundMe also offers the option for recipients to receive a check through U.S. mail, but warns that it may take up to one week to receive checks, plus several days for banks to clear them.

Areas are provided on GoFundMe.com for people to tell their story, explain why they are in need, leave updates for donors and send thank you messages. Donors are given the option to remain anonymous and can also choose to share their home addresses with the recipients, in the event that they would like to send a more personal thank you.

GoFundMe was created in San Diego, California by Brad Damphousse and Andrew Ballester in May of 2010. The pair sold their daily oversight stakes to Accel Partners for nearly $600 million in June of 2015.

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