Charity fundraising platform, GivePenny, is set to close at the end of August, it has announced.

The platform has notified its users that it will be shutting down operations on 31 August after eight years.

‘Unforseen challenges’ such as the cost-of-living crisis and a ‘significant decline in sign-ups to fundraising campaigns’ are among the reasons for its demise.

These have “led to a reduced use of the platform and a catastrophic effect on GivePenny's ability to sustain operations,” GivePenny said in a statement.

“Despite exploring various options to sustain the business, the difficult decision to close down the platform became unavoidable,” it added.

The platform has assured charities that all donations will be transferred as usual, minus fees, and monthly subscriptions for enhanced membership will be charged until the end of August before being cancelled.

During this winding-down period, GivePenny's support platform will be available to manage all communications with charities and the platform have asked charities to refer to the Knowledge Base on the website for assistance where possible.

“I’d would like to take this opportunity to express my heartfelt thanks for the loyalty and support from the charities we’ve worked with over the years. Together, we have accomplished remarkable things and we’re proud to have been part of some incredible fundraising initiatives,” GivePenny founder Lee Clark said.

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