It’s hard to believe that e-commerce is still in its infancy. Brands like Facebook, Amazon and Uber have staked a claim on our habits and made it easier to conduct virtually every aspect of our lives. Businesses of all kinds have adopted intermediary business platforms that use ever-evolving technology to create virtual marketplaces for goods, services and even relationships. They generate immense profits by collecting fees paid by buyers, sellers, and by advertisers and businesses using these technologies to offer convenience we now expect.
And these transaction fees sure do add up:
- During just the first quarter of 2016, Amazon pulled in a net income of $513 million.
- During that same period of time, Facebook reported earnings of $5382M up from $3543M during the first quarter of 2015—an increase of 52% in just one year.
- In 2014, credit card processing fees totaled $78.09 billion.
People are driving the global economy through a cascade of transaction fees. And other than a quick check-out with a tap card or a Lyft to dinner, what have these fees done for you lately?
We know what they have done for the high-tech leaders of Silicon Valley, as well as their shareholders and employees. And this is all well and good. But what if they could do more?
Suppose that these transaction fees that drive the economy of today could also create the world we want tomorrow? They could clean up our oceans or support disaster relief efforts. They could also help veterans with PTSD or save endangered species.
Imagine how each of your daily clicks, taps or swipes could support the issues that move and inspire you. Now think about the power of millions of consumers sharing the same cause-purchasing passion and TOGETHER making change possible.
Yes! Ventures is setting out to transform the positive impact of commerce, unleashing vast flows of funding to advance the most effective solutions to our world’s most complex problems. Just imagine the possibilities. We are.