Franklin Templeton Investments announced the launch of its
new crowdfunding tool “Spryng,” designed for use by NJBEST and Franklin
Templeton 529 College Savings Plan account holders.
Pronounced “spring,” the new tool was developed to “harness
the power of crowdfunding and social media, by creating a secure and convenient
method to engage family and friends in saving for future higher education expenses.”
“When saving for college, it’s important to start early,
invest regularly and ask family and friends for help,” explains Roger Michaud,
director of college savings for Franklin Templeton Investments. “Spryng helps
put those tenets to work by creating a seamless and secure environment where
family and friends can contribute to a child’s or family member’s college
Within the Spryng system, the account creates a customizable
profile, featuring a personal message and information on savings goals. Once
the profile is established, Spryng generates a secure URL that can be emailed
or shared with potential gift givers via various social media platforms. When
gift givers access the gifting profile, they can choose an amount to
contribute, with a minimum of $10 and a maximum of $2,500.
Payments are validated in real time, the firm says, and the
system automatically emails a transaction confirmation to the gift giver with a
thank you message from the account owner.
More information is available here.