Businesses have a unique opportunity to drive positive change beyond financial profits. The growing cohort of 8000+ B Corps are at the forefront of this, enshrining a purpose that goes beyond simply making money into their Articles of Association, and proudly affirming their commitment to doing good in every business decision they make.
One of these B Corps is Standing on Giants, a leading software platform that enables
companies like Tesco, AirBnB, and Canva to build and manage online communities effectively. It has operations spanning the United States and the United Kingdom, and as such, its founder and finance teams have to manage currency fluctuations.
Standing on Giants chose to partner with a fellow B Corp, GoodFX, which specialises in currency hedging, to not only address its FX challenges but also make a meaningful impact on social causes. GoodFX donates one-third of its trading profits to a charity of its client choice, meaning Standing on Giants was not only able to reduce its exposure to fluctuations in exchange rates across its operations, but also make meaningful donations to good causes at absolutely no cost to the company.
Standing on Giants partnered with Beam, a B Corp certified social impact company who support homeless people and refugees into stable housing and work using AI-powered welfare services. Their unique 100% giving model ensures all donations they receive go directly towards removing financial barriers for homeless people, refugees, prison leavers and other disadvantaged groups. To date, they have supported over 4,000 people.
The FX challenges
With an array of US customers, and operations in the UK, Standing on Giants wanted to add both certainty to their cost base, with flexibility around that approach.
Enter GoodFX, a B Corp committed to innovative currency hedging solutions with a social conscience. GoodFX was able to source Standing on Giants an effective solution: a 0% deposit, 0% margin flexible forward product, that allowed Standing on Giants to manage this currency risk, draw down with flexibility, and without any additional cash burdens.
This innovative approach provided Standing on Giants with the certainty it needed in its cost base while allowing the flexibility to adapt to changing market conditions without additional cash burdens.
Creating social impact
Beyond mitigating FX risks, the collaboration between Standing on Giants and GoodFX had a ripple effect on social causes.
Through its initial FX trades, Standing on Giants generated over £5,000 for its nominated charity and fellow B Corp, Beam. This contribution directly supported 342 individuals in securing jobs and finding homes, catapulting Standing on Giants to the top of Beam’s corporate donation leader board for the month.
Beam offers one of very few 100% giving models in the social impact space. This means that the £5,000 generated by Standing on Giants went directly towards removing financial barriers for people experiencing homelessness by funding items like the upfront costs of new tenancies, childcare, training certifications and workwear. Paired alongside the support of dedicated, award-winning caseworkers, this collaboration helped change the lives of 342 people.
"We first met Standing on Giants back in 2023, united by our shared values and collective desire to make a positive difference. A year later, and I’m proud to say Beam has been able to help change the lives of over 300 people through our innovative partnership. We love working alongside businesses with purpose at the heart of what they do, and this partnership has showcased the power of collaboration in driving social change. With this generous donation of £5,000, the Beam Team has helped remove financial barriers affecting hundreds of families in their journey out of homelessness, and through our partnership we hope to continue helping many more."
– Nick, Chief of Staff at Beam
A win-win-win scenario
The collaboration between Standing on Giants, GoodFX, and Beam epitomises a win-win-win scenario. Standing on Giants improves its financial stability and flexibility, de-risking its operations to factors outside of its control; GoodFX showcases its commitment to social responsibility and furthers its mission to make financial services operate in a way that betters society; and Beam receives vital support to continue its mission of combating homelessness.
Moreover, there are the hundreds and soon to be thousands of individuals whose lives are positively impacted by the donations generated through this innovative three-way partnership.
Extending the impact
It doesn’t stop here. Standing on Giants will continue to hedge its FX throughout the year and further de-risk its business, using GoodFX, donating to Beam, and supporting the next group of individuals into work, housing, and a better life.
Money never sleeps, so while it’s working, why not make it work for the right reasons? Standing on Giants and Beam are using their money smartly, and importantly, the right people are benefiting from this approach.
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