NEW YORK (CNNMoney) — Watch out, GoFundMe. You have some big new competition in the fundraising space.
Facebook announced Thursday it will expand its charitable giving tools to include personal fundraisers. The campaigns will allow people 18 and older to raise money for themselves, a friend — or someone or something not on Facebook, like a pet.
Previously, the company allowed users to raise money only for nonprofits. Personal fundraisers will launch in the United States over the next few weeks.
Facebook spokesperson Stephen Rocco Rodi told CNNTech donations to personal fundraisers will incur a transaction fee of 6.9%, plus 30 cents, per donation. “We’re not in the business of making profit on this,” Rodi said, adding the fee covers security and fraud protection, vetting and payment processing. By contrast, nonprofits pay a 5% fee.