Ethical underwear brand Pants to Poverty launched its first crowdfunding campaign at Made Festival last night.
A campaign that aims to raise a total of £100,000 of investment through crowdfunding in 100 days was launched at MADE festival last night. The "Bonk of Pants” campaign will give each lender a competitive return of 10.2 per cent APR - made up of three per cent in cash and seven point two per cent in pants.
It rightly sounds like a parody. The name “Bonk of Pants” was devised by underwear brand Pants to Poverty in the face of financial regulator stipulations, which do not allow the words “bank” or “bond” to be used.
The campaign is summed up in a punchy animated video and hosted online on the crowdfunding platform Buzzbnk, enabling people all around the world to support the brand.
Pants to Poverty expects the campaign to have a direct impact on improving their work across thousands of farms in Hyderabad, India, supporting various social projects from child-labour-free, farmer-owned seed companies, educational support programmes in the farming communities and real living wages and empowerment in garment factories they work with.
This is an interesting move in the crowdfunding area, as it shows the potential it has to enable even established businesses to start new campaigns without much effort – be those charity campaigns or profitable ones. The “Bonk of Pants” campaign is based on unsecured loans.