You can now crowdfund your honeymoon, and if your nuptials don’t last very long, you can simply crowdfund your divorce too, all within the same website: PlumFund.com.
The relatively new website that bills itself as “free online crowdfunding for the people we love,” has a little more than 15 categories to create a registry for your life-cycle needs, from birth to funeral. One of those categories is the Honeyfund, which Plumfund CEO and founder Sara Margulis said “channels about $115 million to newlyweds a year.”
The thought process is based on the idea that millennials value experiences over material things. Honeyfund was fashioned to provide couples an opportunity to raise money to support the expenses they will inevitably incur for their honeymoon instead of retail registries for appliances and home decor.
“The honeymoon gift list is much like a traditional wedding registry, but you’re valuing experiences instead of things, and millennial wedding couples are valuing experiences over things much more than previous generations,” Margulis told CNBC’s “Squawk Box” on Monday.
Margulis believes that about 90% of the money augmented can be put towards funding the couples’ honeymoon.
“The way our site works, the couple really ends up with the cash, what they’re doing is buying experiences that will last a lifetime,” Margulis noted. The site, which offers no platform fees to its users, formed revenue streams by building partnerships with travel companies.
“The honeymoon industry is a $12 billion a year industry and a lot of the couples who sign up for Honeyfund come to us looking for travel advice, We’ve been able to partner with a lot of the nation’s top travel providers like Delta Air Lines, Princess Cruises, Hotels.com, and Booking.com to bring the best deals we can, and we’re doing exclusive deals as well,” Margulis said in an interview.
For couples seeking to divorce, Plumfund offers a site that’ll handle those expenses, not just the ones to cover legal fees, but also to buy furniture as one household is being split into two.
Margulis said she doesn’t know of anyone who crowdfunded their honeymoon and divorce on the site. But, “It could happen,” she said.