GoFundMe drops 5% charge on personal campaigns

(CNBC) GoFundMe CEO Rob Solomon says the crowdfunding site’s business model is “completely insane” — but it’s still working.

Back in November, the site announced it would no longer take a 5 percent fee of funds raised on personal campaigns in the U.S., opting instead for what amounts to a virtual tip jar. That model has since expanded to Canada and the U.K.

“My board of directors thought I was nuts when I wanted to change the model, but we listened to our customers, we listened to the market and that was the right way to go,” Solomon told CNBC’s Jon Fortt for the Fortt Knox podcast.

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