Method and System for Managing Crowdsourced Funds

A server for an intermediary that facilitates managing crowdsourced funds, the server comprising:

• at least one processor;
• and
• at least one memory including computer program code;
• the at least one memory and the computer program code configured to, with the at least one processor, cause the server at least to:
• create expenditure categories, each of the expenditure categories being linked to a respective category account for obtaining funds from the crowdsourced funds;
• allocate a percentage of the crowdsourced funds to each of the expenditure categories;
• apply restrictions on utilization of the allocated percentage to reception parameters imposed upon each of the respective expenditure categories;
• provide a user interface to display each of the created expenditure categories and the respective percentage allocation of the crowdsourced funds;
• receive, through the user interface, a contribution to the crowdsourced funds from a payment network;
• allocate the received contribution across the expenditure categories by channeling the received contribution to the respective category account in accordance with the reception parameters and the respective allocated percentage;
• and
• permit access to the funds in the category account for transactions that comply with the reception parameters imposed upon the expenditure category linked to the category account.