The tool allows Facebook users to set up a page to promote a nonprofit and rally others around the fundraising goal, the company announced. Currently the participating companies have to be US-based 501(c)3 nonprofits, although users in 39 countries can contribute.

TechCrunch reports that for now only 1% of people in the US will be able to create fundraisers, but the product will be expanded to everyone in the US “in the next few weeks”.

Facebook, with its 1.6 billion users, may carry great potential for fundraising – perhaps also for nonprofit media companies, some of which have had considerable success in raising funds for their operations.

Moreover, crowdfunded journalism projects are on the rise, according to the Pew Research Center, with more and more money being donated to fund them on Kickstarter. If Facebook one day allows for fundraising for individual projects rather than companies, it could also become an effective platform for crowdfunding journalism projects in the future, especially if the tools won't be limited to donations in the US only.