MyRobin aims to improve Indonesia’s blue-collar worker ecosystem by providing access to fair employment opportunities and financial services through its platform

Press Release

<strong>Jakarta, Indonesia, 18 January 2022 </strong>– MyRobin.ID, a workforce-as-a-service marketplace in Indonesia, announced today that it has raised a pre-Series A round led by Accion Venture Lab and SOSV with participation from Investible, Khoo Investment, Seedstars, Vulpes Investment Management, Brightness Capital, Astor Management, and Bansea. Existing investor Antler also joined the round.

MyRobin’s platform aims to address the many issues that Indonesia’s blue-collar workers face in finding fair employment opportunities and accessing financial services. Blue-collar workers in this market are usually high-school graduates or diploma holders without any formal training. They are usually paid in cash and unable to access traditional financial services.

These workers typically lack access to laptops and CVs, barriers that make it challenging for companies to screen them for required job skills. Moreover, workers in this market do not use online employment platforms in their job searches, creating obstacles for companies that rely on Human Resources staff to source workers. MyRobin streamlines the hiring process by screening workers who register on the MyRobin app. Businesses are then able to immediately hire MyRobin-approved workers such as warehouse workers, packers, sorters, and couriers. MyRobin’s workforce management platform allows workers to digitally sign contracts, submit timesheets, and receive payments. MyRobin also offers embedded financial services such as early wage access, micro insurance, and “buy now, pay later” options that they would otherwise be unable to access through traditional financial service providers.

Launched in August 2020, MyRobin has more than 2.8 million workers in its network. Demand from businesses has been strong, resulting in a 27-fold increase in 2021 over 2020. More than 250 enterprises use their services, including Shopee, Lazada, Anteraja, and Shipper.

“We are excited to accelerate the expansion of our team and fuel growth,” said Siddharth Kumar, MyRobin co-founder, and CEO. “We are giving businesses the necessary flexibility to scale up manpower by thousands within a day, a crucial ability for companies that need to operate with more flexibility in this ‘new normal.’ We also give workers more than a paycheque, we give them peace of mind — they can earn and learn on the MyRobin platform by finding a job, then enjoying a suite of benefits and discounts to support their most basic needs.”

“In Indonesia’s fast-growing economy, millions of workers face barriers to steady and fair employment, which jeopardizes their financial security,” said Michael Schlein, President, and CEO of Accion. “In creating an inclusive, holistic platform that expands workers’ access to job opportunities, training, and financial services, MyRobin is building resilience for Indonesia’s workers and small businesses alike.”

“MyRobin has heralded a new era of work, an era when people can improve their relationship with work and take pride in the flexibility, independence, and security it offers. Having worked with the company since 2020, we’re proud to continue to offer our support as MyRobin goes on to build Indonesia’s future-proof workforce,” shares William Bao Bean, General Partner at SOSV, Managing Director of SOSV MOX.

“By providing a holistic suite of products and embedded financial services, MyRobin is changing the experience of blue-collar workers and increasing resilience through much needed financial support,” said Paolo Limcaoco, Principal at Accion Venture Lab. “We are excited at how MyRobin is redefining the nature of work for blue-collar workers and are looking forward to partnering with Sid, Ardy, and the team to expand their impact across more workers in Indonesia.”

###
<h3><strong>About MyRobin</strong></h3>
MyRobin provides Indonesian businesses with on-demand, pre-screened, blue-collar workers on a long and short-term basis in Indonesia. The platform tracks workers' daily attendance, performance, and all payments are processed via the MyRobin platform. MyRobin charges a management fee as a percentage on the total labour cost. MyRobin also provides worker benefits like Early Wage Access, micro-insurance, discounts on daily needs, and access to vocational training, to boost retention and productivity.
<h3><strong>About Accion Venture Lab</strong></h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups. We believe that affordable, well-designed financial services enable economic growth and prosperity for underserved populations in the world. Accion Venture Lab invests globally in the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Accion Venture Lab has invested in more than 55 early-stage startups that operate in 35 countries worldwide. Accion Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. For further information, visit accion.org/venturelab.
<h3><strong>About SOSV</strong></h3>
SOSV MOX is a deeply resourced startup development program for enterprise-tech and consumer-tech, with over 240 corporate partners and 100M consumers in its ecosystem. The program is a part of SOSV, a US venture capital fund with more than US$1 billion in assets under management and over 1120 portfolio companies as of October 2021. SOSV's internet portfolio includes crypto-product trading platform BitMEX, Google-backed AI English pronunciation assistant ELSA, Samsung-backed video publisher Flickstree, APAC’s online tutoring platform Snapask, and China's luxury brand management group Ushopal.

MyRobin.ID, workforce-as-a-service marketplace, announces close of pre-series A led by Accion Venture Lab & SOSV

SoftBank Latin America Fund and Shift Capital lead the round in SoftBank’s first agriculture-related investment

<strong>São Paulo, Brazil, January 12, 2021</strong> – Agriculture fintech company TerraMagna announced today that it has raised $40 million in new equity and debt funding by SoftBank Latin America Fund, Shift Capital and Milenio Capital with the participation of previous investors. Previously, the company had raised $2.2 million from ONEVC, MAYA Capital, Accion Venture Lab, The Yield Lab and Canary.

TerraMagna fills the credit gap in Brazilian agriculture by financing everything farmers need to keep the season going, from inputs to machinery parts, embedded directly in the very place they are used to purchase them - retailers, industries, cooperatives and other members of the agriculture value chain. With more than $120 million book in 2021 - an increase of more than 10x over 2020, making it the largest AUM agriculture fintech in LatAm - TerraMagna’s outlook is to expand both its regional footprint and diversify its financial products offering.

Brazil’s juggernaut agricultural sector is widely known, but the hurdles that Brazilian farmers face in order to keep producing are much less disseminated. One of these is the very low liquidity of farmers and their dependency on credit to purchase most of their inputs including seeds, fertilizers and crop protection - a market that in Brazil alone stands $40B tall and of which 80% of which is bought on credit. However, due to the multiple risks associated with agriculture, geographical dispersion, tight margins, lack of branch infrastructure and their deficiency in sector-specific underwriting and collection processes, traditional banks have historically ignored or underserved farmers.

As a result, farmers rely on opaque, expensive and short-term commercial credit from input retailers, industries and trading companies to get through each season. This, though up to now necessary, is toxic for the value chain: not only farmers suffer, but retailers and tradings have neither the checks and balances nor the margins necessary for credit providing and industries have their balance sheets bloated with accounts receivables and the entailing risk.

TerraMagna provides embedded financing in the countryside by partnering with retailers, industries and other members of the value chain that already have a long-term, on-the-ground relationship with farmers and managing their sales and credit analysis workflows. The integration with these processes enables TerraMagna to tackle the shortage of information regarding farmers’ financial health and credit performance, which is then leveraged alongside alternative data sources to both accurately assess farmer creditworthiness and make POS lending available for the partner’s products. This way, farmers are able to make purchases in a simpler, faster, cheaper way and with a more diverse offering, whereas retailers and industries drive more sales - in some cases, revenue increase was over 20% while doubling the bottom line - without the operational overhead and the ensuing credit risk.

Considered an essential service, Brazil’s agribusiness market has largely been sheltered from the fallout of COVID-19. The sector grew 24.2% during 2020 and yet another 8% in the first semester of 2021. On the other hand, the gap of credit offerings to farmers is expected to continue expanding alongside the sector, as the government continues to cut subsidies and agricultural output increases.

“Agriculture has a colossal, severely unattended value chain that directly impacts the livinghood of every person across the globe through food security and derivative products. Not only its current importance cannot be overstated, but it will also play an increasingly major role throughout the next decades as we face existential crises from environmental, humanitarian and political challenges,” says Bernardo Fabiani, co-founder and CEO of TerraMagna. “Credit has been the ubiquitous lifeblood that kept agriculture ticking, but in order for it to be able to rise up to this crucial role, it will need not only tick. It will need to have the proper long horizon incentives, mentality and perspectives that only healthy businesses enjoy the luxury of having. It is this very pervasiveness in the value chain added to its catalyzing potential that makes credit the best vessel to spread this transformation. We are thankful to our investors, whose aid will be invaluable in this long journey to help agriculture undertake its vital task to continue nurturing the world.”

“Agriculture is a massive market in Brazil but small and medium farmers still lack working capital financing to purchase seeds, fertilizers and pesticides. TerraMagna’s team developed an innovative technology and business model that enabled them to serve this segment efficiently”, says Felipe Fujiwara, Investment Leader of SoftBank Latin America Fund. “Over time we believe more data will continue improving TerraMagna’s underwriting models to consistently reduce small and medium farmers' cost for funding”.

“We analyzed Brazilian agribusiness and understood the huge demand for credit in the sector, creating high conviction about the possibility of a unicorn in the ecosystem. We met with dozens of companies in this space and found that TerraMagna has all the attributes we look for. TerraMagna is the most technologically prepared, with the capacity of deploying and monitoring multiple credit operations simultaneously and effectively”, says Bernardo Garcia, General Partner at Shift Capital. “Also, the company's go-to-market is extremely efficacious - by leveraging on channels which the farmers are familiar with, it makes the best use of the agriculture value chain and drives incredible portfolio growth in a market historically contrary to innovations. We knew the company for some time and decided to invest after it systematically delivered exceptional credit performance and growth.”

“Despite agribusiness accounting for more than 25% of the Brazilian GDP, the lack of basic financial services is one of the greatest obstacles for the continued development of the sector. Joining our structured finance expertise with TerraMagna’s distribution and technology, we developed the financial products best suited to the sector - starting the construction of what will become the largest Brazilian agribusiness bank. We are glad to have taken part, alongside SoftBank and Shift Capital, in the structuring of a deal to best streamline TerraMagna’s growth”, says Gustavo Ahrends, Managing Partner of Milenio Capital.

&nbsp;
<h3>About TerraMagna</h3>
TerraMagna is an embedded financing BNPL platform for agriculture that partners with retailers, industries and other members of the value chain to provide credit to all of the farmer needs, from inputs to machinery, through tech-enabled strong underwriting and collection capabilities.
<h3>About SoftBank</h3>
The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in telecommunications, internet services, AI, smart robotics, IoT and clean energy technology providers; the SoftBank Vision Funds, which are investing more than US$135 billion to help extraordinary entrepreneurs transform industries and shape new ones; the US$5 billion SoftBank Latin America Fund, the largest venture fund in that region; the newly-launched US$3 billion SoftBank Latin America Fund II; and the SB Opportunity Fund, a US$100 million fund dedicated to investing in enterprises founded by entrepreneurs of color in the U.S. To learn more, please visit <a href="https://group.softbank/en" target="_blank" rel="noopener noreferrer">https://group.softbank/en</a>.
<h3>About Shift Capital</h3>
Shift Capital is a Brazilian hands-on venture capital firm with the goal of supporting exceptional entrepreneurs tackling relevant problems in tech or tech-enabled businesses. Combining a network of investors and entrepreneurs with a value-add approach through capital concentration, Shift offers strategic support to portfolio companies, aiming to create long term market leaders.
<h3>About Milenio Capital</h3>
Focused on the credit market, Milenio Capital supports companies by structuring customized solutions all throughout the credit cycle. Differentiated via extensive credit expertise and proprietary technology, we are committed to delivering efficient, innovative, and scalable solutions to our partners in order to democratize access to credit and foster business in Brazil.

Agriculture Fintech TerraMagna Harvests $40M to Provide Credit to Brazil’s Farmers

<strong>Bhubaneswar, December 24, 2021: </strong>Odisha-based Annapurna Finance, amongst the top five NBFC-MFIs, today announced its third capital raise within the year of USD 35 million (INR 260 Cr) from Encourage Capital, Accion and existing investor Oikocredit. This is the third capital raise by Annapurna in 2021, after attracting a USD 30 million investment from Nuveen Global Impact Fund in March 2021 and a USD 20 million from DEG in November 2021, bringing the total investment to USD 85 million this year.

Annapurna Finance, with a pan India rural distribution network and its multi-product strategy, offers micro credit loans, home improvement, and MSME loans to individuals and small businesses. As part of its larger vision Annapurna is adding Green Finance products to its offering and is also advancing on its digital transformation journey.

Annapurna Finance is working towards transforming itself into a fully digital financial services entity with the help of Accion’s investment and advisory services. This focus on digital strategy will further boost the financial inclusion objectives of Annapurna by increasing the speed and convenience of the distribution of its products through digital channels and providing access to women borrowers in rural India, bringing them into the formal financial ecosystem.

The investment from Encourage Capital will help Annapurna to initiate its Green Finance products. Expertise from Encourage Capital will be utilized to launch clean and sustainable energy financing products to small businesses and individuals.

This will be Oikocredit’s fourth equity investment in Annapurna Finance since its first equity investment in 2016 and first debt investment in 2010, demonstrating Oikocredit’s confidence in the Annapurna team. Oikocredit has played a vital role over the years in the growth of the company and its ability to create higher social impact.

Speaking on the occasion, Mr Gobinda Chandra Pattnaik, Managing Director, Annapurna Finance, said: "Set up with a focus of bringing economically weaker sections of society into the mainstream by providing need-based financial services, Annapurna’s vision will be further emboldened by this round of investment. These investments will help us further the cause by providing easier credit access through a scalable digital framework and allowing us to enter into clean energy lending.”

Mr Michael Schlein, President and CEO, Accion, said: "We are very excited to partner with Annapurna and support them in their digital transformation journey. Our investment and advisory support will help the company in accelerating digital inclusion and serving un(der) served rural customers in India.”

Mr Tarun Arora, Encourage Capital, said: “We are proud to become a partner in Annapurna’s journey to become a diversified lending institution and are excited to work with them to promote clean energy finance for micro and small entrepreneurs in underserved regions of India. Annapurna is well-positioned to help these customers adopt clean energy solutions particularly cost-saving rooftop solar systems, through the financing products which will soon launch.”

Mr Anirudh Sarda, Regional Equity Manager for Asia, Oikocredit, said: “We are proud to have been a partner with Annapurna over the past eleven years. Our investment signifies our confidence in Annapurna’s vision and its execution capability in providing easy access to credit to low-income sections of society. We look forward to creating more social impact in India and helping the communities we serve.”

Annapurna has a gross loan portfolio of INR 5,128 crores as of September 2021, with microfinance operations spread across 336 districts in 19 states.

Unitus Capital advised Annapurna on the deal.

Encourage Capital and Accion now join a list of marquee investors such as ADB, MUDRA, Oman India Joint Investment Fund, Belgian Investment Company (BIO), SIDBI Venture Capital, DCB Bank, Oikocredit, Women’s World Banking, Nuveen Global Impact Fund India S.à r.l, DEG and Bamboo Capital Partners who have been invested in Annapurna over the years.

&nbsp;

<strong>*************************************</strong>

&nbsp;
<h3><strong>About Annapurna Finance Pvt. Ltd: </strong></h3>
Annapurna Finance Pvt. Ltd (AMPL), one of the fast-growing NBFC-MFI in the country, headquartered at Bhubaneswar, is currently present in 19 states having an asset base of INR 5128 cr as of 30th Sep, 21 serving 2 mn clients.

Annapurna was established with a purpose of serving the economically backward clients by bringing them to mainstream, providing need based financial services at their doorstep. Along with microfinance asset Annapurna is providing MSME Loans and affordable housing finance loans to its clients.  About 85% of the Annapurna’s borrowers operate their business in rural areas.
<h3><strong>About Encourage Capital</strong></h3>
Encourage Capital, LLC is an impact investment and advisory firm specializing in profitable and strategic investments to solve critical environmental and social problems. The firm is building a community of investors, foundations, market leading companies and non-profits to deploy private capital into systemic solutions to the world's most pressing challenges.  The firm has invested in Annapurna Finance through Encourage Solar Finance, L.P. (“ESF”), a growth-stage private equity fund which aims to catalyze rooftop solar for MSMEs in India by investing in specialized lenders and developing innovative rooftop solar finance products. Through ESF and its predecessor fund, Wolfensohn Capital Partners, L..P., the firm has made several investments in leading financial sector companies in India.
<h3><strong>About Accion</strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h3><strong>About Oikocredit</strong></h3>
Social impact investor and worldwide cooperative Oikocredit has 46 years of experience funding organizations active in financial inclusion, agriculture and renewable energy.

Oikocredit's loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.

Oikocredit finances 527 partners, with total outstanding capital of € 876 million (at 30 September 2021). For more information: <a href="http://www.oikocredit.coop" target="_blank" rel="noopener noreferrer">www.oikocredit.coop</a>.

Annapurna Finance raises USD 35 million from Accion, Encourage Capital, and Oikocredit

Amee Parbhoo

News

Amee Parbhoo's interview from September 2021 was included in this roundup of Rest of World's top 12 interviews with global tech leaders from 2021.

Read more in this <a href="https://restofworld.org/2021/12-lessons-from-global-tech-leaders/" target="_blank" rel="noopener noreferrer">Rest of World article</a>.

12 lessons from global tech leaders in 2021

Accion Venture Lab's Amee Parbhoo is quoted in this piece on how embedded financial services are an important tool in reaching unbanked populations. The piece overall shares predictions for financial inclusion trends in 2022. Accion Quona Inclusion Fund portfolio company Sokowatch and Accion Venture Lab portfolio company Pula are also mentioned as examples of companies that are helping small businesses digitalize and address the effects of climate change, respectively.

Read more in this <a href="https://impactalpha.com/impact-in-emerging-markets-in-2022-seizing-the-digital-transformation-to-drive-inclusive-and-sustainable-growth/" target="_blank" rel="noopener noreferrer">ImpactAlpha article</a>.

Impact in emerging markets in 2022: Seizing the digital transformation to drive inclusive and sustainable growth

Former Accion Venture Lab Managing Director Vikas Raj authored this column, which shares how embedded fintechs can help solve the supply chain crisis. He cites Accion Venture Lab portfolio companies Field Intelligence, AgriM, and Capiter as examples of embedded fintech companies.

Read more in this <a href="https://www.forbes.com/sites/vikasraj/2021/12/16/building-resilient-supply-chains-with-embedded-fintech/" target="_blank" rel="noopener noreferrer">Forbes article</a>.

Building resilient supply chains with embedded Fintech

Michael Schlein

<span style="font-weight: 400;">As a global nonprofit, Accion aimed to understand how we could better incorporate radical innovation into our mission to help the world’s most vulnerable people. In the past decade, Accion made a major change from a traditional NGO focused on microfinance to the global leader in fintech innovation. </span>

<span style="font-weight: 400;">“We are focused on ensuring that the latest digital innovations can empower the world’s most vulnerable people to adapt, rebuild, and thrive,” says Accion President and CEO Michael Schlein. In </span><a href="https://hbr.org/2021/12/making-a-big-pivot-while-staying-true-to-your-original-mission" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">this article</span></a><span style="font-weight: 400;"> published by Harvard Business Review, he shares how and why Accion has evolved and embraced innovative tech while staying true to our mission. </span>

Making a Big Pivot — While Staying True to Your Original Mission

Accion Venture Lab's Amee Parbhoo was named one of NYC Fintech Women's "Inspiring Fintech Females of 2021" in the "Money Movers" category.

Read more in this <a href="https://www.nycfintechwomen.com/iff2021" target="_blank" rel="noopener noreferrer">NYC Fintech Women article</a>.

2021 Inspiring FinTech Females

This piece shares insights from the 2021 applicant pool of the Inclusive Fintech 50. The Center for Financial Inclusion analyzed the applications from nearly 300 eligible startups in 107 countries and found that despite the pandemic, inclusive fintechs grew in their numbers of active users.

Read more in this <a href="https://techcrunch.com/sponsor/center-for-financial-inclusion/50-fintechs-driving-opportunities-for-financial-inclusion-during-global-recovery/" target="_blank" rel="noopener noreferrer">TechCrunch article</a>.

50 fintechs driving opportunities for financial inclusion during global recovery

Accion Opportunity Fund's Luz Urrutia is featured in this piece, which shares how CDFIs like AOF are filling a gap for entrepreneurs of color in the U.S. who continue to be left behind by traditional financial service providers. “Banks are missing a huge opportunity to have a full, well-rounded relationship with [small businesses owned by people of color] as they grow and thrive,” said Luz Urrutia.

Read more in this <a href="https://www.ft.com/content/e63cbe88-6d46-4119-9067-e10a926c61c2" target="_blank" rel="noopener noreferrer">Financial Times article</a>.

Race and finance: America’s segregated banking sector

Accion Venture Lab's Amee Parbhoo was featured in NYC Fintech Women's weekly "FinTech Female Fridays" column. Amee's profile shares how innovation in fintech and the digitalization of financial services is helping underserved populations around the world recover from the Covid-19 pandemic. Venture Lab portfolio companies Apollo Agriculture, Capiter, Dinie, Pula, Self, and Toffee Insurance are mentioned as examples of the inclusive fintech startups in Venture Lab's portfolio.

Read more in this <a href="https://www.nycfintechwomen.com/post/fintech-female-fridays-meet-managing-partner-amee-parbhoo" target="_blank" rel="noopener noreferrer">NYC Fintech Women's article</a>.

FinTech Female Fridays: Meet Managing Partner, Amee Parbhoo

espanol

<p><strong>Washington, D.C., 1 de diciembre de 2021</strong> &#8211; Accion, en colaboración con MetLife Foundation, publicó hoy el documento &#8220;<a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile/" target="_blank" rel="noopener">Cómo pueden los proveedores crear productos que mejoren la salud financiera: los ejemplos de México y Chile</a>&#8221; para compartir las lecciones aprendidas de la <a href="https://www.accion.org/accion-and-metlife-foundation-announce-partnership-to-advance-financial-inclusion-in-latin-america" target="_blank" rel="noopener">asociación entre Accion y MetLife Foundation</a> para desarrollar excelentes e innovadores productos digitales que mejoran la salud financiera de los clientes desatendidos en América Latina. La publicación precede un <a href="https://accion.zoom.us/webinar/register/1016365661691/WN_cPjN_gOaSD61ItF3SeDzlw" target="_blank" rel="noopener">evento este el jueves, 2 de diciembre, en el que será presentado el impacto de la asociación.</a></p>
<p>Accion Global Advisory Solutions y MetLife Foundation se asociaron estrechamente con fintechs, cooperativas y proveedores de servicios financieros tradicionales (PSF) en México y Chile durante los últimos tres años y medio. Juntos, utilizando un diseño centrado en el ser humano y principios de economía conductual, trabajaron para ampliar el acceso a las herramientas que los dueños de micro y pequeñas empresas necesitan para hacer frente a las adversidades, formar hábitos financieros saludables y desarrollar las destrezas necesarias para el logro de sus objetivos económicos.</p>
<p>“A medida que las disparidades económicas se profundizan en todo el mundo, se hace cada vez más difícil para las personas de bajos ingresos y financieramente desatendidas, ahorrar, hacer crecer negocios rentables y mantener a sus familias”, dijo Michael Schlein, Presidente y Director Ejecutivo de Accion. “Ahora más que nunca, los nuevos productos y servicios financieros deberían capacitar a los clientes para fortalecer su salud financiera y su resiliencia. El desarrollo de estos productos es beneficioso tanto para proveedores como clientes: logra cambios significativos en la vida de la gente en comunidades de bajos ingresos, generando clientes más leales, más resilientes y más satisfechos &#8220;.</p>
<p>Los estudios de caso que presenta el documento comparten los desafíos, aprendizajes e indicadores preliminares claves de aceptación e impacto de los productos hasta el momento, en los proyectos de la asociación en Chile y México, poniendo de relieve las mejores prácticas sobre cómo diseñar para, e influir en, la salud financiera.</p>
<p>En Chile, la asociación trabajó para lanzar una aplicación de gestión empresarial para microempresas con <a href="https://www.accion.org/this-new-app-is-helping-small-business-owners-build-financial-health-and-resilience" target="_blank" rel="noopener">Organizame y Banigualdad</a>, renovar un portal de salud financiera con <a href="https://www.accion.org/fintech-founders-have-a-formula-for-building-financial-health" target="_blank" rel="noopener">Destácame</a> e implementar una plataforma de financiamiento colectivo para microempresarios con <a href="https://redcapital.cl/" target="_blank" rel="noopener">RedCapital</a>. En México, los proyectos incluyeron el trabajo para desarrollar un producto de ahorro para jóvenes con <a href="https://www.accion.org/young-people-in-mexico-need-finance-that-fits-their-lives" target="_blank" rel="noopener">Caja Popular Cerano</a> y el lanzamiento de un producto de financiamiento de cadenas de suministro con <a href="https://www.ahorrosbienestar.com/" target="_blank" rel="noopener">Caja Bienestar</a>.</p>
<p>“La colaboración de MetLife Foundation con Accion ha abierto nuevas vías creativas para ayudar a las pequeñas empresas a maximizar los recursos de salud financiera”, comentó Nalleli García, Directora de Sostenibilidad de MetLife Foundation México. “No existe un enfoque único para la inclusión financiera; en cambio, creemos que el enfoque debe centrarse en soluciones innovadoras que se adapten a las necesidades y comportamientos de cada persona. Estamos entusiasmados con los resultados positivos que estos esfuerzos están mostrando en América Latina &#8220;.</p>
<p>Los productos están aún en las primeras etapas de aceptación y crecimiento entre los clientes, pero los resultados preliminares de estos proyectos revelan mejoras significativas y positivas en las dimensiones clave de la salud financiera. Entre los hallazgos iniciales encontramos que para los usuarios:</p>
<ul>
<li>Casi todos los productos redundaron en menor estrés financiero y mayor satisfacción con su situación financiera actual. Entre los usuarios dueños de sus propios negocios, muchos demostraron capacidad de recuperarse a los niveles de ventas previos a la pandemia COVID-19, o superiores, en comparación con los grupos de control que no utilizaron los productos financieros desarrollados a través de este proyecto.</li>
</ul>
<ul>
<li>Las herramientas de gestión presupuestaria fáciles de usar llevaron a que más usuarios hicieran seguimiento a sus ingresos y gastos de manera más regular, lo que les hizo sentirse más en control de sus finanzas.</li>
<li>En todos los productos, las personas y las empresas sintieron que tenían niveles de deuda manejables, estaban en mejores condiciones de pagar sus créditos a tiempo y se sentían más cómodos solicitando créditos a proveedores financieros formales.</li>
<li>Quienes utilizaron los productos pudieron ahorrar más y alimentar fondos de emergencia.</li>
<li>Los propietarios de negocios que obtuvieron crédito de capital de trabajo o utilizaron herramientas de gestión empresarial notaron que la liquidez adicional les permitió aprovechar más oportunidades para sus negocios.</li>
</ul>
<p>&#8220;En medio de la enorme incertidumbre financiera provocada por el COVID-19, estos esfuerzos por ayudar a familias y empresas desatendidas a desarrollar comportamientos financieros saludables resultan fundamentales&#8221;, declaró Liza Guzmán, Vicepresidenta y Gerente de Programas, Estrategias de Clientes, de Accion Global Advisory Solutions. “Estos estudios de casos pueden orientar a los proveedores en su trabajo de desarrollo de herramientas más integrales para las personas desatendidas, al incorporar las capacidades y comportamientos financieros de los usuarios y así lograr mejores productos, mayor aceptación y cambios significativos en la vida financiera de los clientes”.</p>
<p>Informaciones adicionales y conclusiones esenciales para los proveedores de servicios financieros se detallan en el documento, disponible aquí.</p>
<p>Las ideas surgidas de la asociación serán discutidas más a fondo en un evento el 2 de diciembre de 2021, a las 9 a.m. EST con líderes de Accion, MetLife Foundation y de los socios de Accion, Caja Bienestar, Caja Cerano, Destácame, Organizame, Fundación Banigualdad y RedCapital. Los interesados pueden <a href="https://accion.zoom.us/webinar/register/1016365661691/WN_cPjN_gOaSD61ItF3SeDzlw" target="_blank" rel="noopener">obtener más información sobre el evento y registrarse aquí</a>.</p>
<p><strong>###</strong></p>
<h2><strong>Acerca de Acción </strong></h2>
<p>Acción es una organización mundial sin fines de lucro comprometida con la creación de un mundo financieramente inclusivo, con un legado pionero en las microfinanzas y las inversiones de tecnología financiera con impacto social. Impulsamos a proveedores de servicios financieros para que ofrezcan soluciones asequibles y de alta calidad a escala a los 3.000 millones de personas excluidas o subatendidas por el sector financiero. Por 60 años, Acción ha ayudado a decenas de millones de personas mediante su trabajo con más de 170 socios en 55 países. Más información en <a href="https://www.accion.org/" target="_blank" rel="noopener">accion.org</a>.</p>
<h2><strong>Acerca de MetLife Foundation</strong></h2>
<p>En MetLife Foundation, estamos comprometidos a hacer crecer las oportunidades de las personas de ingresos bajos a moderados alrededor del mundo. Apoyamos organizaciones y empresas sociales a fin de crear soluciones de salud financiera y desarrollar comunidades más fuertes. A la vez, motivamos a los colaboradores de MetLife para ayudar a generar un impacto positivo, a través del voluntariado corporativo. Nuestro trabajo a favor de la salud financiera ha alcanzado a más de 17,3 millones de personas de ingresos bajos a moderados en 42 países. Para obtener más información sobre MetLife Foundation, visita <a href="https://www.metlife.com/" target="_blank" rel="noopener">metlife.com</a>.</p>


<strong>Washington, DC, Dec. 1, 2021</strong> — Accion, in collaboration with MetLife Foundation, today released the paper “<a href="https://www.accion.org/how-providers-can-build-products-that-improve-financial-health-examples-from-mexico-and-chile" target="_blank" rel="noopener noreferrer">How providers can build products that improve financial health: Examples from Mexico and Chile</a>” to share lessons learned from <a href="https://www.accion.org/accion-and-metlife-foundation-announce-partnership-to-advance-financial-inclusion-in-latin-america" target="_blank" rel="noopener noreferrer">Accion and MetLife Foundation’s partnership</a> to develop new, best-in-class digital products that improve the financial health of underserved customers in Latin America. The paper comes ahead of an <a href="https://accion.zoom.us/webinar/register/1016365661691/WN_cPjN_gOaSD61ItF3SeDzlw" target="_blank" rel="noopener noreferrer">event on Thursday, Dec. 2</a>, showcasing the partnership’s impact.

Using human-centered design and behavioral economic principles, Accion Global Advisory Solutions and MetLife Foundation partnered closely with fintechs, cooperatives, and traditional financial service providers (FSPs) in Mexico and Chile over the past three and a half years. Together, they worked to expand access to the tools that micro and small business owners need to stay resilient against adversity, form healthy financial habits, and build the skills necessary to achieving their economic goals.

“As economic disparities continue to worsen around the world, it’s increasingly difficult for low-income and financially underserved people to build their savings, grow profitable businesses, and provide for their families,” said Michael Schlein, President and CEO of Accion. “Now more than ever, new financial products and services should empower customers to build their financial health and resilience. Developing these products is a win-win for both providers and clients: making meaningful change in the lives of low-income communities and creating more loyal, more resilient, and more satisfied clients.”

The case studies in the paper share key challenges, learnings, and preliminary measures of product uptake and impact to date across the partnership’s projects in Chile and Mexico, uncovering best practices on how to design for and influence financial health.

In Chile, the partnership worked to launch a business management application for microbusinesses with <a href="https://www.accion.org/this-new-app-is-helping-small-business-owners-build-financial-health-and-resilience" target="_blank" rel="noopener noreferrer">Organizame and Banigualdad</a>, revamp a financial health portal with <a href="https://www.accion.org/fintech-founders-have-a-formula-for-building-financial-health" target="_blank" rel="noopener noreferrer">Destácame</a>, and deploy a crowd-funding platform for microentrepreneurs with <a href="https://redcapital.cl/" target="_blank" rel="noopener noreferrer">RedCapital</a>. In Mexico, projects included work to develop a savings product for youth with <a href="https://www.accion.org/young-people-in-mexico-need-finance-that-fits-their-lives" target="_blank" rel="noopener noreferrer">Caja Popular Cerano</a>, and to launch a supply chain finance product with <a href="https://www.ahorrosbienestar.com/" target="_blank" rel="noopener noreferrer">Caja Bienestar</a>.

“MetLife Foundation’s collaboration with Accion has opened up creative new avenues to help small businesses maximize financial health resources,” said Nalleli Garcia, Sustainability Director at MetLife Mexico Foundation. “There’s no ‘one size fits all’ approach to financial inclusion – instead, we believe the focus should be on innovative solutions that adjust to the needs and behaviors of each individual. We’re excited by the positive outcomes that these efforts are showing across Latin America."

The products remain in the early stages of customer uptake and traction, but preliminary results from these projects reveal significant and positive improvements across key dimensions of financial health. Among the initial findings:
<ul>
 	<li>Nearly all products resulted in less financial stress and greater satisfaction with their current financial situation. Among users that own their own business, many demonstrated an ability to bounce back to levels prior to the COVID-19 pandemic level of sales or higher when compared with control groups that did not use the financial products developed through this project.</li>
 	<li>Easy-to-use budget management tools led to more users tracking their income and expenses on a more regular basis, therefore making users feel more in control of their finances.</li>
 	<li>Across all products, individuals and businesses felt that they had a manageable level of debt, were better able to pay their credit on time, and were more comfortable taking out credit with a formal financial provider.</li>
 	<li>Individuals using each of the products were able to save more and contribute to emergency funds.</li>
 	<li>Business owners that took out working capital credit or used the business management tools noted that the additional liquidity enabled their business to take advantage of more opportunities.</li>
</ul>
“In the midst of enormous financial uncertainty sparked by COVID-19, these efforts to help underserved families and businesses develop healthy financial behaviors are critical,” said Liza Guzman, Vice President and Program Manager, Customer Strategy, for Accion Global Advisory Solutions. “These case studies can offer guidance to providers as they work to develop more holistic tools for underserved individuals, incorporating users’ financial capabilities and behaviors to inform better products, greater uptake, and meaningful changes in customers’ financial lives.”

Additional insights and crucial takeaways for FSPs are detailed in the paper, available here.

Insights from the partnership will be discussed further at an event on Dec. 2, 2021, at 9 a.m. EST, featuring leaders from Accion, MetLife Foundation, and Accion partners Caja Bienestar, Caja Cerano, Destácame, Organizame &amp; Fundación Banigualdad and RedCapital. Interested parties are welcome to <a href="https://accion.zoom.us/webinar/register/1016365661691/WN_cPjN_gOaSD61ItF3SeDzlw" target="_blank" rel="noopener noreferrer">learn more about the event and register here</a>.

<strong>###</strong>
<h2><strong>About Accion</strong></h2>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. More at <a href="http://accion.org" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h2><strong>About MetLife Foundation</strong></h2>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit <a href="https://www.metlife.com/" target="_blank" rel="noopener noreferrer">metlife.com</a>.

Accion and MetLife Foundation Release Case Studies to Advance Financial Inclusion in Latin America

<strong>Jakarta, 23 November 2021</strong> – Pintek, an education fintech platform that provides innovative financial services to students, parents, education institutions, and education suppliers, announced today that it has successfully raised a US$7 million Series A round funding via its holding company Socap Holding Pte. Ltd. This brings the total capital raised to more than US$35 million, to continue improving the access to education and livelihoods of unbanked/underbanked MSMEs in Indonesia. With this new funding, Pintek is taking strategic steps to maximize its contribution to the education ecosystem in Indonesia by hiring new talents to accelerate its product development, improve its technology platform, and strengthen its commercial reach.

New investors to the round include Kaizenvest, Heritas Capital, Blue7, and Earlsfield Capital. Existing investors Finch Capital, Global Founder Capital (GFC), Accion Venture Lab, Strive and Fox Ventures are also joining the round.

<strong>Ioann Fainsilber, Socap Holding Pte. Ltd. CEO &amp; Pintek Co-Founder</strong> said “We want to continue to maximize our role in supporting the education sector in Indonesia. Our strong value proposition was validated by increasing our loan origination volume by more than 5-times in the first half of 2021 compared to the same period last year. Amid Covid-19, we focused on sustaining our capabilities to operate in various effective ways, which includes adapting our product portfolio, launching new solutions for education players, strengthening our capital structure, and expanding our reach throughout Indonesia. We want to be one of the key enablers to accelerate the penetration of education technology and embedded financial services products for inclusive and high-quality education in Indonesia.”

Since inception in 2018, Pintek and its affiliates have supported more than 2,750 education institutions and 100 education MSMEs to reach more than 650,000 students spread across 29 of 34 provinces in Indonesia and provide financial educational content to a community of 1,350,000 unique monthly visitors. Through its value-added technology and financial services, Pintek targets to impact 10 million customers in the ecosystem in the next five years.

<strong>Tommy Yuwono, Pintek Co-Founder and President Director</strong> said “Pintek sees an increasing demand in the education sector and wants to encourage the accessibility of financial services in Indonesia by serving the whole ecosystem. For this reason, we strive to provide solution-based, relevant, and accessible services for all students/parents, teachers, schools, and education supply SMEs.”

The ongoing Covid-19 pandemic has affected the education infrastructure and severely restricted education access in Indonesia. More than 68 million students had to study from home, and more than 642,000 educational institutions had their operations affected. The poor transition of education institutions to online learning and lack of digitization have become a significant challenge that affects teaching and learning activities, emphasizing the urgent need for innovative players such as Pintek to finance it.

<strong>Gaurav Jain, Principal at Kaizenvest</strong> said, “As an education-focused investment fund, we are very impressed by what Pintek has built in Indonesia within the past three years, combining social impact and innovative financial services for their customers. We are aiming to support the rapid digitalization of Indonesia’s education sector to ensure that high-quality learning opportunities are available to a wider segment of the society in our endeavor to pursue learning for all. We are excited by our collaboration with Pintek as we believe the Company is developing a comprehensive solution that will have a multiplier effect in increasing access to quality for the entire education ecosystem.”

<strong>Charis Goh, Director at Heritas Capital</strong> added, “As a leading early-stage pan Asian impact investment fund, Heritas Capital is pleased to back Pintek in catalysing capital access to the underserved Indonesian education sector by providing solutions not only to students but also schools and suppliers, especially those impacted by the COVID-19 pandemic. Pintek’s tech-enabled ecosystem-funding approach enables credit data insight and superior lending decisions thereby driving a virtuous cycle of growth and impact resulting in enhanced access to education in Indonesia.”

“Pintek believes that education gives us the tools to improve our lives. It brings hope to families, surroundings, and drives economic growth.” said <strong>Ioann Fainsilber</strong>. “Through the collaboration, we strive to provide the best financial services for education and its whole ecosystem”.
<p style="text-align: center;">###</p>

<h2>About Pintek</h2>
PT Pinduit Teknologi Indonesia (Pintek) is a financial technology company that provides financial services to students/parents, education institutions, and education suppliers. Licensed and supervised by the Financial Services Authority (OJK) since 2018, Pintek engages in providing access to financial services to the education community in Indonesia. Pintek is also registered with the Ministry of Communication and Informatics and is a member of AFPI (The Indonesian Joint Funding Fintech Association).

Pintek is owned by Socap Holding Pte. Ltd., a company that aims to grow ventures that facilitate cooperation and innovation for technology and social impact in the region.

&nbsp;
<h3>Details and information, please contact:</h3>
Fajar Kurniawan

Public Relations, Pintek

+62 857 1459 7924

Fajar.Kurniawan@pintek.id

Pintek Raises $7m Series A to grow its Education Fintech Ecosystem in Indonesia

<em><strong>Washington, DC, November 16, 2021</strong></em> – Global nonprofit Accion announced today that it will award the seventh annual Edward W. Claugus Award to Buhle Goslar, Africa CEO of JUMO, and to Rose Goslinga, CEO of Pula. The award, which is given to exceptional leaders advancing financial inclusion, will be presented at a <a href="https://www.accion.org/honoring-two-women-ceos-creating-inclusive-recovery" target="_blank" rel="noopener noreferrer">virtual event</a> on Dec. 8, 2021.

“Sub-Saharan Africa is projected to face the most challenging recovery from the global pandemic, and this year we are honored to present the Edward W. Claugus Award to two extraordinary leaders from the region whose work is empowering women, small businesses, and underserved families as they rebuild and adapt,” said Michael Schlein, President and CEO of Accion. “As Africa CEO of JUMO, Buhle Goslar is working to address the digital gender divide and ensure that women can access and benefit from digital financial services. Under Rose Goslinga’s leadership, Pula has provided agricultural insurance and data-driven insights to more than 5.1 million farmers across Africa, Asia, and Latin America, many of them women, to help them increase their crop yields and build resilience to climate change.”

Buhle Goslar is Africa CEO of JUMO, a financial technology company that connects people and small businesses in emerging markets to credit and savings choices in six markets across Africa, and in Pakistan. Since founding in 2015 JUMO has disbursed over 120 million individual loans and is planning to launch in two new African markets in 2022.

Buhle is a certified retail banker, experienced board director, and avid researcher. Over the past two decades, Buhle’s work has covered an array of markets in sub-Saharan Africa, Europe, and Asia, in sectors spanning financial services, technology, retail, and tourism. Her research interests include regulation of inclusive, data-driven financial services, gender-responsive financial product design, online entrepreneurship in Africa, financial justice, customer protection, and empowerment. Buhle holds a bachelor’s in marketing from UNISA and an Executive MBA from the Graduate School of Business at the University of Cape Town. She also completed post-graduate management programs in inclusive finance, digital finance, and social impact at Harvard Business School, Tufts Fletcher School of Law &amp; Diplomacy, and Oxford Saïd Business School, respectively.

Buhle Goslar, Africa CEO for JUMO said: “For me, choosing to do this work has always been about solving the issue of unequal access to finance. The size of the challenge, the fact that we have the potential to rethink business models, to rethink capital, to rethink product — it’s incredibly exciting. I’m honored to receive this award and will continue to work towards creating a more prosperous future for financially excluded communities.”

Rose Goslinga is the CEO of Pula, a company that is radically restructuring agricultural insurance. Pula uses technology to scale climate insurance to smallholder farmers in 25 markets across Africa, Asia, and Latin America. Since its founding in 2015, the company has provided crop and livestock insurance cover to 5.1 million smallholder farmers through partnerships with governments, input providers, and credit lenders.

Rose has worked in agriculture and insurance for the last eight years. She is a fellow through Poptech’s Rainer Arnhold Fellow and Social Innovation Fellow programs, as well as a TED speaker. Rose’s work in agriculture insurance has been recognized through several international awards, including the Financial Times/IFC Award for Sustainable Finance, InsureTech 3.0, and the Singapore Fintech Festival. Rose holds a master’s in political economy of development from the University of London, where she graduated with first-class honors, and a bachelor’s in business and economics.

“It is truly an honor to be receiving this award and having our work at Pula seeking to serve previously uninsured rural smallholder farmers recognized,” Rose said. “This award is a testament to the significant role that agricultural insurance plays in the future of inclusive financial service offerings to smallholder farmers — by not only improving their access to agricultural inputs and funding, but also protecting rural household income and tackling poverty, thus transforming nations and empowering farmers worldwide to be food secure and climate resilient."

The Claugus Award is named in honor of Accion benefactor Edward Claugus, a skilled investor who was passionate about social change. Accion presents an annual award in his name to honorees who have shown exceptional work and innovation in financial inclusion. This year, the award will be presented virtually at an event on Dec. 8, 2021. Interested parties can learn more and register <a href="https://accion.zoom.us/webinar/register/WN_2YTCrfxTQ4uBMzF2r1yqDQ" target="_blank" rel="noopener noreferrer">here</a>. <strong> </strong>
<h2>About Accion</h2>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. More at <a href="http://www.accion.org" target="_blank" rel="noopener noreferrer">accion.org</a>.

Buhle Goslar and Rose Goslinga to Receive Accion’s Edward W. Claugus Award for Leadership and Innovation in Financial Inclusion

The fundraise of $1 million will be utilized to help lenders extend working capital to underserved micro-organisations based on their transactional data by leveraging AI

<strong><em>Washington, DC, October 27, 2021:</em></strong> Cashinvoice, one of India’s fastest-growing supply chain financing (SCF) platform, announced today that it has raised Pre-Series A funding of $1 million from Accion Venture Lab. The company provides customized supply chain financing (SCF) solutions to the buyers and suppliers of mid and large corporates through its digital marketplace for invoice discounting. The platform integrates with corporates to access validated invoices, dynamically price discounts on the invoices based on its risk assessment algorithms and enables lenders on the platform to digitally process loans against invoices. Since launch in September 2019, the company has disbursed over 10 lakh invoices amounting to over INR 4,000 crores and has over 3,500 MSMEs on the platform. The pre-series A funding by Accion Venture Lab comes at a strategic period as the platform gears up to facilitate over INR 10,000 crores worth of financing for MSMEs in the year ahead.

<strong>Arun Poojari, co-founder and CEO of Cashinvoice</strong>, said: “We are thrilled to be associated with Accion Venture Lab. Accion is well respected across the globe for its impact investing led practices and objectives. This new funding round will help us develop our key services of early payments to suppliers, purchase order financing, buyer financing and retailer financing. We are glad to be a part of this revolutionary moment where new age fintechs like ours are redefining the rules of lending by using alternate transactional data to efficiently originate, assess and monitor borrowers, thus bridging the trust deficit between SMEs and lenders.”

“Millions of MSMEs across India are struggling to recover from the effects of the pandemic, and they need customized financing options in order to adapt and build resilience,” said <strong>Michael Schlein, President and CEO of Accion</strong>. “By applying innovative new credit-assessment strategies to expand access to financing for MSMEs, Cashinvoice is creating an inclusive financial system and ensuring that microentrepreneurs can continue serving their communities.”

<strong>Amee Parbhoo, Managing Director of Accion Venture Lab</strong>, said, “We see great potential in Cashinvoice, as they are a unified platform for all SCF needs, backed with cutting-edge advanced technology. Unlocking working capital within supply chains is the need of the hour, as it not only helps with effective cash flow management in corporates, but also caters to the large number of underserved micro-enterprises who need formal sources of lending.”

Cashinvoice’s model incentivizes buyers by giving them discounts to pay their suppliers early thereby unlocking capital which is trapped in the form of credit period within supply chains. Thus, the model creates a win-win scenario by addressing the working capital needs of MSME suppliers and reducing procurement cost for buyers. The company aims to bridge the USD 400 billion credit gap within the MSME segment through cost effective and hassle-free access to supply chain financing.

<strong>Shrinivas Kasar, co-founder and COO of Cashinvoice</strong>, said, “Despite India’s GDP being majorly dependent on the health of the MSME ecosystem, the current gap in financial inclusivity for micro-organizations. Technology has always been the core at Cashinvoice, where we have developed AI tools to analyze trade ledger data along with alternate data points in order to evaluate a borrower’s credit worthiness, even if they lack a formal credit history.”

&nbsp;
<h4><strong>About Cashinvoice</strong></h4>
Cashinvoice is a digital supply chain finance marketplace that offers dynamic invoice discounting to some of India’s leading corporates. The supply chain financing platform enables comprehensive payable and receivable

management solutions that digitize the way businesses pay and get paid. Launched in 2018, Cashinvoice optimises working cash flows efficiently through digitalisation of invoices and leveraging supply chain finance to incentivize payables and receivables. For more information, visit <a href="https://cashinvoice.in/" target="_blank" rel="noopener noreferrer">https://cashinvoice.in/</a>

&nbsp;
<h4><strong>About Accion Venture Lab</strong></h4>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Accion Venture Lab has invested in more than 55 early-stage startups that operate in 30 countries worldwide. Accion Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>.

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