Press Release

<em><strong>Washington, DC, May 2, 2022</strong></em> – Global nonprofit Accion announced today that Rahil Rangwala has been appointed Co-Managing Partner of Accion Venture Lab, Accion’s impact investment fund manager for early-stage inclusive fintech startups.  Venture Lab takes a hands-on approach through active governance and a unique portfolio engagement function, providing strategic and operational support to startups that leverage new technologies, data, and analytical tools to engage underserved individuals and small businesses.

“After a global search, I am thrilled to announce that Rahil Rangwala will join Amee Parbhoo as Managing Partner of Accion Venture Lab,” said Michael Schlein, President and CEO of Accion. “During the pandemic, we’ve seen dramatically increased need for digital-first solutions that enable people to build their financial resilience. Rahil brings a deep knowledge of inclusive fintech that will help us identify and grow more innovative companies that are revolutionizing financial services for the world’s three billion underserved people.”

“I am excited to partner with Rahil as we embark on this next chapter of Venture Lab. Rahil’s extensive experience working with diverse fintech and platform startups will be extremely valuable as Venture Lab looks to the future of fintech and finding new ways to reach the financially underserved,” said Amee Parbhoo, Managing Partner of Accion Venture Lab.

“Accion Venture Lab is doing exciting work with startups around the world that are innovating to bring financial services to underserved populations. I’m looking forward to working with Amee and the rest of the Venture Lab team to grow the portfolio and scale our impact,” said Rahil Rangwala, Managing Partner of Accion Venture Lab.

Prior to joining Accion, Rahil was a Director at the Michael &amp; Susan Dell Foundation, where he was responsible for running the India office and defining the strategic direction of the foundation's Livelihoods and Financial Inclusion portfolio. He also led the Foundation's global investment committee, where he worked closely with the program teams on the diligence for investments in all geographies. Rahil started his professional career at Bridgewater Associates, a global macro hedge fund. Rahil has a Bachelor’s in Computer Science from the University of Texas in Austin and a Master’s in Public Administration with a focus on International Development from New York University.

Created in 2012 by Accion and backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has emerged as a leading early-stage investor in fintech for the underserved. Venture Lab creates value in its portfolio by providing investees with strategic and operational support across a broad range of functional areas. To date, Venture Lab has deployed nearly US $40 million across over 55 early-stage startups that operate in more than 35 countries worldwide. As a result of Venture Lab’s investments, more than 37 million consumers and small businesses have benefited from the formal financial sector; 9 million individuals have been insured; and 2 million people have saved US $690 on average per person.

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<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="http://www.accion.org/" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

Accion appoints Rahil Rangwala as Managing Partner of Accion Venture Lab

Ashley Lewis

News

Accion Venture Lab's Ashley Lewis spoke on this podcast - which follows <a href="http://email.accion.org/c/eJxVT0FuxCAMfM3mRmTACXDIYS_9hwGTIEVJBETb9vVl21MlezwaeTR2XFwMqNyQFwVKASopLUqwI7nZRJyM16gYcH4gUAj5PMazrMO2JKV9jEayhW40UjEHy8ZqlggYadiXrbWrPvTzoT568dG4XCVXHq_CtXaptrNkfrN3eB-AHSR0eG3Uqjj4s4l0FpFyd4dN0FpyuPd2FxYb0962QJ2SKJSaOJPIR7xrK1-iXhxyykEUXu-dWr-8Cjqi2HnN9U8Qs7W_aUNZvl90rP-fbEv0zigPyF7hbFOYIyK73hGNpyn1FQaZPGk_hSnOEDUQBJOSdt5Y6Yz8AUFqbzc" data-cke-saved-href="http://email.accion.org/c/eJxVT0FuxCAMfM3mRmTACXDIYS_9hwGTIEVJBETb9vVl21MlezwaeTR2XFwMqNyQFwVKASopLUqwI7nZRJyM16gYcH4gUAj5PMazrMO2JKV9jEayhW40UjEHy8ZqlggYadiXrbWrPvTzoT568dG4XCVXHq_CtXaptrNkfrN3eB-AHSR0eG3Uqjj4s4l0FpFyd4dN0FpyuPd2FxYb0962QJ2SKJSaOJPIR7xrK1-iXhxyykEUXu-dWr-8Cjqi2HnN9U8Qs7W_aUNZvl90rP-fbEv0zigPyF7hbFOYIyK73hGNpyn1FQaZPGk_hSnOEDUQBJOSdt5Y6Yz8AUFqbzc">last week's episode</a> - alongside the CEO and co-founder of Venture Lab portfolio company Khazna on trends in Egypt's fintech space.

<a href="https://enterprise.press/stories/2022/04/17/whats-next-in-fintech-part-ii-fundraising-69552/">Listen here</a>.

What’s Next in fintech, part II: Fundraising

<em><strong>Washington, DC, April 13, 2022</strong></em>  – Global nonprofit Accion announced today its participation in a new financial inclusion index, part of a global effort by impact measurement partner 60 Decibels to promote standard, comparable impact outcomes data for the microfinance industry.

The initiative, expected to launch before the end of Q2, will be the first microfinance index driven entirely by end customer voices. The index will include aggregated data from the customers of 72 participating microfinance institutions (MFIs) from across 41 countries, supported by 19 founding partners. Collected through phone surveys, the data and resulting insights will be shared in a public report and dashboard to establish performance benchmarks for ongoing impact measurement and management by MFIs and their funders.

“We’re excited to collaborate with 60 Decibels and our MFI partners to gain a better understanding of what works to advance financial inclusion,” said Michael Schlein, President and CEO of Accion. “As we work with financial service providers to find new ways to equip families and small businesses with the tools they need to thrive, we must also find new ways to gauge our impact and effectiveness. The insights from this index will provide a valuable guiderail for our work to empower vulnerable populations to build a more resilient future.”

For each participating MFI, 60 Decibels researchers survey a representative sample (200-250 respondents) of MFI customers and conduct a standardized phone survey to gather quantitative and qualitative data along five key dimensions of impact. The survey, developed by 60 Decibels and based on its experience working with hundreds of companies in the financial inclusion space, utilizes questions proven to assess and compare social outcomes across five impact themes: Access, Business Impact, Household Impact, Financial Management, and Resilience. The aggregated data from all participating MFIs will establish benchmarks to be shared in the public report, providing essential insight into the range of performance on these key outcomes to be utilized across the MFI industry.

“We started listening to end customers eight years ago because the standard of practice — things like counting the number of customers reached — wasn’t telling us if people’s lives were improving,” said Sasha Dichter, CEO and co-founder of 60 Decibels. “We’re thrilled at the response to this initiative and the collaboration of so many industry leaders to listen better and set a new standard in understanding social outcomes. This index brings the value of our impact benchmarks to a new level and helps MFIs and investors understand customer outcomes with 100 percent comparability for each and every metric.”

In addition to providing insights that will be directly applicable for impact management in the microfinance sector, the index aims to demonstrate the value of rigorous outcomes data from end stakeholders for understanding impact performance. In the coming year, 60 Decibels will produce sector-level benchmarks through similar index efforts in other sectors to elevate the importance of listening to end stakeholders to drive greater impact.

The index is designed to complement and integrate with existing frameworks and standards in microfinance, impact investing, and international development. Participation in the MFI Index to conduct surveys with clients provides MFIs and investors with feedback on the practices recommended by SPTF and CERISE in the Universal Standards and the Client Protection Principles, as well as the SDG Impact Standards, and provides data aligned to IRIS+ metrics and the five dimensions of impact guidance established by the Impact Management Project.

Learn more and sign up to receive the 60 Decibels Financial Inclusion Index <a href="https://bit.ly/60dB-fi-index" target="_blank" rel="noopener noreferrer">here</a>.

<hr />

<h3>About Accion</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="http://www.accion.org/" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.
<h3>About 60 Decibels</h3>
60 Decibels is a global, tech-enabled impact measurement company that brings speed and repeatability to social impact measurement and customer insights. We provide genuine benchmarks of impact performance, enabling organizations to understand impact relative to peers and set performance targets. We have a network of 850+ researchers in 70+ countries, and have worked with more than 800 of the world’s leading impact investors, companies, foundations, corporations, NGOs, and public sector organizations. 60 Decibels makes it easy to listen to the people who matter most.

Accion to Join 60 Decibels’ Inaugural Financial Inclusion Index

Michael Schlein

The challenges facing the world’s most vulnerable people seem to keep mounting. Our uneven global recovery from the pandemic is worsening inequality and widening divides. In <a href="https://thenextweb.com/news/fintech-for-small-businesses-will-be-key-to-tackling-the-worlds-growing-inequality" target="_blank" rel="noopener noreferrer">this article</a> published by TNW, Accion President and CEO Michael Schlein shares how Accion opened doors to powerful solutions after helping people and small businesses respond to the evolving obstacles created by COVID-19.

Michael Schlein will also be speaking at <a href="https://thenextweb.com/conference?msclkid=33eab76dbb3c11ec8a09394272cfc5e9" target="_blank" rel="noopener noreferrer">TNW Conference</a> on June 16-17.

Fintech for small businesses will be key to tackling the world’s growing inequality

<em><strong>Washington, DC, April 12, 2022</strong></em> – Global nonprofit Accion announced today the appointment of TS Anil to the organization’s Board of Directors.

“We are pleased to welcome TS Anil to the Accion Board of Directors,” said Accion Board Chair Diana Taylor. “TS brings a wealth of experience in digital financial services to Accion that will strengthen our work with partners to design digital tools for the world’s financially underserved populations, empowering them to build resilience and thrive.”

Anil brings more than 25 years of financial services, payments and technology experience to the Accion Board. He is currently the Global CEO of Monzo, the U.K.’s largest digital bank serving more than 5 million customers, and one of the leading fintech companies around the world.

Prior to joining Monzo, Anil held roles at Visa, Standard Chartered, Citigroup and Capital One, where he launched new products, developed innovative payment technologies, and transitioned existing businesses toward new growth opportunities around the world. Anil holds a Bachelor’s in Economics from the Shri Ram College of Commerce and an MBA from the Indian Institute of Management Ahmedabad.

&nbsp;

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<h3>About Accion</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="http://www.accion.org/" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

TS Anil Named to Accion Board of Directors

Accion Venture Lab's Ashley Lewis spoke on this podcast alongside the CEO and co-founder of Venture Lab portfolio company Khazna on trends in Egypt's fintech space.

Read more and listen <a href="https://enterprise.press/stories/2022/04/10/whats-next-for-fintech-agriculture-healthcare-a-raft-of-industry-specific-regulations-and-legislation-68810/" target="_blank" rel="noopener noreferrer">here</a>.

What’s Next for fintech? Agriculture, healthcare + a raft of industry-specific regulations and legislation

<strong><em>Washington, DC, April 4, 2022</em></strong> – Global nonprofit Accion announced today the appointment of Maria Hermida as General Counsel. Maria will oversee all legal areas of Accion’s work, spanning investments, partnerships, and operations.

“Maria brings valuable experience in compliance, legal risk management, and investments, which will be crucial to Accion as we identify and grow new ways to reach the underserved in emerging markets,” said Michael Schlein, CEO and President of Accion. “I’m thrilled that Maria will bring her passion for financial inclusion to the team as we navigate new initiatives to empower vulnerable people, helping them to create a more resilient future.”

“Throughout my career, I have advocated for expanding access to financial services through responsible and ethical engagement with communities across the globe. Thus, I am very excited and honored to serve Accion as its General Counsel and to help lead its effort to empower the underserved by revolutionizing access to the capital markets,” said Maria Hermida, the new General Counsel at Accion.

Prior to joining Accion, Maria served as Chief Compliance Officer for anti-bribery and corruption, legal, conduct risk and regulatory remediation programs for the United Services Automobile Association (USAA), a Fortune 100 company that provides banking, investing, and insurance services to U.S. military personnel, veterans, and their families. Previously, Maria was the Global Chief Ethics Officer for Citigroup and the General Counsel for Citigroup Women &amp; Co., a multi-channel platform that served the financial planning needs of women. She also served as Deputy General Counsel and Corporate Secretary for Royal Alliance Associates, the AIG wealth management network. She holds a bachelor’s in finance from the New York University Stern School of Business and a J.D. from the Fordham University School of Law.

<strong>###</strong>
<h3>About Accion</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="http://www.accion.org" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

Accion Names Maria Hermida as General Counsel

Accion Venture Lab portfolio company Khazna announced that it has raised US $38 million in Series A debt and equity led by Quona Capital. Accion Venture Lab also participated in the round, which will help Khazna provide banking and financial services to Egypt’s 50 million financially underserved people.

Read more in <a href="https://techcrunch-com.cdn.ampproject.org/c/s/techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/amp/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="0">TechCrunch</a>.

Egyptian financial super app Khazna raises $38M from Quona Capital and Lendable

Equity round led by Quona Capital will power Khazna’s continued push to bring its financial super app to the masses across Egypt and beyond

<strong>Cairo, Egypt, 31 March 2022</strong>—Khazna, a Cairo-based financial Super App that offers easy to use, technology-driven financial services to Egypt’s underserved consumers and micro-businesses, announced today it has raised a Series A round of $38 million in equity and debt, with the equity investment led by impact investor Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The company’s debt financing is provided by Lendable, while the Arab Bank Egypt is the Security Agent facilitating the transaction. The round comes as Khazna ramps up its efforts to replace informal cash-driven alternatives across Egypt, pairing a digital native solution with an innovative business model.

Khazna’s super app caters to 50% of Egyptians who are active smartphone users and lack access to formal financial services. Khazna currently offers General Purpose Credit, Buy Now Pay Later (BNPL), and Bill Payment. The company’s vision is to digitize cash transactions across Egypt, in response to the Central Bank of Egypt’s recent push for financial inclusion and a “less-cash” framework.

Khazna launched in 2020 with an Earned Wage Access product that has since grown into the multi-product offering available today. Khazna’s leadership team is composed of former executives from World Remit, Valeo, Uber, CIB, Jumia, Match Group, and Arqaam Capital.

“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society. We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all. We are combining cutting-edge technology and relentless user obsession to build the best experience for our users,” said Omar Saleh, Khazna’s co-founder and CEO. “We continue to experience exponential growth in network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants.”

Khazna represents Quona Capital’s second investment in Egypt. “In just two years, Khazna has scaled and monetized quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt,” said Monica Brand Engel, co-founder and Managing Partner at Quona. “Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and transparent financial super app can enable millions across Egypt to gain greater control over their
financial lives. Quona is incredibly excited about Khazna’s roadmap to be the category-leading digital super app for inclusive finance in Egypt.”

“We have been following the Khazna team since its launch in Egypt and have seen the business gain clear traction resulting in a fast scaling product offering,” said Suresh Samuel, Lendable's Deputy Chief Investment Officer. “As Lendable continues to grow our presence providing scalable debt financing to fintechs in Egypt, we are excited to support Khazna’s work in providing increased access to financial services for the underserved in Egypt.”

Arab Bank has been appointed as the Security Agent to enable Khazna’s debt facility from Lendable. “Supporting Khazna was a natural step for Arab Bank as a strategic investor to facilitate the company’s growth,” said Ahmed Ismail Hassan, Arab Bank Egypt’s Country Manager.

Khazna has raised a total of $47 million since the company’s inception.

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<h3>ABOUT KHAZNA</h3>
Khazna launched in 2020 with a mission to improve the financial well-being of 35M+ underbanked Egyptians, who have little access to formal financial services by providing access to convenient, customer-centric, and technology-driven services. Khazna offers General Purpose Credit, Buy Now Pay Later (BNPL), and Bill Payment. Khazna’s leadership team is composed of former executives from World Remit, Valeo, Uber, CIB, Jumia, Match Group, and Arqaam Capital. More at <a href="https://www.linkedin.com/company/khazna" target="_blank" rel="noopener noreferrer">https://www.linkedin.com/company/khazna</a> and <a href="https://khazna.app/" target="_blank" rel="noopener noreferrer">https://khazna.app/</a>
<h3>ABOUT QUONA CAPITAL</h3>
Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets including Africa and the Middle East (MENA), South and Southeast Asia, and Latin America. Quona’s global partners are experienced investors and operators in both emerging and developed markets and invest in entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion for both consumers and SMEs. The firm’s impact efforts have been recognized through its
selection as a prestigious “ImpactAssets 50 Impact Fund” for the past two years. Quona got its start through a strategic relationship with Accion, a global nonprofit with a legacy in microfinance and fintech impact investing. More at <a href="http://quona.com" target="_blank" rel="noopener noreferrer">quona.com</a>
<h3>ABOUT LENDABLE</h3>
Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites and monitors all transactions. To date, Lendable has disbursed over $225m to fintechs in over 14 countries.

Egyptian financial super app Khazna raises $38 million Series A

<b><span data-contrast="auto">WASHINGTON, DC, March 15, 2022</span></b><span data-contrast="auto">—Accion has been selected for the </span><a href="https://www.impactassets.org/publications_insights/impact50">ImpactAssets 50 2022</a><span data-contrast="auto"> (IA 50) Emeritus Impact Managers list, marking the 10</span><span data-contrast="auto">th</span><span data-contrast="auto"> time that Accion has been featured in ImpactAssets’ annual database. Created this year, the Emeritus list illuminates impact fund managers who have achieved consistent recognition on the IA 50.</span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span>

<span data-contrast="auto">The IA 50 is a free annual database of private capital fund managers delivering social and environmental impact as well as financial returns. IA 50 is a resource of choice for impact investors, family offices, corporate and family foundations and institutional investors. This year, the IA 50 includes Emerging Impact Managers and Emeritus Impact Managers lists. Across all three categories,143 impact fund managers reported assets totaling $116.96 billion invested in a range of asset classes and impact themes.</span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span>

<span data-contrast="auto">“This recognition validates Accion as a trusted partner, investor, and innovator working to harness the power of the world’s capital markets for good,” said Michael Schlein, President and CEO of Accion. “Our investing initiatives seek to vastly expand the reach, quality, and affordability of financial services, which are critical for vulnerable people to rebuild their livelihoods amid the continued devastation of the pandemic.”</span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span>

<span data-contrast="auto">Accion invests in products and services to benefit the world’s three billion financially underserved people, advanced through </span><a href="https://www.accion.org/how-we-work/invest"><span data-contrast="none">impact investment initiatives</span></a><span data-contrast="auto"> that today include Accion Global Investments, Accion Venture Lab, and the Accion Frontier Inclusion Fund, managed by partner Quona Capital. By making equity and quasi-equity investments in inclusive fintech startups, microfinance institutions, and other financial service providers, Accion helps to create well-run, mission-driven, and efficient organizations that achieve scale, impact, and returns.</span><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span>

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<b><span data-contrast="auto">About Accion</span></b><span data-ccp-props="{&quot;134233117&quot;:true,&quot;134233118&quot;:true}"> </span>

<span data-contrast="auto">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 </span><a href="https://www.accion.org/">accion.org</a>.

Global nonprofit Accion recognized by ImpactAssets 50 2022 for investments that foster innovation, impact

Catalyst Fund announced its tenth cohort of fintech companies that are working to improve the resilience of underserved and climate vulnerable communities in emerging markets. Startups in this cohort were approved by Catalyst Fund’s Investor Advisory Committee (IAC), which includes representation from Accion Venture Lab and Quona Capital.

Read more in this <a href="https://ventureburn.com/2022/02/african-startups-join-tenth-catalyst-fund/" target="_blank" rel="noopener noreferrer">Ventureburn article</a>.

Four African startups join tenth Catalyst Fund Inclusive Fintech cohort

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

<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.”

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<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.

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<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.

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<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

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>.

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