Press Release

Cape Town, South Africa, 25 June 2019 (GLOBE NEWSWIRE) -- Lulalend, South Africa’s first online automated provider of short-term funding for small and medium enterprises (SMEs), today announced its Series A financing of $6.5 million. The round was co-led by IFC and Quona Capital, a leading fintech firm whose funds are sponsored by Accion, with participation from existing investors Accion Venture Lab and Newid Capital. The new funding will provide growth capital to help Lulalend scale in response to South Africa’s significant funding gap for small businesses. More information on Lulalend is available at <a href="https://www.lulalend.co.za/">https://www.lulalend.co.za/</a>

Lulalend was established in 2014 by co-founders Trevor Gosling and Neil Welman. Unlike traditional financial institutions, Lulalend allows SMEs to apply for and receive funding without visiting a bank branch. Its lending decisions are automated, and funding is provided within 24 hours. Leveraging data from alternative and online sources, Lulalend utilizes a proprietary scoring algorithm that allows it to evaluate applicants and provide funding to SMEs quickly, conveniently, and transparently. Most of the funding provided by Lulalend to small and medium-sized businesses is used for inventory or equipment, renovations or marketing.

“69 percent of small and medium-sized businesses in South Africa say that access to working capital would help their businesses grow,” said Trevor Gosling, co-founder and CEO of Lulalend. “Yet for years in South Africa there’s been a massive funding gap for small-and medium enterprises, the very lifeblood of the economy. This fundraise from Quona Capital, a leading VC globally in emerging markets fintech, and IFC , a member of the World Bank Group, provides us with the growth capital and support we need to scale and drive exciting partnerships.”

“Quona Capital has been excited about Lulalend from the very earliest stage,” said Johan Bosini, Quona Capital partner. “Lulalend has built a seamless user experience that solves a massive funding gap faced by so many SMEs in South Africa -- enabling SMEs to grow and thrive, rather than getting stuck due to lack of working capital. We’re happy to partner with the IFC to fund this growing company.”

Quona Capital is a venture capital firm focused on fintech for inclusion in emerging markets, leveraging a strategic relationship with Accion, a nonprofit financial inclusion pioneer. Accion’s seed-stage investment initiative Accion Venture Lab first invested in Lulalend in 2016, and made a follow-on investment in this round.

"Small business lending is changing, and by partnering with digital innovators like Lulalend we can capitalize on new sources of data and models to deliver finance to reach more small businesses in South Africa, thus driving job creation and economic growth,” said Kevin Njiraini, IFC’s Regional Director for Southern Africa and Nigeria.

The partnership with Lulalend is part of IFC’s comprehensive program to deepen small business development and promote access to finance to improve economic inclusion and create job opportunities.
###
About Lulalend

Founded in 2014 by Trevor Gosling and Neil Welman, Lulalend was created to provide SMEs in South Africa with the best possible funding for their businesses. To do this, Lulalend utilizes proprietary credit scoring technology which enables it to provide quick decisions, fast funding, and transparent pricing to SMEs. For more information, visit <a href="https://www.lulalend.co.za/">https://www.lulalend.co.za/</a>

About Quona Capital
Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets, and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. The firm has offices in Washington D.C., Bangalore, Cape Town, Mexico City and Singapore. For more information, visit <a href="http://quona.com/">quona.com</a>.

About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a href="http://www.ifc.org/">www.ifc.org</a>

Media Contact:

Tom Stuart for Lulalend
<a href="mailto:tom@lulalend.co.za">tom@lulalend.co.za</a>
+27 (0) 87 943 2381

Shannon Austin for Quona Capital
<a href="mailto:shannon@quona.com">shannon@quona.com</a>
+1 (703) 338-8813

Devon Maylie for IFC
<a href="mailto:dmaylie@ifc.org">dmaylie@ifc.org</a>
+27781958098

Lulalend, South Africa’s First Online Automated Provider of Short-Term Funding for Small and Medium Enterprises, Raises $6.5 Million   Series A

Oversubscribed round co-led by EV Growth and Quona Capital

JAKARTA, Indonesia, June 24, 2019 (GLOBE NEWSWIRE) -- KoinWorks, Indonesia’s largest peer-to-peer (P2P) lending platform registered and supervised by OJK, today announced its Series B fundraise of S$16.5 million (IDR 170 billion). The oversubscribed round was co-led by EV Growth and Quona Capital, with participation from existing investors. The new funding will be used to expand the KoinWorks team and partnerships, and further develop systems and technology to provide financial inclusion throughout Indonesia with its popular one platform.
KoinWorks was established in 2016 by co-founders Benedicto Haryono and Willy Arifin. The company brings together borrowers and lenders online through a single platform that provides access to financial services for SMEs who have historically been un- or underbanked by traditional financial institutions. Leveraging machine learning, KoinWorks enables borrowers to access low interest loans while funders receive better returns. Available products include business financing and invoice financing.
“When we started KoinWorks, we set out to democratize finance in Indonesia while fostering financial inclusion,” said KoinWorks’ co-founder and Executive Chairman Willy Arifin. “In just a few short years we’ve grown to have the largest retail investor base in Indonesia, with more than 300,000 users. The round was oversubscribed, which means that the money raised only represents the amount of liquidity that existing shareholders were willing to make available, and does not reflect the true appetite of investors in KoinWorks.”
KoinWorks’ co-founder and CEO Benedicto Haryono said, "For the past three years, we have served the majority of Indonesia’s retailer market for the distribution of productive loans. Our rapid growth is supported by increasing public awareness of the importance of early investment.”
Today more than 60 percent of investor-funders in KoinWorks’ platform are millennials, and 70 percent of investors say KoinWorks is their first investment product.
"The gap between access and convenience in providing investment products and loans makes KoinWorks a very unique fintech in Indonesia,” said Willson Cuaca, Partner at EV Growth, a joint venture growth fund between East Ventures, Sinar Mas Digital Ventures (SMDV) and YJ Capital Inc. “We’ve been impressed by the company’s rapid growth.”
“KoinWorks shares Quona’s mission of financial inclusion, and has had a dramatic impact on businesses in Indonesia as a result of their commitment to responsible lending,” said Ganesh Rengaswamy, co-founder and Partner at Quona Capital. “Their role in enabling resources catalyzing SME growth cannot be overstated. We are thrilled to support KoinWorks as they consolidate their market leadership.”
Quona Capital is a leading venture capital firm focused on fintech for inclusion in emerging markets, leveraging a strategic relationship with Accion, a nonprofit financial inclusion pioneer.
KoinWorks had previously raised a Series A in 2018 from investors Mandiri Capital Indonesia, Convergence Ventures, Gunung Sewu, Beeblebrox and Quona Capital.
###
About KoinWorks
KoinWorks, founded in 2016, is the largest peer-to-peer (P2P) lending platform in Indonesia registered and supervised by the Indonesia Financial Services Authority (OJK). KoinWorks brings together borrowers and lenders through a single online platform that provides access to financial services for people who have not been served by traditional banking institutions. Trusted by more than 300,000 users, KoinWorks focuses on productive loans for business development through KoinBisnis and KoinPintar products.
In 2017, Bisnis Indonesia named KoinWorks “Most Innovative Fintech of the Year.” KoinWorks was also named the Most Innovative Company in Online Funding with Machine Learning in Fintech in 2018 and 2019 by Warta Ekonomi. More information on KoinWorks is available at <a title="" href="https://www.globenewswire.com/Tracker?data=UpP4B2L8B5zDMUBrYcPDfuE3UBrfwvujM0HvFbrdJcpQc1VX7g2uIin-o98ZypSQatPSnfywg2_uwoqxgU7I8jkc8fyydIQWC1vje2LNcSc=" target="_blank" rel="nofollow noopener noreferrer">https://koinworks.com</a>
About EV Growth
EV Growth is a US$200 milion joint-venture fund between East Ventures, SMDV -- the VC arm of Indonesian conglomerate Sinar Mas -- and YJ Capital, the VC arm of Yahoo Japan. EV Growth invests in growth-stage startups in Southeast Asia, primarily focusing on Indonesia. EV Growth has backed startups from different sectors including Sociolla, IDN Media, Moka, Warung Pintar, and Ruangguru.
About Quona Capital
Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets, and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 25 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. The firm has offices in Washington D.C., Bangalore, Cape Town, Mexico City and Singapore. For more information, visit <a title="" href="https://www.globenewswire.com/Tracker?data=UrdDneEkuJbWeGqhHIwszunFJLlNcGOoAGnSTbGfqYuzvI5bP45u8C_gB1w1HSpolcU5xp2fYSBcRQil_qdqoQ==" target="_blank" rel="nofollow noopener noreferrer">quona.com.</a>
Media Contact:
Jonathan Bryan
KoinWorks
<a href="mailto:jonathan@koinworks.com">jonathan@koinworks.com </a>
+62 812 8780 1003

Try Prihatono Ngaserin
EV Growth
<a title="" href="https://www.globenewswire.com/Tracker?data=8pCPOe_OUfJQAmgHM3VdjvyEF1MNgS154oq0sIwKRsHuNSVdNGnsyRuqcQuSmPAElUyQP2ikSMffNb2Qk712HQ==" target="_blank" rel="nofollow noopener noreferrer">try@evgrowth.vc</a>
+65-8172-8137

Shannon Austin
Quona Capital
<a title="" href="https://www.globenewswire.com/Tracker?data=Egs__68FZoigvgvizMY0cWO5qodxy_LBpwQYYcMxapQlqiv-hdFJ_0-ZZbcZ0z9jZ5DVy-1hsO0bP8z_njblQA==" target="_blank" rel="nofollow noopener noreferrer">Shannon@quona.com</a>
(+1) 703-338-8813

KoinWorks, Indonesia’s Largest P2P Lending Platform, Raises an Oversubscribed S$16.5 Million Series B

MetLife Foundation and Visa, with partners Accion and IFC, launch inaugural list to help fintech companies attract capital and resources to benefit the 3 billion financially underserved people globally 

Washington, D.C., June 17, 2019 - MetLife Foundation and Visa Inc., with global nonprofit Accion and World Bank Group member IFC, announced the winners of the Inclusive Fintech 50, a competition launched in February to help early-stage fintech companies attract capital and resources to benefit the world’s 3 billion financially underserved people.

The 50 winners – which were selected from 400 eligible applicants – demonstrate the power of financial technology to expand access, usage, and quality of financial services in advanced and emerging markets. Approximately 30 percent of the winners provide credit products to underserved segments including MSMEs, and approximately 25 percent offer infrastructure solutions like biometrics software that enable financial institutions to expand access to previously excluded groups. Fintechs offering insurance, payments &amp; remittances services, and savings &amp; personal financial management tools each made up approximately 15 percent of the winners.

“Existing research indicates that investment capital has largely overlooked early-stage and inclusive fintechs in several markets,” said Marianne Mwaniki, Head of Social Impact at Visa, Inc. “This group of winners makes clear that there are high-potential startups with viable products and business models – and they’re ready for investment.”

Nearly 70 percent of the winners are pre-Series A, yet these startups already exhibit strong product-market fit and traction, as demonstrated by their combined 8 million customers. In terms of geographic distribution, nearly one-third operate in more than one region, and another third operate exclusively in Sub-Saharan Africa. Twenty percent of the selected fintechs operate exclusively in South Asia, and 8 percent each in North America and East Asia &amp; the Pacific. The remainder comes from Latin America &amp; the Caribbean and MENA. A forthcoming white paper will provide insights into the applicants, winners, and lessons learned.

“Inclusive Fintech 50 demonstrates that there are lesser-known fintechs able to reach underserved populations with appropriate financial products,” said Sarah Willis, Director of Financial Health &amp; Inclusion at MetLife Foundation. “We want to support startups that are addressing the holistic needs of these target segments with the ultimate goal of improving their financial health.”

The winners are listed below by operating regions. Full profiles can be found at <a href="http://www.inclusivefintech50.com/winners">www.inclusivefintech50.com/winners</a>.

East Asia &amp; the Pacific
<ul>
 	<li>AwanTunai (credit)</li>
 	<li>Frollo (savings &amp; personal financial management)</li>
 	<li>JULO (credit)</li>
 	<li>TaniFund (credit)</li>
</ul>
Latin America &amp; the Caribbean
<ul>
 	<li>Celcoin (payments &amp; remittances)</li>
</ul>
Middle East &amp; North Africa
<ul>
 	<li>Dinarak (payments &amp; remittances)</li>
 	<li>Dopay (payments &amp; remittances)</li>
</ul>
North America
<ul>
 	<li>Distilled Identity (infrastructure)</li>
 	<li>Edquity (savings &amp; personal financial management)</li>
 	<li>Resolve (savings &amp; personal financial management)</li>
 	<li>Self Lender (savings &amp; personal financial management)</li>
</ul>
South Asia
<ul>
 	<li>BASIX Sub-K (infrastructure)</li>
 	<li>CreditVidya (credit)</li>
 	<li>GramCover (insurance)</li>
 	<li>Happy (credit)</li>
 	<li>Jai Kisan (credit)</li>
 	<li>SmartCoin (credit)</li>
 	<li>Tez Financial Services (savings &amp; personal financial management)</li>
 	<li>Three Wheels United (credit)</li>
 	<li>Toffee Insurance (insurance)</li>
</ul>
Sub-Saharan Africa
<ul>
 	<li>ACRE Africa (insurance)</li>
 	<li>Apollo Agriculture (credit)</li>
 	<li>awamo (infrastructure)</li>
 	<li>E-Settlement (infrastructure)</li>
 	<li>Hello Paisa (payments &amp; remittances)</li>
 	<li>Inclusivity Solutions (insurance)</li>
 	<li>Kwara (infrastructure)</li>
 	<li>MaTontine (infrastructure)</li>
 	<li>Numida (infrastructure)</li>
 	<li>OZÉ (infrastructure)</li>
 	<li>PEG Africa (credit)</li>
 	<li>People’s Pension Trust (savings &amp; personal financial management)</li>
 	<li>Pezesha (credit)</li>
 	<li>Pula (insurance)</li>
 	<li>Riby (infrastructure)</li>
 	<li>Tulaa (credit)</li>
</ul>
Multiple Regions
<ul>
 	<li>4Told Fintech (credit)</li>
 	<li>AID:Tech (payments &amp; remittances)</li>
 	<li>Blockbonds (savings &amp; personal financial management)</li>
 	<li>Click2Sure (insurance)</li>
 	<li>CreditEnable (credit)</li>
 	<li>Everest (infrastructure)</li>
 	<li>hiveonline (infrastructure)</li>
 	<li>Mosabi (credit)</li>
 	<li>Musoni Systems (infrastructure)</li>
 	<li>MyCash Online (payments &amp; remittances)</li>
 	<li>Peppermint (payments &amp; remittances)</li>
 	<li>Stonestep (insurance)</li>
 	<li>Teknospire (infrastructure)</li>
 	<li>Thunes (payments &amp; remittances)</li>
</ul>
Inclusive Fintech 50 is implemented by MIX, the global data resource for socially responsible investors and businesses committed to financial inclusion.
###
For media inquiries: 

Nikhil Gehani, MIX

<a href="mailto:ngehani@themix.org">ngehani@themix.org</a>

+1 248 388 1630

&nbsp;

Katie Mounts, Accion

<a href="mailto:kmounts@accion.org">kmounts@accion.org</a>

+1 202 280 5859

&nbsp;

About MetLife Foundation

At MetLife Foundation, we believe financial health belongs to everyone. We bring together bold solutions, deep financial expertise and meaningful grants to build financial health for people and communities that are underserved and aspire for more. We partner with organizations around the world to create financial health solutions and build stronger communities, engaging MetLife employees to help drive impact. To date, our financial health work has reached more than 6 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit <a href="http://www.metlife.org/">metlife.org</a>.

About Visa, Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit <a href="https://usa.visa.com/visa-everywhere/blog.html">About Visa</a> and<a href="https://twitter.com/visanews"> @VisaNews</a>.

About Accion Venture Lab

Accion Venture Lab is a seed-stage investment initiative focused on fintech for the underserved. Venture Lab invests capital in and provides support to innovative fintech startups that improve access, quality, and affordability of financial services for the underserved at scale. Since launching in 2012, Venture Lab has invested in 40 early-stage startups that operate in over 30 countries worldwide. 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 more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. For further information, visit <a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home">www.ifc.org</a>.

About MIX

MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance.  MIX’s data platform covers thousands of mission-focused financial service providers in more than 100 developing markets.  MIX collects, analyzes, and maintains data on financial services providers.  That data is shared both as a public good for the advancement of the industry and on a fee-paid basis for subscribers interested in more detailed market intelligence.  MIX helps socially responsible investors who move 10 billion USD annually to monitor their portfolios and increase their investments in underserved sectors and geographies, including agricultural finance and inclusive fintech.  Founded in 2002, MIX has data analysts in every region of the world.  Learn more at <a href="http://www.themix.org">http://www.themix.org</a>.

&nbsp;

&nbsp;

&nbsp;

Inclusive Fintech 50, global competition to elevate early-stage fintechs driving financial inclusion, announces winners

News

Landing funding for any entrepreneur can make or break your business. These ten entrepreneurs successfully landed funding and grew their businesses into well-known profitable companies.

But it isn’t just that investors funded them, it’s how they grew their businesses into something investors would support and how they sealed the deal.

10 South African Entrepreneurs Who Landed Funding – And How They Did It

Fintech is one of the most attractive tech sectors for investment in Africa — and Nigeria, together with South Africa and Kenya, is leading the way on the continent when it comes to the number of hot fintech investments.

A report (opens as a PDF) released in March by French venture capital (VC) firm Partech Africa found that at least 33% of total funding raised by African tech startups last year was in the fintech sector, with a total of 42 deals accounting for $379-million.

When it comes to disclosed 2018 deals of over $5-million, five Nigerian startups fintech startups — Mines, Flutterwave, Paga, Paystack and Lidya — raised close to $50-million, against South Africa’s Jumo and Yoco collective over $80-million last year.

Six Nigerian fintech startups to keep an eye on

Welcome back to the third episode of this brand new show, Fintech Insider USA! In this episode, we are extremely excited to bring you a brilliant interview with Michael Schlein, CEO and president at Accion!

Sam and Michael sit down to talk about the importance of financial inclusion and what Accion is doing to achieve that goal globally. Accion is a global non profit organsation dedicated to create a truly digitally inclusive world. What needs to be done to achieve this goal and what tools are used to reach the over 3 billion people who would otherwise be excluded from the financial system?

Next up, Sam and Michael talk about what the satellite and GPS industry can do for insurtech solutions such as bike insurance and single family farmers and explains why India is extremely exciting right now! Michael tells us his thoughts on what is the biggest global hold up is at the moment and what areas need improvement. Also, can you say that financial inclusion is only 1% finished?

Fintech Insider USA: Michael Schlein, Accion

In a new edition of Fintech Radar, Mexico regains its leadership as the largest Fintech ecosystem in Latin America with 394 Fintech startups, slightly ahead of Brazil, the region's second Fintech ecosystem with 380 startups, according to the latest available edition of the Fintech report in Latin America 2018: growth and consolidation published in November 2018 by the Inter-American Development Bank (IDB) and Finnovista.

The Mexican Fintech ecosystem regains leadership in Latin America and approaches the barrier of the 400 startups

Soft-pedalling any issue, reckons Rohan Kumar, doesn’t work. And when the numbers depict a shocking story, it’s prudent to step on the pedal. Take, for instance, the latest report by German insurance company Coya. Strasbourg in France tops the bicycle theft chart, followed by Copenhagen in Denmark and Hangzhou in China. “It’s a serious global menace,” says Kumar, co-founder and CEO of Toffee Insurance, an insurtech startup that provides niche insurance products such as cover for cycle theft and damages, daily commute insurance, dengue and backpack insurance. Riding a cycle might be child’s play, says Kumar, but taking it lightly can burn a hole in your pocket. This is what bicycle-sharing startups in China realised when some of them closed down due to alarming level of thefts.

Bicycle thieves: The surprising growth engine for Toffee Insurance

Today’s pipeline of attractive impact investments is built on yesterday’s unproven markets, unprepared enterprises and unappreciated customers.

From microfinance to affordable housing to off-grid renewable energy, segments once considered “concessionary” have developed into robust and mature opportunities for commercial investors seeking risk-adjusted market-rate returns.

Such market development doesn’t happen by itself, or all in the same way. In Episode 4 ofImpactAlpha’s Beyond Trade-offs series of podcasts, produced in collaboration with Omidyar Network, Vishal Mehta of Lok Capital recalls how the Delhi-based impact investor blended venture capital and grant funding to build markets for financial services, health care and education for low-income Indians.

Lok Capital: Blending commercial capital and smart subsidies for transformative impact (podcast)

Bengaluru-based digital lending company Kinara Capital has raised INR 100 Cr ($14.2 Mn) from private equity and impact investors, Gaja Capital, GAWA Capital, Michael &amp; Susan Dell Foundation and Patamar Capital.
Kinara Capital was founded in 2011 by Hardika Shah. It provides online loans between INR 2-25 Lakh ($2,855 – $3,569) range without property collateral to small businesses.
The <a class="external" href="https://kinaracapital.com/" target="_blank" rel="noopener nofollow noreferrer">company</a> is built on a fully digital platform, which eliminates paperwork and saves time for both customers and employees to fast track the credit decision process. The funds are disbursed within five to seven days of receiving the loan application. Kinara claims to have disbursed INR 1,160 Cr in over 33,785 loans till date.

Digital Lender Kinara Capital Raises $14 Mn From Impact Investors

Dvara KGFS, a non-banking finance company (NBFC) backed by Indian financial inclusion investor Dvara Trust, has raised INR970 million ($14 million) in Series E funding led by Stakeboat Capital.

India NBFC raises $14m Series E round

Financial inclusion services provider Dvara Kshetriya Gramin Financial Services Pvt. Ltd (Dvara KGFS) has raised Rs 97 crore ($14 million) in a Series E funding round.

Stakeboat Capital led the new round with LeapFrog Investments and parent Dvara Trust also participating, Dvara KGFS said in a statement.

Stakeboat is a private equity firm co-founded by serial entrepreneur GSK Velu while LeapFrog is an investment firm that focuses on emerging markets.
Dvara KGFS said it will use the money to enter new markets and improve its digital infrastructure to provide better services to its clients.

GSK Velu-backed Stakeboat leads Series E funding round in Dvara KGFS

Chennai-based Dvara KGFS is an initiative of financial services company Dvara Trust that focuses on financial inclusion in rural India. It has raised a 970 million rupee ($14 million) Series E equity round led by private equity firm Stakeboat Capital with backing from prior investors LeapFrog Investments, Dvara Trust and Accion.

Since launching in 2008, the company has grown its assets under management to 7.6 billion rupees ($110 million) and supported nearly 850,000 customers through 250 branches in four states. Dvara KGFS acquired microfinance institution Varam Capital in April, which extended Dvara’s presence into two new states: Jharkhand and Chattisgarh.

India’s Dvara KGFS raises $14 million for rural financial inclusion

Mumbai-based fintech startup ftcash has raised Rs 50 crore in a Series A round led by global nonprofit Accion and the Dutch development bank FMO with follow on participation from IvyCap Ventures, an Indian VC fund.

ftcash’s new round of funding will be used to accelerate product development and expand into new geographies.

"By using transaction data for credit assessment and leveraging repayments from the ftcash payments platform, ftcash is pioneering a model that can reach 60+ million micro-merchants in India, 96% of whom have been underserved by banks and traditional finance companies,” said Sanjeev Chandak, Co-founder and CEO, ftcash. Chandak says he took his inspiration for ftcash from the large potential of MSMEs and their role in growth of the economy, evident from his days at Deutsche Bank and Capital One.

“From day one, ftcash’s mission has been to bring change to the financial system so that small businesses can have faster and easier access to credit,” said Chandak. “With this round of funding and the expertise of our phenomenal investors and advisors, we are positioned to connect millions of underserved micro-merchants to financial services that can advance their lives."

FinTech Startup Ftcash Raises Rs 50 Cr From Accion, FMO And IvyCap Ventures

<a href="https://www.dvarakgfs.com/" target="_blank" rel="noopener noreferrer">Dvara Kshetriya Gramin Financial Services Private Limited (DVARA KGFS)</a> (formerly Pudhuaaru Financial Services Private Limited), a Chennai based financial inclusion company providing customer-centric services in rural India, raised INR 97 crores (approx. $14m) in Series E funding.

The round was led by Stakeboat Capital, with participation from existing investors LeapFrog Investment and Dvara Trust. Its other major shareholder Accion participated with additional funds in 2018.

DVARA KGFS Raises Approx. $14M in Series E Funding

Latest news

Web Summit brings together the people and companies redefining the global tech industry.

Event

Web Summit

Globally, some of the largest and fastest growing SME financiers may not have started as banks. From tech companies, logistics firms, commodities traders, and Fast-Moving Consumer Goods distributors, financial institutions are facing increasing competition from the real sector in financing small businesses. The real sector firms enjoy a competitive advantage in the form of large amounts of data and analytical skills, which give them insights into the behaviors of SME borrowers.

Global SME Finance Forum

The leading conference for innovation on financial services and the one with the greatest Fintech track in the Latin América region, FINNOSUMMIT, will be back stronger than ever in 2019. From September the 10th to 13th, to connect the Fintech and Insurtech ecosystem in order to foster the region’s industry transformation through collaboration.

FINNOSUMMIT

With elections taking place in more than 20 African countries in 2019, the world’s youngest continent is facing a new era. While significant progress has been made on the political and economic front, the continent continues to face significant challenges.

The 28th World Economic Forum on Africa aims to tackle these issues by focusing on how to scale up the transformation of regional architecture related to smart institutions, investment, integration, industry and innovation.

Participants will discuss ways to accelerate progress in five transformative pan-African agendas in the context of the Fourth Industrial Revolution:

· Strengthening governance and peace-building institutions

· Scaling up financing solutions and improving delivery of hard and soft infrastructure

· Increasing intra-African and value-added trade in global supply chains

· Developing future-ready knowledge, tools and systems to reinvigorate manufacturing

· Expanding innovative approaches to address the UN Sustainable Development Goals

The discussions will focus on key industries and build on the launch of the first African Affiliate Centre for the Fourth Industrial Revolution in South Africa.

World Economic Forum on Africa

Seamless East Africa, now in its 5th edition, has proven to be the flagship payments, fintech, banking and insurtech event of East Africa. The event has grown year on year, bringing together 1500+ payments , banking and fintech professionals to Nairobi from across 45 countries . Our audience consists of 83% decision makers and influencers , and is represented by all major banks in East Africa.

Seamless East Africa

RISE is produced by the team behind Web Summit and Collision – two of the largest and fastest-growing tech conferences on the planet.

This July, leaders from the world’s biggest companies and most exciting startups will flock to Hong Kong to share their stories. They’ll be joined by journalists from major global media outlets, hundreds of influential investors, and thousands of attendees for three days of unparalleled networking potential.

RISE

The Social Performance Task Force (SPTF) and the Smart Campaign invite you to attend Inclusive Digital Future: A Summit on Responsible Finance in Action taking place in Nairobi, Kenya from June 25th to 27th. 

Over the course of this three-day international forum - organized in partnership with MSC (Microsave Consulting) and ADA - we will confront the most pressing financial inclusion question of the day: How do we promote inclusion and trust in digital financial services while fostering innovation and growth?

The gathering will bring together financial service providers, regulators, investors, and DFS experts for two days of trainings, panels, and interactive breakout discussions, capped off by a field visit to leading Kenyan institutions engaged in digital transformation.

The Social Performance Task Force (SPTF) and the Smart Campaign invite you to attend Inclusive Digital Future: A Summit on Responsible Finance in Action taking place in Nairobi, Kenya from June 25th to 27th.

Over the course of this three-day international forum - organized in partnership with MSC (Microsave Consulting) and ADA - we will confront the most pressing financial inclusion question of the day: How do we promote inclusion and trust in digital financial services while fostering innovation and growth?

The gathering will bring together financial service providers, regulators, investors, and DFS experts for two days of trainings, panels, and interactive breakout discussions, capped off by a field visit to leading Kenyan institutions engaged in digital transformation.

Inclusive Digital Future: A Summit on Responsible Finance in Action

Part of the SuperReturn Series – the world's leading private equity & venture capital events

Part of the SuperReturn Series – the world's leading private equity &amp; venture capital events

SuperReturn Emerging Markets

ID4Africa is an ID-4-All movement that accompanies African nations on their journey to develop robust and responsible ID ecosystems around digital identity in the service of development, humanitarian action, security and facilitation. It is a tripartite with representation from African governments, development agencies and industry.

ID4Africa

Bank Negara Malaysia (BNM) will host Malaysia Fintech Week 2019, the first flagship event by the regulator focusing on fintech and tech transformation of financial services in Malaysia.

The week will be held as part of the Malaysia Tech Week. The event is expected to convene participants from across the fintech ecosystem including innovators, investors, policy-makers, academia, fintech influencers and industry leaders in  the fields of finance, banking and technology to explore the opportunities and challenges in harnessing fintech innovations to shape the future of the financial services industry.

Bank Negara Malaysia (BNM) will host Malaysia Fintech Week 2019, the first flagship event by the regulator focusing on fintech and tech transformation of financial services in Malaysia.

The week will be held as part of the Malaysia Tech Week. The event is expected to convene participants from across the fintech ecosystem including innovators, investors, policy-makers, academia, fintech influencers and industry leaders in the fields of finance, banking and technology to explore the opportunities and challenges in harnessing fintech innovations to shape the future of the financial services industry.

MyFintech Week

The FORTUNE CEO Initiative is a forum for corporate leaders who are committed to addressing major social problems as part of their core business strategies. The Initiative grew out of an historic meeting of 100 CEOs with Pope Francis at the Vatican in December 2016, and is based on a belief that infusing broader purpose into corporate strategies has become increasingly important in attracting and motivating talent, deepening bonds with consumers, steadying corporate reputation in an era of declining trust, and preserving a well-functioning society in a time of political tumult.

The FORTUNE CEO Initiative

In March 2019, Money20/20 Asia will once again focus the eyes of the financial world on APAC. From the next generation of fintech superstars to established Asian powerhouses and trailblazing start-ups from across the payments, fintech, and financial services ecosystem, the power in Money20/20 is that everyone shaping the future of money is there, every time.

<img class="alignnone size-medium wp-image-17627" src="https://content.accion.org/wp-content/uploads/2018/09/Web-banner-2-600x500-1548409686.8784-300x250.png" alt="" width="300" height="250" />

#MASAC for $250 off the prevailing price

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Money20/20 Asia

Inclusive Finance India Summit is a global platform to deliberate on issues related to financial inclusion, financial education, and financial stability.

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<img src="https://register.inclusivefinanceindia.org/images/inclusivefinanceindia-logo.png" />

Inclusive Finance India Summit

For 10 years, Sankalp has been convening the world's most promising entrepreneurs along with investors, policy makers, government officials, and many other ecosystem builders under one roof. This year, Sankalp Global Summit celebrates a decade of facilitating change in some of the world's most underserved communities. The Summit will explore what the coming years will look like for five high-impact sectors: agriculture, livelihoods, clean energy, financial inclusion, and health.

10th Global Sankalp Summit

From companies promoting women as senior executives to those providing services to women girls in developing countries, FT Investing for Good USA 2018 will explore the opportunities for gender lens investors to contribute to supporting women’s equality while also generating a return.

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