Partnership will work with fintechs and financial service providers to improve financial health of small businesses in emerging economies

Press Release

WASHINGTON, D.C., April 11, 2023 — Building on four years of work together to enable digital transformation among small businesses, Accion and the Mastercard Center for Inclusive Growth today announced a renewal of their partnership and a sustained commitment to improve the financial health of micro and small enterprises (MSEs) in emerging economies.

Over the next four years, supported by a new $15.8 million grant from the Mastercard Impact Fund, the partnership will aim to help 5 million MSEs, including 1 million women-owned businesses, actively use digital financial services to improve their financial health. Services provided under the partnership are expected to reach a total of 10.5 million people over the next four years.

From 2019 to 2022, Accion and Mastercard successfully helped more than 5.6 million MSEs and 12.8 million people benefit from digital financial services. <a href="https://www.accion.org/the-impact-of-digital-transformation-on-underserved-microbusinesses-findings-from-accions-partnership-with-mastercard" target="_blank" rel="noopener noreferrer">Research</a> conducted during the partnership showed that when financial service providers create products customized to the needs of underserved MSEs, small business owners are likely to be better prepared to survive economic downturns, improve their financial health, and continue providing jobs, goods, and services to their communities.

The continued partnership between Accion and Mastercard builds on the two organizations’ existing <a href="https://www.accion.org/mastercard-accion-partnering-inclusive-growth" target="_blank" rel="noopener noreferrer">digital transformation work</a> and recognizes how thriving small businesses — especially those that are women-owned — support employment and livelihoods in emerging economies.

In the next phase of the collaboration, the partnership will work with financial service providers and fintechs — including e-commerce and gig-economy platforms — to offer new products to MSEs, deepening their participation in the digital economy and advancing their financial health. The work will help integrate these businesses into a more inclusive MSE ecosystem by supporting early-stage fintechs to accelerate adoption of digital tools by MSEs, enabling platforms to provide embedded financial products tailored to MSEs, and strengthening the capacity of MSE-focused financial service providers to innovate through private sector partnerships. Research will be conducted throughout the partnership to continue to understand the key drivers of resilience and business growth of MSEs, as well as the impact of digital adoption.

“We’re excited to announce this next step in our partnership with the Mastercard Center for Inclusive Growth to connect more micro and small businesses to the digital economy and explore new ways to improve financial health”, said Michael Schlein, President and CEO of Accion. “Small businesses are a vital part of emerging economies around the world, providing essential jobs, goods, and services to their communities. Together, we’ve already helped more than 12.8 million people benefit from digital transformation. I’m thrilled to continue our partnership as we work to create a fair and inclusive economy where underserved people have quality financial choices and opportunities to improve their economic wellbeing.”

"The latest World Bank data shows that a sustained focus on financial inclusion has helped 76 percent of adults achieve access to the digital economy — but that isn’t enough,” said Shamina Singh, founder and president of the Mastercard Center for Inclusive Growth. “We have an opportunity to ensure that access becomes impact and that products serve people by being inclusive by design. Our partnership with Accion created digital lifelines during the pandemic, proving out the model in the toughest of circumstances. The next phase will unlock the potential of e-commerce platforms to accelerate growth and support fintechs at a critical juncture in our collective journey to shared prosperity."

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About Accion

Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.

About the Mastercard Center for Inclusive Growth

The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the center on <a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer">Twitter</a> and <a href="https://www.linkedin.com/showcase/9393243/admin/" target="_blank" rel="noopener noreferrer">LinkedIn</a> and <a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer">subscribe to its newsletter</a>.

Media Contact

Sally Bohrer

media@accion.org

+1 202-706-5858

Accion and Mastercard Renew Partnership, Aim to Connect 10.5 Million People to Digital Financial Services

Amee Parbhoo

News

In <a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">this article</a>, Amee Parbhoo shares why Accion Venture Lab is focusing on embedded finance. “We’re seeing a range of new revenue models and lending partnerships stemming from the power of embedded finance,” she said. She highlights Venture Lab's latest investments in Magma, Semaai, and Trukkr as examples of companies providing embedded financial services to underserved small business owners.

<a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">Read more</a>.

Accion Venture Lab bets on ‘embedded finance’ in India, Pakistan and Indonesia

<img class=" wp-image-27873 alignright" src="https://content.accion.org/wp-content/uploads/2023/03/IA50-1024x781.png" alt="IA50 badge" width="259" height="197" />BETHESDA, Md., March 14, 2023 – Accion has been selected for the <a href="https://impactassets.org/ia-50/" target="_blank" rel="noopener noreferrer">ImpactAssets 50 2023</a> (IA 50) list, a free publicly available, searchable database of impact investment fund managers for impact investors, family offices, corporations, foundations and institutional investors. Accion is featured in the Emeritus category, which recognizes impact fund managers who have been on the IA 50 for at least five years. This year marks the 11th time that Accion has been featured on the annual database.

Now in its twelfth year, the IA 50 continues to raise awareness of impact fund managers across impact areas, maturity, and geography, serving as a basis for deepening understanding of the field. Across all categories, a record 163 impact fund managers were included on this year’s list, totaling US$122.48 billion in assets, invested across a range of asset classes and impact themes.

“Accion is honored to be recognized by ImpactAssets for the 11th time, for our investments in companies that are addressing the needs of the world’s 1.8 billion financially underserved people,” said Michael Schlein, President and CEO of Accion. “As the world recovers from the pandemic and faces new economic shocks, we will continue to invest in inclusive fintechs that are providing innovative digital tools to help vulnerable populations build resilience and improve their livelihoods.”

“This year’s IA 50 showcase is a watershed, as the industry continues to allocate more investable assets into social and environmental solutions with both time-tested strategies and creative, new approaches,” said Jed Emerson, ImpactAssets Senior Fellow, IA 50 Review Committee Chair and Chief Impact Officer at <a href="https://tiedemannadvisors.com/" target="_blank" rel="noopener noreferrer">AlTi Global</a>. “Established funds continue to impress, while new funds are bringing fresh approaches and insights that move the needle in critical areas through impact investing.”

“What makes the IA 50 so special is its independent Review Committee, comprised of a diverse mix of industry veterans, expert practitioners and impact champions” said Margret Trilli, CEO and Chief Investment Officer at ImpactAssets. “Throughout the IA 50’s 12-year tenure, we have honed a rigorous application, analysis and scoring process to support the Review Committee in selecting interesting fund managers for the IA 50 directory. In doing so, the IA 50 has become a staple resource for investors to source impact investment ideas to consider for their own due diligence.”

Accion invests in products and services to benefit the world’s 1.8 billion financially underserved people, advanced through <a href="https://www.accion.org/how-we-work/invest" target="_blank" rel="noopener noreferrer">impact investment initiatives</a> 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.

<hr />

<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h3>About the ImpactAssets 50 </h3>
The IA 50 is the first publicly available database that provides a gateway into the world of impact investing for donors and/or investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment opportunities. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list. Firms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.

The IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2023, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact and be available for US investment. Additional details on the selection process are available <a href="https://www.impactassets.org/IA-50" target="_blank" rel="noopener noreferrer">here</a>.

The IA 50 Emerging Impact Managers list is intended to spotlight newer fund managers to watch that demonstrate potential to create meaningful impact. Criteria such as minimum track record or minimum assets under management may not be applicable.

The IA 50 Emeritus Impact Managers list illuminates impact fund managers who have achieved consistent recognition on the IA 50.
<h3>About ImpactAssets </h3>
ImpactAssets is an impact investing trailblazer, dedicated to changing the trajectory of our planet’s future and improving the lives of all people. As a leading impact investing firm, we offer deep strategic expertise to help our clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with our clients through our impact investment platform and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers.  ImpactAssets has more than $2 billion in assets in 1,700 donor advised fund accounts, working with purpose-driven individuals and their wealth managers, family offices, foundations and corporations. ImpactAssets is an independent 501(c)(3) organization.

Global Nonprofit Accion Selected for the ImpactAssets 50 2023 List of Fund Managers Delivering Social and Environmental Impact

Michael Schlein

In <a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">this podcast episode</a>, Michael Schlein speaks with Moov Financial CEO Wade Arnold and host Chris Hood on the role of fintechs in improving financial inclusion. “We can find ways of reaching people we’ve never reached before. So I’m very optimistic. Unfortunately, poverty is increasing, but digital acceptance is accelerating," he said.

<a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">Listen here</a>.

Financial Inclusion with Wade Arnold and Michael Schlein

Trukkr’s platform provides supply chain solutions and financial products to open opportunities for Pakistan’s underserved small trucking companies 

Karachi, Pakistan, March 7th, 2023 – Trukkr, a fintech platform for Pakistan’s trucking industry, announced today that it has raised $6.4 million in a seed round led by Accion Venture Lab and Sturgeon Capital, with participation from Peter Findley, Haitou Global and Al Zayani Venture Capital.

Trukkr’s SaaS platform provides supply chain solutions and financial products to Pakistan’s small and medium-sized trucking companies that are historically underserved. Less than 5% of trucking companies using Trukkr’s platform have access to financial services, and often must wait up to 90 days for payment for services rendered, leaving companies unable to cover expenses such as fuel, tolls, and truck maintenance. Trukkr fills this critical gap in financing by using logistics data to underwrite loans to trucking companies, enabling them to scale their businesses and increase revenues. Companies are also able to track their expenses, access invoices, and bid on job opportunities via Trukkr’s digital app.

Trukkr also addresses pain points for large suppliers with its proprietary SaaS product, allowing supplier clients to digitally connect with trucking companies to transport their goods, track their shipments as they move, and optimize efficiency. Over the past 12 months, the company has added more than 20,000 trucking companies onto the Trukkr Platform.

“Trukkr was founded to drive financial inclusion for an underserved sector that is the lifeblood of Pakistan – logistics. Pakistan is a largely industrial and agrarian export-based economy, and being a largely fragmented sector, we have worked incredibly hard at the grassroots level to build trust and digitize the 350,000+ independent operators that constitute more than 90% of all truck drivers in Pakistan,” said Sheryar Bawany, CEO and Co-Founder of Trukkr.

“We’re extremely excited to bring onboard amazing partners as we continue our growth and expansion. We have built a powerful engine of growth and inclusion, with a unique origination and underwriting model built for developing markets that has enabled us to grow smartly, safely, and scale-ably across an ever-changing global economic landscape,” added Mishal Adamjee, Co-Founder of Trukkr.

“Truck drivers are the backbone of the Pakistani economy, ferrying essential goods and services across the country, but formal financial institutions struggle to support these drivers. Trukkr’s logistics platform provides Pakistan’s truck drivers with the digital financial services and products they need to grow their businesses, while also creating a more robust, digitalized supply chain,” said Rahil Rangwala, co-Managing Partner of Accion Venture Lab. “We are excited to support Trukkr’s journey as they transform Pakistan’s logistics market.”

“When we think about fintech lending businesses in emerging markets, two of the key challenges startups must solve for are data and distribution. This data challenge is exacerbated in the opaque, offline trucking market in Pakistan there and the participants have historically been chronically underserved by traditional financial institutions,” said Robin Butler, Partner and Head of Impact at Sturgeon Capital. “Trukkr’s solution to this challenge is unique, powerful, and scalable. Through its software solutions, Trukkr is deeply embedded and integrated into the workflows of both the corporates and the truckers, providing Trukkr with high quality data and a ready distribution channel for working capital and other lending products. Combined with the complimentary depth and breadth of experience across the founding team, Sturgeon is excited to be backing Trukkr as it continues to solve the key pain points of the large and inefficient trucking industry in Pakistan.”

<hr />

<h3>About Trukkr</h3>
Trukkr Pvt Ltd. is a fintech company aimed at providing financial inclusive products to the $35b logistics sector in Pakistan through its technology enterprise platform, which allows users to manage their logistics supply chain while providing small and medium sized carriers financial products aimed at improving financial outcomes for a historically underserved market.
<h3>About Accion Venture Lab</h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups, focused on affordable, well-designed financial services that enable economic growth and prosperity for underserved populations in the world. It has invested in more than 60 early-stage startups operating in more than 35 countries, focusing on the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale.

Accion Venture Lab is a part of Accion, a global non-profit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. Since 1961, Accion has increased access to inclusive financial services for tens of millions of people through its work with more than 200 partners in 63 countries.

For more information, visit <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer">accion.org/venturelab</a>.
<h3>About Sturgeon Capital</h3>
Sturgeon Capital is a London-based VC investing in early-stage technology startups in emerging markets at the beginning of their digital transition. Sturgeon is a for-profit and for-impact investor, and its portfolio companies are solving the fundamental problems affecting the day to day lives of businesses and consumers.

Trukkr raises $6.4 million from Accion Venture Lab and Sturgeon Capital to digitize Pakistan’s trucking industry

Funding led by Accion Venture Lab and XA Network will be used to expand Semaai’s product and consultancy offerings for Indonesia’s rural agriculture communities. In just over a year, Semaai’s monthly transactions on its B2B marketplace for agri-inputs have increased by 37 times, and its services have impacted 2.6 million farmers in the Central Java region

Singapore, 27 February 2023 – Semaai, an AgTech startup based in Indonesia, today announced it has closed a bridge funding round led by Accion Venture Lab and XA Network, with participation from existing investors Surge, the rapid scale-up program by Sequoia India &amp; Southeast Asia, and Beenext. The new round brings Semaai’s funding raised to date to US$2.9 million, and will support the company to expand product offerings for underserved farmers and agri-retailers to help them maximise their earning potential and revitalise rural agricultural communities in Indonesia.

Semaai provides an integrated digital ecosystem that addresses supply chain disruptions and fills knowledge gaps for Indonesia’s agri MSMEs such as rural agri-input retailers, known locally as toko tanis, and the smallholder farmers they serve. Due to fragmented and complex agricultural supply chains, both toko tanis and farmers must deal with opaque pricing, lack of access to affordable farming inputs, and a widening mismatch in the supply and demand of agricultural produce.

Semaai’s solution encompasses three key services that address systemic issues within the country's <a href="https://www.bps.go.id/indicator/11/65/1/-2010-version-gdp-at-2010-version.html" target="_blank" rel="noopener noreferrer">$100 billion</a> agriculture industry. It provides toko tanis and farmers with a B2B digital marketplace for agricultural inputs such as seed and fertilisers, access to better agricultural produce markets, and agronomy advisory services to improve their farming practices. The new funds will be used to support Semaai’s product expansion, which includes building digital advisory services for agri-retailers and farmers, as well as a new app to enable farmers to access agricultural inputs that are affordable and located nearby.

“Agri-MSMEs play an important role as aggregators and are often much more tech-savvy than farmers, but they lack an all-in-one solution for agronomy, product knowledge and price transparency. We believe that empowering them will help these businesses better serve farmers. We are thrilled to have Accion Venture Lab, XA networks, and our existing investors as they share our vision and belief in delivering impact,” said Muhammad Yoga Anindito, co-founder and CEO of Semaai.

“Farmers play an important role in Indonesia’s $100 billion agriculture sector and we see a huge opportunity to provide the digital tools and credit needed to scale their businesses and improve their livelihoods. We’re excited to partner with Semaai as their full stack online marketplace accelerates the digital transformation of Indonesia’s small agri-retailers and the farmers they serve,” said Rahil Rangwala, co-Managing Partner of Accion Venture Lab.

Since its launch in August 2021, Semaai has built a strong network of toko tanis and smallholder farmers in more than 2,980 villages in Central Java, with the number of active agri-retailer and MSME users on Semaai’s digital marketplace currently serving 2.6 million farmers in the region. In 2022, monthly transactions on Semaai’s marketplace grew by 37 times, and monthly revenues for Semaai increased by 20 times. Semaai also purchases produce from its network of farmers and distributes it to large e-commerce companies in Indonesia. Profits from these sales are channelled back into the business, ensuring a sustainable cycle of growth.

<hr />

<h3>About Semaai</h3>
Semaai is a ‘farmer-first’ company building full-stack agri-tech solutions to help farmers and rural MSMEs such as toko tanis in Indonesia to maximise their earning potential and gain access to better financing, services and new markets. Through a growing network of rural partner MSMEs, Semaai provides a full suite of agricultural services, such as customised consultancy, productivity tools, farming inputs such as seed and fertiliser products and access to better markets.

For further information, please visit us at <a href="https://www.semaai.com/" target="_blank" rel="noopener noreferrer">https://www.semaai.com/</a> or follow us on <a href="https://www.linkedin.com/company/semaai/" target="_blank" rel="noopener noreferrer">LinkedIn</a>, <a href="https://www.facebook.com/semaai.ID/" target="_blank" rel="noopener noreferrer">Facebook</a>, <a href="https://www.instagram.com/semaai.id/" target="_blank" rel="noopener noreferrer">Instagram</a> and <a href="https://twitter.com/semaai_id" target="_blank" rel="noopener noreferrer">Twitter</a>.
<h3>About Accion Venture Lab</h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups, focused on affordable, well-designed financial services that enable economic growth and prosperity for underserved populations in the world. It has invested in more than 60 early-stage startups operating in more than 35 countries, focusing on the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale.

Accion Venture Lab is a part of Accion, a global non-profit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. Since 1961, Accion has increased access to inclusive financial services for tens of millions of people through its work with more than 200 partners in 63 countries. For more information, visit <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer">accion.org/venturelab</a>.
<h3>About Surge</h3>
Surge is Sequoia Capital India and Southeast Asia’s rapid-scale up program. Surge combines up to USD 3 Mn of seed capital with company-building workshops, a global curriculum and support from a community of exceptional mentors and founders. The program’s goal is to supercharge early-stage startups in India and Southeast Asia and give founders an unfair advantage, right out of the gate.

For more information on Surge, visit <a href="http://www.surgeahead.com" target="_blank" rel="noopener noreferrer">www.surgeahead.com</a>.
<h3>About Sequoia Capital India and Southeast Asia</h3>
Sequoia helps daring founders build legendary companies, from idea to IPO to beyond.

Sequoia Capital India and Sequoia Capital Southeast Asia actively partner with founders from a wide range of companies, across categories, including BYJUs, CRED, Druva, Five Star Finance, Freshworks, GoTo, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and more.

We spur founders to push the boundaries of what's possible. In partnering with Sequoia, startups benefit with over 50 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on.

From the beginning universities, endowments, and other non profits have been the backbone of our investor base which means founders' accomplishments make a meaningful difference. For more information on Sequoia's work in India and Southeast Asia visit <a href="http://sequoiacap.com/India" target="_blank" rel="noopener noreferrer">sequoiacap.com/India</a> and <a href="http://sequoiacap.com/sea" target="_blank" rel="noopener noreferrer">sequoiacap.com/sea</a>.
<h3>Media inquiries</h3>
For further information, please contact <a href="mailto:surge@aka-asia.com" target="_blank" rel="noopener noreferrer">surge@aka-asia.com</a>.

Indonesian AgTech Startup Semaai Closes a Bridge Funding round, Bringing Total raised to US$2.9 million

Accion Venture Lab completed a new investment in Magma, a B2B marketplace platform for India's construction industry. The seed round was led by General Catalyst.

<a href="https://www.vccircle.com/generalcatalyst-accion-others-back-magma" target="_blank" rel="noopener noreferrer">Read more</a>.

General Catalyst, Accion, others back Magma

Seed round funding includes $2.8 million in equity and $500K in debt; Magma plans to allocate these funds towards scaling up current operations, teams and factory stack

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Ahmedabad, Gujarat February 8, 2023 – B2B manufacturing and supply chain enablement platform for building materials, Magma has raised $3.3 million in its seed round led by General Catalyst, with participation from Accion Venture Lab and Titan Capital. The funding round also saw participation from Unicorn founder angels including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) &amp; Srini (BigBasket, Bluestone) and existing investors WEH ventures and All in Capital also doubled down in this round. The company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist &amp; grow the team.

Magma is a global supply-first aggregator in the building materials industry with a mission of helping factories become export ready. The company’s product stack includes factory &amp; supplier specific applications that help partner factories in 1-click procurement of cheaper and quality raw materials leading to better conversion and retention, find global buyers through its AI-based lead generation tool &amp; get access to energy and resources for their day to day production. Magma has already onboarded over 80 factories and is projecting to close its first financial year in March 2023 with an annualised GMV run rate of Rs 150 crores ($18MM USD).

Neal Thakker, Founder and CEO, Magma said “Post covid, factories and suppliers are moving their base from China to Southeast Asia, with India being on the forefront. Additional efforts have been put in by international buyers to diversify their sourcing, further presenting an opportunity for local manufacturers to take a significant wallet share. For a sustainable transition, we must ensure that factories in India are adapting to new practices, responsible production techniques, and using quality raw materials. At Magma, we enable factories not only to cater to global buyers with best quality products but also improve their efficiency and profitability. With the new funding, we are excited to continue serving millions of manufacturers aspiring to be a global player through our platform.”

Anand Chandrasekaran, Partner at General Catalyst, said “We believe that India is emerging as a global manufacturing hub. This is leading to the digitization and upskilling of factories, such as those Magma is empowering in Morbi, Gujarat and other parts of India. We are excited to partner with Magma on their journey to digitize the ceramics industry in India and help their customers compete on a global scale."

<hr />

<h3>About Magma:</h3>
Founded in February 2022, Magma is a B2B supply chain enablement startup operating in the building and construction materials space, acting as a full-stack solution for factories and manufacturers in ceramics, industrial chemicals and sanitary ware verticals for their raw material, energy, inventory, and demand requirements. In August 2022, Magma raised funding of $515K in pre-seed round with participation from WEH ventures, All in capital, PointOne Capital, Angelist India, along with notable angel investors including founders of Groyyo, Fashinza, ManMatters &amp; more. Magma’s vision is to build the modern factory stack for manufacturers in Asia &amp; leverage the China+1 manufacturing shift.

Magma’s suite of tech products acts as a true blue partner for factories across all core avenues of their business - get access to right energy and resources for their day to day production, procure cheaper &amp; quality raw materials leading to better sales &amp; profitability and easy-to-use technology to enable faster growth and standardised factory floors.

For more information, visit <a href="https://magmafactory.com/" target="_blank" rel="noopener noreferrer">https://magmafactory.com/</a> and follow us on <a href="https://www.linkedin.com/company/magma-wholesale/?originalSubdomain=in" target="_blank" rel="noopener noreferrer">LinkedIn</a>.

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<h3>About General Catalyst:</h3>
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: <a href="http://www.generalcatalyst.com" target="_blank" rel="noopener noreferrer">www.generalcatalyst.com</a>.
<h4>Press Contact:</h4>
Daylon Dcruz, Pitchfork Partners Email: <a href="mailto:daylon.dcruz@pitchforkpartners.com" target="_blank" rel="noopener noreferrer">daylon.dcruz@pitchforkpartners.com</a> Contact: +91 98207 95501

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B2B manufacturing platform Magma raises $3.3 million in Seed Funding from General Catalyst, Accion Venture Lab, and top Operator Angels

Accion will partner with local financial service providers, businesses, and community organizations to provide access to working capital and other opportunities for women refugees and entrepreneurs

Washington, DC, February 1, 2023 – Global nonprofit Accion today announced a $1 million grant from the Conrad N. Hilton Foundation to increase access to financial services and entrepreneurship opportunities for refugee women in Ethiopia and Uganda. Accion will partner with local financial service providers to better understand the needs of refugees and their host communities, while expanding access to income-generating opportunities, working capital, and training to refugee women.

Ethiopia and Uganda host more than two million refugees that are typically located in rural communities underserved by social services and employment opportunities. Refugees face barriers to accessing financial services and employment due to lack of identification, digital literacy, and mobile phones. Women are especially constrained by childcare and household responsibilities, which may limit their ability to work outside of the home.

Through partnerships with financial service providers and fast-moving consumer goods (FMCG) companies, Accion will expand access to business opportunities, such as e-commerce, for income generation, as well as training and access to affordable capital to provide new opportunities for women to start their own businesses. Accion will also work with local financial service providers to develop new solutions tailored to the needs of refugee women and their families and promote financial resilience and well-being.

“We are excited to partner with the Hilton Foundation to provide women refugees with access to financial services, enabling them to build economic resilience by setting up small businesses that serve their communities,” said Michael Schlein, President and CEO of Accion. “Together with our partners, Accion is focused on providing responsible financial services that meet the needs of women and underserved people around the world.”

“We are proud to support Accion’s work to improve the lives of refugee and host community women in Ethiopia and Uganda,” said Barri Shorey, Senior Program Officer for the Refugees initiative at the Conrad N. Hilton Foundation. “Ensuring women’s access to employment, entrepreneurship, and financial services is crucial not only for their family’s livelihoods and well-being but also for local and national economies.”

In Uganda, Accion has a long-standing partnership with UGAFODE, a microfinance deposit institution, on a Financial Inclusion for Refugees initiative. Over the next two years, Accion and UGAFODE will continue to expand access to financial services to refugee women in Uganda, including savings and credit products, and financial literacy and capacity building programs.

In Ethiopia, Accion is working with several partners across the ecosystem to develop, pilot, and scale a micro-retailer distributorship program, which will provide credit products to refugee women to start their own businesses, as well as additional logistics support and training.

New partnerships with local financial service providers, corporates, technology companies, and humanitarian organizations operating in these communities will be developed over the course of the program, providing new products and services that meet the needs of refugee women and their communities, ensuring a pathway to sustainable and scalable solutions.

###
<h3>About Accion </h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. Since 1961, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h3>About the Conrad N. Hilton Foundation</h3>
International hotelier Conrad N. Hilton established the grantmaking foundation that bears his name in 1944 to help people living in poverty and experiencing disadvantage worldwide. Today, the work continues, concentrating on efforts to ensure healthy early childhood development and sustainable livelihoods for youth, support young people transitioning out of foster care, improve access to housing and support services for people experiencing homelessness, identify solutions to safe water access, and lift the work of Catholic sisters. Additionally, following selection by an independent, international jury, the Foundation annually awards the $2.5 million Conrad N. Hilton Humanitarian Prize to an organization doing extraordinary work to reduce human suffering. The Foundation is one of the world’s largest, with approximately $8.5 billion in assets. It has awarded grants to date totaling more than $2.4 billion, $339 million worldwide in 2021. Please visit <a href="http://www.hiltonfoundation.org/" target="_blank" rel="noopener noreferrer">www.hiltonfoundation.org</a> for more information.

Accion Receives Grant from the Conrad N. Hilton Foundation to Increase Livelihood Opportunities for Refugee Women in Ethiopia and Uganda

Michael Schlein gave an opening speech at the BRI Microfinance Outlook 2023 on the potential of digital financial services to bring underserved populations, especially small businesses, into the global financial system. He highlighted several Accion partners in his speech, including MyRobin, BukuWarung, and Genesis. Michael's speech begins in the video at 06:31.

<a href="https://www.cnbcindonesia.com/market/20230126124618-19-408439/optimisme-pengembangan-inklusi-keuangan-digitalisasi-umkm" target="_blank" rel="noopener noreferrer">Read more and watch the video.</a>

Optimism in the Development of Financial Inclusion & Digitalization of MSMEs (Optimisme Pengembangan Inklusi Keuangan & Digitalisasi UMKM)

Jasiel Martin-Odoom

<a href="https://www.benjamindada.com/jasiel-martin-odoom-accion-venture-lab/" target="_blank" rel="noopener noreferrer">In this interview</a>, Accion Venture Lab's Jasiel Martin-Odoom shares his career journey and how Accion Venture Lab is approaching investments in 2023.

<a href="https://www.benjamindada.com/jasiel-martin-odoom-accion-venture-lab/" target="_blank" rel="noopener noreferrer">Read more</a>.

How Jasiel Martin-Odoom helped 100+ startups that raised $2.5 billion in funding

Accion Venture Lab's Jasiel Martin-Odoom spoke in <a href="https://techpoint.africa/2022/12/29/2023-vc-predictions/" target="_blank" rel="noopener noreferrer">this article</a> on 2023 startup trends in Africa, including an increased focus on supporting informal workers, and how investors will help drive value to portfolio companies amid economic downturns.

<a href="https://techpoint.africa/2022/12/29/2023-vc-predictions/" target="_blank" rel="noopener noreferrer">Read more</a>.

From continued capital crunch to shortage of IT talent, what does 2023 hold for African startups?

Findings from a four-year program between Accion and Mastercard demonstrate importance of accelerating digital transformation

WASHINGTON, D.C., Nov. 10, 2022 — Small business owners in emerging economies are facing multiple challenging circumstances, from rising prices and high import costs to new obstacles posed by climate disasters. As the global economy continues to go digital, a new report from global nonprofit Accion and the Mastercard Center for Inclusive Growth shows what small businesses and their clients can gain from digitalization and demonstrates how digital tools designed for small businesses can advance economic inclusion.  

The report presents learnings from a four-year program, launched in 2019 and continuing through the COVID-19 global pandemic, in which Accion, supported by the Mastercard Center for Inclusive Growth, worked with nine financial service providers and 50 fintech startups around the world to help small businesses leverage digital tools. The findings demonstrate the importance of accelerating the digital transformation of small businesses, which account for 90 percent of businesses worldwide and create seven out of 10 jobs in emerging markets.  

Over a four-year period: 
<ul>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1">Digital adoption increased among women entrepreneurs. Women accounted for 75 percent of new product users, demonstrating the potential of digital tools to expand access to financial services for women and other underserved people.  </li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1">Financial health improved. Nearly 80 percent of product users interviewed across five countries reported increased capacity to manage financial challenges, including the ability to repay loans on time or access credit for their business needs, which they attributed to products developed by the partnership.  </li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1">Digital tools boosted productivity and growth. Digital product users reported a 30 percent increase in business growth activities with more than 61 percent linking these improvements, at least partially, to the digital products used. </li>
 	<li data-leveltext="" data-font="Symbol" data-listid="2" data-list-defn-props="{&quot;335552541&quot;:1,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}" aria-setsize="-1" data-aria-posinset="4" data-aria-level="1">30-day usage of digital tools by unique users increased by 400 percent, showing that people were not only accessing the tools but consistently using them. Tools included products designed to support financial literacy, digital savings, and short-term loans for underserved businesses. </li>
</ul>
As the program concludes, the report reveals that more than 11.5 million people benefited from digital transformation, including more than 4.4 million micro and small businesses that now use digital tools on a regular basis. From April 2021 to April 2022, the number of active digital users (one year active) increased by more than 1.1 million across all program partners, with 800,000 added in the final six months alone.  

Michael Schlein, President and CEO of Accion, said: “Small businesses are the backbone of local communities, and the rapidly digitizing economy presents new opportunities to provide them with more and better financial services. We have shown that when financial service providers and fintechs design digital products and services that meet the needs of micro and small businesses and their clients, people will use them. We’re excited by the potential of these products to improve the financial wellbeing and resilience of millions of people around the world.” 

“Our work with Accion shows that digital financial tools can be game-changers for small businesses and the people around the world who run them,” said Shamina Singh, Founder and President of the Mastercard Center for Inclusive Growth. “The positive impact we’ve seen as women business owners embrace digitalization is especially encouraging, and we hope to further enable that trend as our partnership moves forward. This program not only confirms early learnings about the potential for the digital economy to empower small business success, but it provides an evidence base for the opportunity we have in this moment to unlock the financial health of underserved people through digital tools and services.” 

In addition to addressing the digital transformation of micro and small business-focused financial service providers, the program provided support to fintechs serving micro and small businesses globally, offered COVID-19 resources to small businesses in the U.S., and conducted research on the micro and small business impacts of the pandemic. As restrictions on movement lifted, the program focused on long-term digital transformation strategies to connect underserved people to new economic opportunities. 

Experts from Accion, Mastercard, and financial institutions leading on digital transformation will discuss the report’s findings, lessons learned, and best practices for the future at the Digital Transformation Forum in London on November 15, <a href="https://www.accion.org/digital-transformation-forum" target="_blank" rel="noopener noreferrer">available by livestream here</a>. 

### 
<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 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>. 
<h3>About the Mastercard Center for Inclusive Growth </h3>
The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the center on <a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer">Twitter</a> and <a href="https://www.linkedin.com/showcase/9393243/admin/" target="_blank" rel="noopener noreferrer">LinkedIn</a> and <a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer">subscribe to its newsletter</a>.  
<h3>Report </h3>
“<a href="https://www.accion.org/the-impact-of-digital-transformation-on-underserved-microbusinesses-findings-from-accions-partnership-with-mastercard" target="_blank" rel="noopener noreferrer">The Impact of Digital Transformation on Underserved Microbusinesses: Findings from Accion’s Partnership with Mastercard</a>,” November 2022 
<h3>Media Contact </h3>
Sarah Marston 

<a href="mailto:smarston@accion.org" target="_blank" rel="noopener noreferrer">smarston@accion.org</a> 

+1 202-706-5858

Digital Adoption Essential for Financial Health and Resilience of Small Businesses Globally

This recap of Accion Venture Lab's Fintech for Inclusion Global Summit in the Hague shares insights from Amee Parbhoo as well as the leaders of Venture Lab portfolio companies Community Investment Management, Field, and Tienda Pago, on the current investment climate and the future of inclusive fintech.

<a href="https://impactalpha.com/inclusive-fintech-firms-build-on-gains-to-help-micro-and-small-businesses-weather-the-economic-storm/" target="_blank" rel="noopener noreferrer">Read more</a>.

Inclusive fintechs build on gains to help emerging market businesses weather the economic storm

This blog authored by Christina Trampota shares key takeaways from the panel she moderated during Financial Inclusion Week, “Inclusive Growth in a Digital Era: Priorities for the Future," which featured Michael Schlein alongside leaders from the World Bank, Visa, and Jumia. You can watch the full session <a href="http://email.accion.org/c/eJxVjs1qwzAQhJ_GPpr9kbTegw4tbSDHHvoA0kqODW1cHCemffqqx8LADMPANzViCOJBiLQvUYu5FpZIQIQI3FxABwU1LAwZHFUbS-cgmS3rdVi3Sz9HcYGTkGPzVafqPY5K6DipcPYB-4847_vXreOnjk5Nx3EM3-t9v-c62Pr516Td5o5Pj45f3hepZ7g9v25v_RZ_jnS9_Cfu0UYEb6xKWUMqTsGmQFbEFzKpqU0q4JRT45svAdr7BCbTxJplRBX8BWfMSAk" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-safelink="true" data-linkindex="2">here</a>.

Read more about this blog <a href="https://tektalk.medium.com/inclusive-growth-for-the-future-78e09214f7b4" target="_blank" rel="noopener noreferrer">here</a>.

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