Press Release

<strong><em>Washington, DC, July 25, 2022</em></strong> – Global nonprofit Accion announced today the appointment of Beverly Anderson and the return of Nick Talwar to the organization’s Board of Directors. Talwar previously served on Accion’s Board of Directors from 2016 to 2018, and before that, he served on the Board of Directors for the Accion U.S. Network from 2014 to 2016.

“We are thrilled to welcome Beverly to the Accion Board of Directors, and to welcome Nick back,” said Accion Board Chair Diana Taylor. “Beverly’s significant experience focused on developing and delivering products that meet the needs of consumers supports Accion's mission to reach the world’s 1.8 billion people who are financially underserved. As a previous Board member, Nick brings a passion for our mission, as well as a unique perspective as both a startup founder and investor that will be invaluable as we continue our work to support the next generation of inclusive fintech startups that are leveraging innovative technologies to address the challenges faced by vulnerable populations.”

Beverly Anderson has extensive experience building businesses, driving growth and innovation, and delivering significant results across the financial services, payments, and fintech industries. She is currently a Board Director of Expedia Group and advises several early and late-stage fintech and healthtech companies. Previously, Anderson was the President of Global Consumer Solutions at Equifax, where she was responsible for the strategy development, growth, and profitability of businesses that provide credit, identity, and financial education products and services.

Prior to joining Equifax, Anderson held roles at Wells Fargo, American Express, and a number of other financial institutions.  She was also the first female and African American Principal at the startup consulting firm, Novantas LLC, leading the customer experience and customer strategies practices. Anderson is a Board member of the Harvard Business School African-American Alumni Association, and spearheaded its revitalization efforts over the last three years.  She is currently a member of Black Women on Boards and a member of Glynn 100, a curated network of industry leaders at Glynn Capital.  She is a former Board Chair of the Council of Urban Professionals and has also served on the foundation boards of both Wells Fargo and Equifax. Anderson graduated summa cum laude with a BS in Business from Florida A&amp;M University and received her MBA with distinction from Harvard Business School.

Nick Talwar is a General Partner and Co-founder at Orange Ventures, an early-stage venture fund that invests in businesses that employ computation and software design to transform established industries with an opportunity for disruption. Talwar founded Orange after a career as an operator and investor at the intersection of technology and financial services, holding executive positions at CircleUp, Apis Partners, Uber, Amazon, and Visa.

Talwar is a Fellow of the Aspen Institute Finance Leaders Fellowship and a member of the Aspen Global Leadership Network. He was also nominated in 2013 for the Young Global Leader program of the World Economic Forum. In addition to his roles on the Accion and Accion U.S. Network boards, Talwar has served on the boards of Payjoy, Baobab, Alt.Bank, Rapido, and Shuttl. Talwar has a BS in International Politics from Georgetown University's School of Foreign Service, where he is currently a board member, and an MBA from the University of Pennsylvania's Wharton School.

###
<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 1.8 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 200 partners in 63 countries. More at <a href="http://www.accion.org/" target="_blank" rel="noopener noreferrer"><strong>http://www.accion.org</strong></a>.

Beverly Anderson and Nick Talwar Named to Accion Board of Directors

Michael Schlein

News

Michael Schlein spoke to Devex about the latest edition of the <a href="https://www.worldbank.org/en/publication/globalfindex" target="_blank" rel="noopener noreferrer">Global Findex</a>, on how the pandemic has created both challenges and opportunities for financial inclusion.

<a href="https://www.devex.com/news/devex-invested-a-once-in-a-lifetime-chance-for-financial-inclusion-103542" target="_blank" rel="noopener noreferrer">Read more</a>.

Devex Invested: A 'once-in-a-lifetime' chance for financial inclusion

Accion Venture Lab completed a new investment in AquaExchange, which provides full-stack digital and proprietary farm management solutions and financial services to aquaculture (fish and shrimp) farmers in India. Venture Lab co-led the pre-Series A round with Endiya Partners.

<a href="https://www.business-standard.com/article/companies/aquaexchange-raises-3-mn-from-endiya-partners-accion-venture-lab-122063000312_1.html" target="_blank" rel="noopener noreferrer">Read more</a>.

AquaExchange raises $3 mn from Endiya Partners, Accion Venture Lab

AquaExchange’s IoT-powered technology helps India’s shrimp and fish farmers improve productivity and increase profits

<em><strong>Hyderabad, India, 30 June 2022:</strong></em> AquaExchange, a full-stack, tech-driven platform serving India’s multi-billion-dollar shrimp &amp; fish ecosystem, has raised $3 million in Pre-Series A funding from Endiya Partners and Accion Venture Lab, with participation from existing investors. The company will deploy the capital in strengthening its technology, e-commerce operations &amp; expanding its farm automation footprint to over 1 Lakh acres of farms by FY23 ending March 2023.

AquaExchange’s vision is to improve farmer productivity and livelihoods by ushering in AquaCulture 4.0 into India. Started in 2020, the company has already touched lives of thousands of Indian farmers with its patented tech and is demonstrating its value proposition to all stakeholders in the ecosystem.

The startup operates across the value chain through: a) Fintech enabled e-commerce platform – that offers high quality inputs at best prices directly from manufacturers; b) unique ‘Hardware-as-a-Service’ model for farm automation – smart, reliable and easy-to-deploy IoT devices under the brand name ‘NextAqua’ - on subscription basis - for automated feeding and 24x7 farm monitoring; and c) ‘Harvest-as-a-Service’ market linkage platform - that facilitates harvests at the farm-gate with transparent pricing and assured spot payments to the smallholder farmers.

AquaExchange has patents published for its power management tool “PowerMon” and its feed management tool “AquaBot.” PowerMon is the world’s first patented technology that empowers farmers with complete farm power monitoring and aeration control through the convenience of a mobile app. AquaBot, the world’s only moving auto-feeder that has been deployed at scale, allows farmers to efficiently feed their ponds while maintaining good feed conversion ratios (FCRs).

AquaExchange merged with the device manufacturer NextAqua, founded by Kareem and Kiran, earlier this year. Pavan and the core team comprising Hemasundar, Kareem and Kiran come with strong backgrounds in multinationals, building high impact teams in growth stage startups, consulting, industrial design, and manufacturing.
<h3><strong>Quotations:</strong></h3>
Pavan Kosaraju, Founder of AquaExchange, said, <em>“</em><em>At AquaExchange, the key focus is on adding value to the aquaculture farming process through the use of advanced technology. Our IoT devices and automatic feeders have been installed at scale and are helping farmers with higher reliability/efficiencies in terms of aeration and feed management, while at the same time providing RoIs within the first quarter of usage. We believe that future aquaculture farmers should be equipped with the right data at the right time to ensure higher crop successes and also increase farming productivity. This in turn will help the other industry players such as Banking, Financial Services, and Insurance Companies to work with farmers and, in the process, unlock industry-wide efficiencies.”</em>

Dr Ramesh Byrapaneni, Managing Director of Endiya Partners, said, <em>“We’re excited to back the brilliant team of AquaExchange in their vision to transform the aquaculture landscape in India and globally to benefit a large number of aqua farmers. With its differentiated proprietary technology for farm automation and power management, AquaExchange will not only help bring in efficiencies across the aquaculture value chain but also generate solid data-driven insights to bring in access to formal credit, that has largely remained elusive for the sector.”</em>

Michael Schlein, President and CEO of Accion, said, <em>“As rising inflation and supply chain disruptions make it harder for low-income families to put food on the table, it’s crucial that farmers are supported with the tools they need to sustain and grow their businesses. AquaExchange’s innovative technologies are addressing several pain points for India’s fish and shrimp farmers — including purchasing supplies, automating processes, and selling products — to ensure that farmers are empowered to continue feeding their communities.”</em>

<hr />

<h3>About Endiya Partners</h3>
Endiya Partners is an early-stage venture capital fund that invests in Indian product start-ups that are globally relevant. Leveraging deep domain expertise along with vast entrepreneurial and operating experience, the Endiya team plays a key role in co-creating scalable businesses. Endiya’s portfolio consists of disruptive and category-defining companies across SaaS, Healthcare, Fintech, and Deeptech sectors. Endiya's current portfolio includes Darwinbox, Cure.fit, Kissht, Qapita, SigTuple, Steradian Semiconductors, Zluri, and Sugar.fit. Founded in 2015, Endiya Partners has $100M under management. For more information, visit: <a href="https://endiya.com/" target="_blank" rel="noopener noreferrer">https://endiya.com/</a>
<h3>About Accion Venture Lab</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 60 early-stage startups that operate in more than 35 countries worldwide. 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. 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 200 partners in 63 countries. For further information, visit <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer">accion.org/venturelab</a>.

Aquaculture Fintech platform AquaExchange raises $3 million from Endiya Partners and Accion Venture Lab

The Center for Financial Inclusion announced the launch of the fourth annual Inclusive Fintech 50 (IF50) Competition, a global initiative that competitively selects 50 early-stage, inclusive fintechs that aim to advance financial inclusion.

<a href="https://techcabal.com/2022/06/28/inclusive-fintech-50-launches-2022-competition-to-recognize-fintech-startups-driving-inclusive-finance/" target="_blank" rel="noopener noreferrer">Read more</a>.

Inclusive Fintech 50 Launches 2022 Competition to Recognize Fintech Startups Driving Inclusive Finance

Amee Parbhoo

This article provides a roundup of ImpactAlpha’s spring season of Agents of Impact Calls, which included an episode on how fintechs are building resilience in Africa featuring Accion Venture Lab's Amee Parbhoo. The co-founder of Accion Venture Lab portfolio company Apollo Agriculture was also featured on a separate episode on climate adaptation.

<a href="https://impactalpha.com/call-roundup-agents-of-impact-debate-carbon-pricing-corporate-disclosure-responsible-fintech-and-more/" target="_blank" rel="noopener noreferrer">Read more</a>.

Seven Calls: Agents of Impact on carbon pricing, political risk, climate adaptation, responsible fintech and more

This article shares findings from the <a href="http://email.accion.org/c/eJxVjjsOwyAMQE-TbI0M5hMGhi69h7GhQWqbKGHo8eu1kuXBetZ7kpOws2nu2YK1EHQZCD4t4iOzAZPCShhXMzkg5r5_lv18zluOJjoS75AKk6HkHCmOgZoH_YX5lbcxjmvC-2QfOnQcSwCp3Et9XQvvbz2-W7_1j9TvfOar7NtZz3_RyFrnY3MtElTbVGVXQHFxRZGqCYpUMK0QFs9eVIFAwLE1TEXDUzSKjHqNH2H4RaU" data-cke-saved-href="http://email.accion.org/c/eJxVjjsOwyAMQE-TbI0M5hMGhi69h7GhQWqbKGHo8eu1kuXBetZ7kpOws2nu2YK1EHQZCD4t4iOzAZPCShhXMzkg5r5_lv18zluOJjoS75AKk6HkHCmOgZoH_YX5lbcxjmvC-2QfOnQcSwCp3Et9XQvvbz2-W7_1j9TvfOar7NtZz3_RyFrnY3MtElTbVGVXQHFxRZGqCYpUMK0QFs9eVIFAwLE1TEXDUzSKjHqNH2H4RaU">60 Decibels Microfinance Index</a>, of which Accion is a founding partner. Nearly 90% of the 18,000 microfinance clients surveyed reported a higher quality of life as a result of their loan.

<a href="http://email.accion.org/c/eJxVj0tuwzAMRE8T72TQ-llaeNFN70FJZKLCsVJJhZGevgqQTQEC8zAkB2TafIpa-ilvEqQEK5UEoxc7B2N9sIDSOwTDfNGAMeZyzKVep9vGMQF5qwMwJbl4xQZc4kVHJ8eqnvbt1vujXdTHRX6OOs9z5lIDtTmW-zBa7tSG4nEQZ9rT4NcRQ8C--EV3_Co196coLBYHAOKeYy2cDzwiiVBqLSfVJho-Rb9RrmIveLTRKa1TenvfP7i_U_bMNIKnuv2eeFz__9U31JYxyRSVcxQ86bBqjTERqKDNCmOEYOGAKphokoWkACGuzMqH1S1-Xf4ABrdp7A" target="_blank" rel="noopener noreferrer">Read more</a>.

Majority Of 18,000 Microfinance Borrowers Say Their Loans Boosted Their Quality Of Life

This column profiles Mastercard as a leader in AI and mentions that Mastercard has been working with Accion to improve microfinance credit decisioning with AI.

<a href="https://sloanreview.mit.edu/article/becoming-an-ai-powerhouse-means-going-all-in/" target="_blank" rel="noopener noreferrer">Read more</a>.

Becoming an ‘AI Powerhouse’ Means Going All In

John Fischer

John Fischer is quoted in this article, which shares the overwhelmingly positive impact of microloans and how inflation threatens to increase interest rates and impact borrowers the most. John spoke about how portfolio companies have been affected by rising interest rates, stating that "in anticipation [of the rate increases], they are getting [funding] offers at slightly higher rates than what they were getting last year.” The article also mentions that Accion is a funder of Northern Arc Capital, which is funding microlenders in India.

<a href="http://email.accion.org/c/eJxVTjluxSAQPY3dYQ3LsBQUaXKPAYZvKz8mAiRLOX1oI73irdIrMZRsVNivqEApsEorQCPtkdCGZIFU8ARY62aAcr7afbT-2s-ovGPK7DF7oozojXPaJCyFdPLF7e94zvkzNv2xqc-F53mORL23exy5fS-H-rzym8eilYu47smdxxSdJovz-uIh3u3hvpI1YJHaWi89BEqLqCQG5_Yefx-6X___zUjGViqqZO09p8AmOWMoFwadDDpYFQZZ03qLGYuFooEgu1p1SM7L4OQfX05X1w" target="_blank" rel="noopener noreferrer">Read more</a>.

How the Fed’s Rate Hikes Will Squeeze Borrowers

At the Summit of the Americas in Los Angeles, Accion announced an additional commitment to the Partnership for Central America to expand financial services to 1 million people across the Northern Triangle countries within the next five years. Michael Schlein attended the Summit and spoke on a panel moderated by Michelle A. Williams, dean of Faculty at the Harvard T.H. Chan School of Public Health, who authored <a href="https://thehill.com/opinion/international/3514261-heres-how-to-move-the-needle-on-standards-of-living-in-the-americas/" target="_blank" rel="noopener noreferrer">an op-ed published in The Hill</a> on addressing the root causes of migration in Central America.

<a href="https://www.bloomberglinea.com/english/10-companies-to-invest-19b-in-el-salvador-guatemala-and-honduras/" target="_blank" rel="noopener noreferrer">Read more</a>.

10 Companies to Invest $1.9B in El Salvador, Guatemala and Honduras

espanol

<p><em>Accion, vicepresidenta Harris y otros socios en la Cumbre de las Américas se comprometen a empoderar económicamente a mujeres y otros dueños de pequeñas empresas en El Salvador, Guatemala y Honduras, abordando así las causas subyacentes de la migración.</em></p>
<p><strong><em>WASHINGTON, D.C., 7 de junio de 2022:</em></strong> Accion anunció hoy un acuerdo, junto con la Fundación Génesis Empresarial (Génesis) y con el apoyo inicial del Centro Mastercard para el Crecimiento Inclusivo, para expandir los servicios financieros a 1 millón de personas en los países del Triángulo Norte de América Central — El Salvador, Guatemala y Honduras — durante los próximos cinco años. El compromiso será formalmente anunciado en un evento auspiciado por la Alianza para Centroamérica, de la cual Accion es miembro fundador, durante la Cumbre de las Américas en Los Ángeles.</p>
<p>Este compromiso se basa en una asociación de 35 años entre Accion y Génesis para crear productos financieros innovadores e inclusivos que aborden las desigualdades, desarrollen salud financiera y fortalezcan los medios de vida, particularmente entre las mujeres, así como en una asociación global con Mastercard para transformar digitalmente las vidas de propietarios de microempresas en todo el mundo.</p>
<p>Accion y Génesis planean catalizar un ecosistema de innovación para incipientes empresas fintech enfocadas en clientes agrícolas y pequeñas empresas. Este ecosistema empoderará a las empresarias y otros iniciadores de startups centradas en la innovación social, para tener acceso a asociaciones tecnológicas y de negocios, estándares de intercambio de datos, marcos bancarios abiertos, y financiamiento. El enfoque integral y de base tecnológica de Génesis tiene un efecto amplificador en los hogares y comunidades de los propietarios de negocios, lo que permite en última instancia un desarrollo económico más inclusivo y resiliente en toda la región.</p>
<p>Michael Schlein, presidente y CEO de Accion, dijo: “La recuperación global de la pandemia es extremadamente desigual, y en América Latina la gente ha tenido que lidiar con algunas de las consecuencias económicas más severas de esta prolongada crisis. Estas penurias contribuyen al masivo proceso migratorio actual desde el Triángulo Norte. Sin embargo, en la medida en que la tecnología pone aceleradamente en línea a la economía global, las instituciones financieras tienen grandes oportunidades para digitalizar y llegar a clientes desatendidos. Al entender las necesidades de los más vulnerables, los proveedores pueden facilitar que la gente mejore su nivel de vida dentro de sus comunidades. Esperamos trabajar con nuestros socios para ayudar a que esto sea posible”.</p>
<p>Edgardo Pérez Preciado, gerente general de Génesis, declaró: “Nos sentimos orgullosos y honrados por unir esfuerzos con Accion y Mastercard para proporcionar soluciones financieras y digitales a las poblaciones más desatendidas, con miras a mejorar su calidad de vida tanto social como económica. Accion ha sido clave en la mejora de nuestro ecosistema digital y de pago de facturas, y esperamos exportar estas plataformas a El Salvador y Honduras en un futuro cercano. También esperamos ampliar el acceso de los clientes rurales en Guatemala a través de nuestras plataformas educativas. Este ecosistema permitirá aumentar la productividad de nuestros pequeños agricultores rurales, especialmente la de las mujeres, así como mejores oportunidades de vivienda y mejoras para las microempresas”.</p>
<p>El nuevo compromiso de Accion incluye específicamente:</p>
<ul>
<li>Trabajar con socios locales para triplicar la anterior meta de Accion, expandiendo las herramientas financieras digitales, incluyendo soluciones para pequeños agricultores, y así alcanzar un total de más de 300.000 personas en Guatemala durante los próximos cinco años, centrándose en las mujeres y en los pueblos indígenas.</li>
<li>Nuevos acuerdos con actores clave para expandir servicios financieros y comerciales digitales para más de 700.000 propietarios vulnerables de micro y pequeñas empresas en El Salvador y Honduras, también dentro de los próximos cinco años.</li>
</ul>
<p>A lo largo de su historia, Accion ha trabajado con más de 45 instituciones de microfinanzas, fintechs y otros proveedores de servicios financieros en América Latina para ayudarlos a desarrollar y brindar servicios financieros asequibles y de alta calidad a poblaciones desatendidas.</p>
<hr />
<h3>Acerca de Accion</h3>
<p>Accion es una organización global sin fines de lucro comprometida con la creación de un mundo financieramente inclusivo, con un legado pionero en microfinanzas e inversión de impacto en tecnología financiera. Catalizamos a los proveedores de servicios financieros para que ofrezcan soluciones asequibles y de alta calidad, a gran escala, para los tres mil millones de personas que están fuera del sector financiero, o que reciben servicios deficientes. Durante 60 años, Acción ha ayudado a decenas de millones de personas a través de nuestro trabajo con más de 170 socios en 55 países. Más información en <a href="https://www.accion.org/" target="_blank" rel="noopener">accion.org</a>.</p>


Accion joins Vice President Harris, partners at the Summit of the Americas in pledging commitments to economically empower women and other small business owners across El Salvador, Guatemala, and Honduras, addressing root causes of migration.

<strong><em>WASHINGTON, D.C., June 7, 2022</em></strong>—Accion today announced a commitment, in partnership with Fundación Génesis Empresarial (Génesis) and enabled by initial support from the Mastercard Center for Inclusive Growth, to expand financial services to 1 million people across Central America’s Northern Triangle countries of El Salvador, Guatemala, and Honduras within the next five years. The commitment will be formally announced at an event hosted by the Partnership for Central America, of which Accion is a founding member, at the Summit of the Americas in Los Angeles.

This commitment builds on Accion’s 35-year partnership with Génesis to develop innovative, inclusive financial products that address inequities, build financial health, and strengthen livelihoods, particularly among women, as well as a global partnership with Mastercard to digitally transform the lives of microbusiness owners around the world.

Accion and Génesis plan to catalyze an innovation ecosystem for fintech startups focused on agricultural and small business clients. This ecosystem will empower women founders and other startup founders focused on social innovation to access business and technology partnerships, data exchange standards, open banking frameworks, and funding. Génesis’ comprehensive and technology-driven approach has an amplifying effect across business owners’ households and communities, ultimately enabling more inclusive and resilient economic development throughout the region.

Michael Schlein, President and CEO of Accion, said: “The global recovery from the pandemic is extremely unequal, and in Latin America, people are dealing with some of the most severe economic consequences from this drawn-out crisis. This economic hardship is contributing to ongoing mass migration from the Northern Triangle. But as technology rapidly moves the global economy online, financial institutions have a unique opportunity to digitize and reach underserved clients. By understanding the needs of the most vulnerable, providers can empower people to build better lives within their communities. We look forward to working with our partners to help make that possible.”

Edgardo Pérez Preciado, General Manager of Génesis, said: “We are proud and honored to join efforts, in partnering with Accion and Mastercard, to provide financial and digital solutions to the most underserved populations, with the objective of improving their quality of life both socially and economically. Accion has been a pillar in the improvement of our digital and bill payment ecosystem, and we expect to export these platforms to El Salvador and Honduras in the near future. We also look forward to expanding access for rural customers in Guatemala through our educational platforms. This ecosystem will enable increased productivity for our rural smallholder farmer customers, especially women, as well as better housing opportunities and improvement of micro businesses.”

Accion’s new commitment specifically includes:
<ul>
 	<li>Working with local partners to triple Accion’s previously stated commitment, expanding digital financial tools, including solutions for smallholder farmers, to a total of more than 300,000 people in Guatemala within the next five years, with a focus on women and Indigenous people.</li>
 	<li>A new pledge with key stakeholders to expand digital financial and business services to over 700,000 vulnerable micro and small business owners in El Salvador and Honduras, also within the next five years.</li>
</ul>
Over its history, Accion has worked with more than 45 microfinance institutions, fintechs, and other financial service providers in Latin America to help them develop and deliver affordable, high-quality financial services to underserved populations.

<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="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.

Accion responds to Vice President Harris’ call to action with commitment to expand economic opportunity for 1 million people in Central America’s Northern Triangle

Accion Venture Lab's Amee Parbhoo spoke at a virtual ImpactAlpha event on fintech, crypto, and financial inclusion in Africa. This article recaps the event, which you can also watch <a href="http://email.accion.org/c/eJxVjstOwzAQRb8m2RHNw_bYCy-QoKtKfIM9tptKtIHiNoGvJyyR7uroSOeWGIoaCuM5EhCBg0BoPfupWcw5qMuiYFRgMJBUz8t1Wm6ncY7VkUMnxCYVJSNIxWWn6JMNhZjG9zj3_vE18PNAh33ruk7fy73fc510ufyR1HUe-PAY-OXpuG3b2-vn8eHHW_xZ0_X0v9hjMM4RSxNBwbq_VYSEAhUTEhm_KxWw5cTZqi0OCkMCldY4ZPEYBH8B8spErA" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="8">here</a>.

<a href="https://impactalpha.com/call-no-43-how-responsible-fintech-in-africa-provides-resilience-in-a-downturn-video/" target="_blank" rel="noopener noreferrer">Read more</a>.

Call No. 43: How responsible fintech in Africa provides resilience in a downturn

<a href="http://email.accion.org/c/eJxVj01uhTAMhE8DuyDnB0IWLLrpPYwdP6LyEhRSPbWnb9SuKlmz8Hy2ZngLTM6EMW0GjIGli9Zg1ikKLxbtalmTcysNDpAolTyV-hiPTQdiAZHQFcUQzB4ca--NZiJw47kdrV33YN8G894nPS-khud14ETl2TetqM_Msd4NM6t2RPXHqCLqmagWSRkzRYX3x6-9l1rLqx8oTjVSO7_6l7Fu3y_Mj_8B29ZbzV6ceIRoBDWaFSw73xtxdMgdiaBlR7vPNPMCbAGBvIgNu1918PoHezJZuw" target="_blank" rel="noopener noreferrer">This article</a> shares findings from the <a href="http://email.accion.org/c/eJxVjktqxDAQRE9j72L6I1vSQotsco9Wt3pGMGObGUNCTh9tA0UtioL3rGTTQHnuhYAItlGIQGlpbhsLJzbUEJJOAUS1H_tyvG7zvVQUdoA158xOVTZPDQUkWcAaq8-Pcr-u8z3x50RfI3KeywbWtNf2eC96PMf49P7Rd2s_86v8fst--4-5ynBbowePAo1cUCgBW4jDy1oQG5cG6FW4rrraADAIaHTnXGPCHPEPjhBDNw" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="8">60 Decibels Microfinance Index</a>, of which Accion is a founding partner. Nearly 90% of the 18,000 microfinance clients surveyed reported a higher quality of life as a result of their loan. The article also emphasizes, however, the importance of improving consumer protection practices to address the 6% of clients surveyed who said their payments were a “heavy burden.”

<a href="http://email.accion.org/c/eJxVj01uhTAMhE8DuyDnB0IWLLrpPYwdP6LyEhRSPbWnb9SuKlmz8Hy2ZngLTM6EMW0GjIGli9Zg1ikKLxbtalmTcysNDpAolTyV-hiPTQdiAZHQFcUQzB4ca--NZiJw47kdrV33YN8G894nPS-khud14ETl2TetqM_Msd4NM6t2RPXHqCLqmagWSRkzRYX3x6-9l1rLqx8oTjVSO7_6l7Fu3y_Mj_8B29ZbzV6ceIRoBDWaFSw73xtxdMgdiaBlR7vPNPMCbAGBvIgNu1918PoHezJZuw" target="_blank" rel="noopener noreferrer">Read more</a>.

&nbsp;

To understand the impact of microfinance, ask the borrowers directly

Kuunda is developing in-country partnerships with mobile money operators, mobile network operators, last-mile e-commerce companies, and other digital service businesses to build embedded financing solutions that solve liquidity problems for agents, MSMEs, and consumers

<em><strong>Cape Town, South Africa, 2nd of June 2022</strong></em> - In line with our recent brand relaunch, Kuunda is pleased to announce that their seed round closed in December 2021 of $2.25 million led by Accion Venture Lab, Finca Ventures, Launch Africa, Seedstars, Mercy Corps Ventures, Greenhouse Capital, Kepple Africa Ventures, Future Africa, The Magic Fund, and other fintech angel investors. Kuunda is a B2B2C embedded digital financial company that provides liquidity to the informal sector through their liquidity API, proprietary credit scoring algorithms, to generate behavioural and transactional borrowing profiles. Kuunda specialises in real-time, transactional based lending solutions. Kuunda is using this seed round to scale up operations in Tanzania and Pakistan, as well as to launch partnerships in Uganda, Malawi, DRC, Zambia, Mozambique, Nigeria &amp; Egypt within the next 18 months.

Kuunda was founded in 2018 by a team of experienced entrepreneurs and digital financial service experts. With a combined 45 years working in the industry, the team realised that despite best efforts, the liquidity challenges faced by agents, small businesses, and consumers in emerging economies were rife and ongoing. Through time spent on the ground and in the field across Africa and Asia, the team came to recognise the pivotal role that agents, small businesses, and consumers play within their respective economies. Developing solutions to solve people’s access to liquidity was therefore key to resolving economic hardships and to help build resilience and improve economic productivity. This is what defined Kuunda’s mission to become the leading liquidity solutions provider to financially underserved users in emerging economies.

Kuunda creates dynamic borrower profiles that are built on real-time behavioural data acquired through its proprietary credit scoring algorithms. These profiles are also built via access to their channel partners’ existing infrastructure and networks. These partners provide insights into the transactional patterns of agents, small businesses and consumers, allowing Kuunda’s channel partners to accurately determine those with the most pressing financing need and the highest propensity to repay. Through these lending channels, Kuunda has been able to distribute tailored financial products that don’t contribute to the large-scale indebtedness that often plagues these economies, but rather build resilience into these user networks by giving them the ability to respond to the friction and flow experienced within their individual income patterns.

Kuunda’s algorithms have been successfully adapted to suit a number of different use cases. Our Hapa Cash product, which is a 1 day facility that funds specific transactions, can be used to finance e-float facilities, airtime advances, short-term financing and fuel purchases. In addition, Kuunda has launched Kazi Cash, a medium-term (7 &amp; 14 Day) set of lending products that are focused on business growth that supports agents &amp; mSME’s. This first-of-its-kind instant liquidity solution is geared towards helping businesses grow by financing stock purchases, working capital facilities, and fixed term loans to help build sustainable businesses.

<em>“Since our inception, we have been on a mission to solve the liquidity challenges felt by many the world over. Not only has the lack of access to liquidity been an economic inhibitor, but it has also been a factor that has negatively impacted the growth of individual productivity within an economy. Our end goal is not to give a loan, our liquidity solutions are tools for all people to grow their businesses and enable individuals to feel free and be more resilient. In short, we offer solutions to enable our users to grow and develop. We envision a world where financially underserved populations have fair access to financial solutions that serve their needs,”</em> Andrew Milne, CEO of Kuunda Holdings Limited.

<em>“Agents and micro businesses are often the main way that underserved populations in Africa and Asia access financial services, but they face massive liquidity gaps that make it harder to serve their communities. Kuunda provides solutions for agents and micro merchants that enable them to grow their businesses while also helping their communities grow and thrive. We are thrilled to welcome Kuunda to the Accion Venture Lab portfolio,”</em> said Michael Schlein, President and CEO of Accion.

<hr />

<h3><strong>About Kuunda</strong></h3>
In Swahili, Kuunda means to create. We build embedded financing solutions to solve liquidity problems for agents, MSMEs and consumers. Through our short-term financing products and our medium-term growth financing solutions, we are creating positive social impact, and financially sustainable economic productivity for our channel partners, balance sheet providers, distribution networks and their users.
<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 <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer">accion.org/venturelab</a>.

Kuunda is proud to announce the closing of $2.25 million in seed funding in December 2021 to expand access to liquidity for the underserved

Accion Venture Lab completed a follow-on investment in R5, which leverages vehicles as collateral to extend loans to customers in Colombia. R5 also offers other financial services including vehicle insurance. Global Founders Capital led the US $7 million Series A round.

<a href="https://www.semana.com/finanzas/credito/articulo/las-fintech-en-colombia-ahora-apuntan-al-mercado-de-vehiculos/202221/?utm_term=Autofeed#Echobox%3D1653417071" target="_blank" rel="noopener noreferrer">Read more</a>.

Las ‘fintech’ en Colombia ahora apuntan al mercado de vehículos

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