News

President-elect <span class="rollover-people" data-behavior="rolloverpeople"><a class="rollover-people-link" href="https://thehill.com/people/joe-biden" data-nid="188332">Joe Biden</a></span> has nominated Isabel Guzman to lead the Small Business Administration at a time when more than two million, or 15 percent, of the nation’s small businesses have closed due to COVID-19.

<a href="https://thehill.com/blogs/congress-blog/politics/533387-small-businesses-are-in-crisis-heres-how-isabel-guzman-can-make" target="_blank" rel="noopener noreferrer">Read more from Accion Opportunity Fund's Luz Urrutia in The Hill.</a>

Small businesses are in crisis — here's how Isabel Guzman can make a difference as SBA chief

After going through Y Combinator’s Summer batch, Henry announced today that it has raised $1.5 million in seed funding in a round led by <a class="crunchbase-link" href="https://crunchbase.com/organization/venture-lab" target="_blank" rel="noopener noreferrer" data-type="organization" data-entity="venture-lab">Accion Venture Lab, </a> Emles Venture Partners and Noveus VC. There were also a number of edtech angel investors from Latin American that participated in the round.

<a href="https://techcrunch.com/2020/12/03/henry-picks-up-cash-to-be-a-lambda-school-for-latin-america/" target="_blank" rel="noopener noreferrer">Read more in TechCrunch.</a>

Henry picks up cash to be a Lambda School for Latin America

Henry’s model leverages remote learning and innovative financing structure (ISA) to provide technology courses for no upfront costs

Press Release

<em>Buenos Aires, Argentina, December 3, 2020 –</em> <a href="http://www.soyhenry.com" target="_blank" rel="noopener noreferrer">Henry</a> (YCombinator company) is an online computer science school that trains software developers at zero upfront cost, announced that it has raised US $1.5 million in seed funding in a round led by Accion Venture Lab. Emles Venture Partners, Noveus VC, well-known edtech angels investors and tech-entrepreneurs from Latin America also participated in the round.

Henry aims to broaden access to high-quality technical education and improve long-term earning potential in Latin America, where extreme income inequality, high unemployment, and a skilled worker shortage have created a dire need for such efforts. Only 14% of the population has access to higher education. The COVID-19 pandemic has caused unemployment in the region to rise from 8.1% pre-pandemic to 12.3% in July 2020, further widening the income gap and providing significant barriers to education. Henry estimates that there are more than 1 million software engineering job openings in Latin America, but less than 100,000 professionals with the training necessary to fill those roles.

Henry offers virtual coding courses to students in Latin America in exchange for graduates’ future income, also known as an income-sharing agreement (ISA). Once a student completes the coursework, Henry helps them get placed in a technology career. There are no upfront costs to the course, and students only start making payments once they get a job after graduating.

“Henry was founded to challenge the status quo of education in Latin America by giving access to high quality tech education to anyone who's willing to participate” said Martin Borchardt, CEO and Founder of Henry. “Our model aims to close the inequality gap in the region, by allowing anyone to have a career in software development no matter their location, gender, or background. Bringing onboard strategic partners will allow us to scale our business and keep on delivering our impactful mission in Latin America.”

Since its launch in March 2020, Henry has enrolled more than 800 students, and Henry graduates earn on average more than three times more than their previous incomes. Once graduates are employed, they are only charged 15% of their salary for two years, with a maximum total of US $4,000. Henry’s innovative and responsible approach to the ISA model has a lower impact on graduates’ salaries compared to similar offerings, and eliminates the potential for students to incur debt from the program.

“Henry’s role in providing affordable financing for high quality technical education can help address the multifaceted challenges of persistent income inequality, high unemployment, and a skilled worker shortage facing both students and employers in Latin America," said Michael Schlein, CEO and President of Accion.

“Henry is emblematic of what Accion Venture Lab sees as the next phase of inclusive fintech – startups that are thoughtfully and responsibly embedding financial services into their product offerings that address a real societal need,” said Vikas Raj, Managing Director of Accion Venture Lab.

“We invested in Henry because the team is talented and mission-driven," said Tim Brady, YC Group Partner. "Given the large unmet demand for software engineers, creating a school in Latin America to develop those engineers is a big opportunity, and this is the team to succeed.”

"Emles Venture Partners is proud to invest in Henry. We are dedicated to empowering companies that will positively change society - and Henry’s mission of providing high quality technology education in an emerging region is exactly what we look for in a partner.” said Emanuel Zareh, senior Vice President, Emles venture partners.

Henry’s completely remote courses allows students to continue their education during the COVID-19 pandemic, and graduates have been able to secure remote employment at leading tech companies across Latin America and the US. The virtual model has also allowed Henry to expand beyond its headquarters in Argentina to Latin America Henry currently offers a four-month full stack developer career program, which covers fundamental coding tools such as Javascript and front and back-end development, and gives students experience solving coding problems for real companies. The course is completely online but is interactive with classes occurring live, instead of pre-recorded and self-paced.

In early 2020, Henry raised an angel round from investors including Y Combinator, the world’s largest accelerator that invested in Rappi and Airbnb, and Tim Draper, who has invested in SpaceX, Skype and Tesla.
<p style="text-align: center"><strong>###</strong></p>

<h2><strong>About Henry</strong></h2>
<a href="https://www.soyhenry.com/" target="_blank" rel="noopener noreferrer">Henry</a> is a computer science online and live school. In LATAM, the demand is high for technical workers. However, there's a small number of coding schools and a lack of technical talent. Henry's zero cost model provides opportunities for people to land high-paying jobs that pay on average 3x more — a life changing opportunity for a region that has the world's highest income inequality rates. Henry was founded to challenge the status quo of education in LATAM by giving access to anyone who's willing to participate in their intense curriculum. (Only 3% of Henry's applicants are admitted to the program.) Backed by Accion, YCombinator, Draper and other Lambda School investors, the company has raised US$ 1.5M to invest in talent throughout LATAM, it has more than 800 students enrolled, and graduates are already working remotely for companies in the US, Europe and all around LATAM. For more information, visit: <a href="https://www.soyhenry.com/" target="_blank" rel="noopener noreferrer">https://www.soyhenry.com/</a>
<h2><strong>About Accion Venture Lab</strong></h2>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 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 nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>.
<h2><strong>About YCombinator</strong></h2>
Y Combinator (YC) is a startup fund and program. Since 2005, YC has invested in over 2,000 companies, and the combined valuation of YC companies is over $155B. YC has programs and resources that support founders throughout the life of their company. Startup School teaches the basics of starting a company. The YC batch program helps founders as they build their product, talk to their customers, and raise funding. Work at a Startup makes it easy for founders to find their first engineers. YC Series A helps founders launch their A round. YC Growth Program provides founders with resources to scale their companies and hire an executive team, and YC Continuity invests in their later stage rounds.

Henry closes US $1.5 million seed round led by Accion Venture Lab to provide technical education to students in Latin America

<em>December 1, 2020, Jakarta, Indonesia –</em> Pintek, a fintech platform that provides credit to students and their families, education institutions, successfully raised funds to continue to improve the access to and investments in education in Indonesia. The investment was led by Finch Capital, with participation of Accion Venture Lab and other angels. This brings to total the amount of equity raised by Pintek to close USD $5M. The proceeds from the round will be used toward investments in further developing its product and technology teams as well as to educate Indonesian market about education loans.

"During the pandemic COVID-19 outbreak, Pintek has seen strong growth, with revenues increasing 12x from January through September 2020 versus the same period last year. Our significant growth validates our value proposition to be an enabler of the entire education ecosystem, financing students, education institutions and their suppliers. We have adapted our product portfolio to the needs of the sector during the pandemic by for example helping schools to finance investments needed to digitise and run effective online learning environments. We want to be one of the key enablers for the education sector in Indonesia and support the Indonesian government mission towards education 4.0," said <strong>Ioann Fainsilber, SoCap CEO &amp; Pintek Co-founder.</strong>

Pintek is a financial technology company that has a mission to become the key driver in education transformation through innovation in financial services. Since 2018, Pintek has partnered with more than 150 institutions in the education market (including K-12, Vocational, Higher Education, and Non-formal) and has distributed credit to customers spread across more than 26 provinces in Indonesia.

"Finch Capital is delighted to be the lead investor in this round, a commitment made on the strength of Pintek's clear vision for the education sector, which is a large addressable market. We expect Pintek to be the end-to-end solution for educational needs due to its business model for students, education institutions and their suppliers. We are excited to have supported Pintek since its first funding round and now embark on its next phase of growth" said<strong> Hans De Back, Managing Partner of Finch Capital.</strong>

<strong>Tommy Yuwono, Co-founder and President Director of Pintek</strong> said, "With the mission of President Joko Widodo’s ‘Golden Indonesia 2045’ program, the country has affirmed that improving its education system is a national priority. Pintek wants to do our part to help improve the quality and affordability of education in Indonesia. Through partnerships with formal and non-formal education institutions, education technology companies, education suppliers, government, and foundations, we can help ensure that every student in Indonesia can access a high-quality education.

<strong>Paolo Limcaoco, Southeast Asia Investment Officer at Accion Venture Lab, </strong>said, “Inclusive financial services are critical to ensuring that schools can provide high-quality education and students can access the education they need. At Accion Venture Lab, we are impressed with how Pintek has responded to the pandemic and developed new products to better support their customers during these difficult times. We are excited to continue to support Pintek in their mission to create a more inclusive financial system for Indonesia’s families and schools.”

By partnering with investors like Finch Capital and Accion Venture Lab, Pintek has the support to grow its team and build a platform that delivers smart financial solutions for better education, while enabling inclusive and high-quality education for all Indonesians.
<p style="text-align: center"><strong>###</strong></p>

<h2><strong>About Pintek</strong></h2>
Pintek is a financial technology company that has a mission to become the key driver in education transformation through innovation in financial services. Registered with and supervised by OJK (the Financial Service Authority) since 2018, Pintek engages in providing financial access to all communities and educational institutions and their suppliers regarding the needs of education in Indonesia. Pintek is also registered with the Ministry of Communication and Informatics and is a member of AFPI (The Indonesian Joint Funding Fintech Association).

Pintek is owned by SoCap, a company that aims to grow ventures that facilitate cooperation, exchange, and innovation for social impact in the region.
<h2><strong>About Finch Capital</strong></h2>
Finch Capital is a thematic venture capital investor focusing on early stage technology companies. Finch has four offices in Amsterdam, London, Singapore and Jakarta, out of which it supports bold entrepreneurs transforming the technology industry. Finch has made over 25 investments in leading technology businesses – Fintech, AI, Logistics, Education, Digital healthcare <em>–</em> across Europe and South East Asia.
<h2><strong>About Accion Venture Lab</strong></h2>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 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 nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>.
<h3><strong>Details and information, please contact:</strong></h3>
Fajar Kurniawan
Public Relations, Pintek
+62 857 1459 7924
<a href="mailto:Fajar.Kurniawan@pintek.id" target="_blank" rel="noopener noreferrer">Fajar.Kurniawan@pintek.id</a>

Scaling up amid COVID-19 outbreak, Pintek closes additional investment led by Finch Capital

Agriculture fintech company <a href="https://www.crunchbase.com/organization/terramagna" target="_blank" rel="noopener noreferrer">TerraMagna</a> raised $2 million in seed funding for risk mitigation, providing farmers in Brazil access to working capital.

<a href="https://www.crunchbase.com/organization/onevc" target="_blank" rel="noopener noreferrer">ONEVC</a> led the round and was joined by <a href="https://www.crunchbase.com/organization/maya-capital-56b2" target="_blank" rel="noopener noreferrer">MAYA Capital</a>, <a href="https://www.crunchbase.com/organization/venture-lab" target="_blank" rel="noopener noreferrer">Accion Venture Lab</a> and a group of angel investors. In total, TerraMagna has raised $2.7 million since the company was founded in 2017, <a href="https://www.crunchbase.com/person/bernardo-fabiani" target="_blank" rel="noopener noreferrer">Bernardo Fabiani</a>, executive director and co-founder of TerraMagna, told Crunchbase News.

<a href="https://news.crunchbase.com/news/exclusive-terramagna-sows-2m-seed-for-brazilian-farm-lending/" target="_blank" rel="noopener noreferrer">Read more in Crunchbase News.</a>

Exclusive: TerraMagna Sows $2M Seed For Brazilian Farm Lending

ONEVC led the round with participation from MAYA Capital, Accion Venture Lab and angel investors

<em>São José dos Campos, Brazil, November 25, 2020</em> – Agriculture fintech company TerraMagna announced today that it has raised seed funding in a round led by seed-stage venture firm ONEVC. MAYA Capital, Accion Venture Lab, and angel investors also participated in the round.

TerraMagna is working to improve access to credit for independent Brazilian farmers who finance 80% of their working capital each planting season to purchase inputs including seeds, fertilizer, herbicides, and pesticides. However, farmers are traditionally ignored by banks who lack the branch infrastructures and underwriting capabilities to reach such a geographically dispersed population. As a result, farmers rely on expensive short-term financing from retailers and trading companies, who see themselves forced to provide financing outside of their core business.

TerraMagna leverages satellite imaging technology and various data sources to underwrite input loans and provide affordable access to secured credit for small and medium farmers in Brazil. By partnering with input retailers and helping them to accurately assess farmer creditworthiness and monitor crop collateral, the company is able to reach farmers who otherwise would not be able to access credit. The company also works with large agriculture retailers, cooperatives, and industry suppliers and traders to finance input purchases for farmers, reach new customers, and provide farmers with access to a wider variety of products. TerraMagna plans to expand into additional loan products such as machinery financing in the future.

Considered an essential service, Brazil’s agricultural market has largely been sheltered from the effects of COVID-19. The sector grew 1.6% in the first half of 2020 compared to the same period last year, and reached an all-time high for soybean exports in April. The market for agricultural input credit is expected to continue to expand along with the sector, as the government continues to reduce subsidies and agricultural output increases.

“The high dependency of Brazilian agriculture on financing, the end of credit subsidies, the lack of private players able to directly provide credit to the agribusiness value chain and the low interest rates created a timely and durable USD 30B opportunity gap to connect the field to the capital markets” said Bernardo Fabiani, Executive Director and Co-Founder of TerraMagna. “We are grateful to this group of investors for their support, and look forward to leveraging their expertise in fintech startups to expand TerraMagna’s product offerings and reach even more farmers who are in need of financial services.”

"At ONEVC, we believe the time to invest in agfintechs in Brazil is now,” said Bruno Yoshimura, Co-Founder of ONEVC. “TerraMagna is leveraging a novel technology that is using satellite images that only became available recently for underwriting algorithms and collection strategy. With this technology, TerraMagna can provide safe loans for agriculture, reduce the cost of capital and increase the agricultural loan market. On the supply side of the money, investors in Brazil now have an appetite for such investments after real interest rates dropped to almost zero."

“Since MAYA's founding, we've been studying the Agtech market. The global relevance of Brazil's agriculture sector provides the local industry with a strong competitive advantage. Nevertheless, we recognize that small and medium farmers are still largely underserved by financial services and this stunts the potential of the market as a whole,” said Lara Lemann, Co-Founder of MAYA Capital. “At MAYA, we invest in early stage startups that are solving the region's most relevant problems and TerraMagna is doing just that. With the team's experience in satellite image and data analytics, they make lending safer for creditors who can then provide better conditions for farmers. This is a huge enabler of continue development in the industry and consequently, in Brazil.”

“TerraMagna is filling a massive gap in financing for Brazil’s small and medium farmers and helping them grow their businesses and support their communities. By leveraging new technologies and integrating with retailers, Terra is not only providing farmers with frictionless and affordable credit, but is also allowing them to access a wider variety of higher quality products,” said Vikas Raj, Managing Director of Accion Venture Lab. “We’re thrilled to add TerraMagna to the Venture Lab portfolio and look forward to supporting them on their journey.”
<p style="text-align: center"><strong>###</strong></p>

<h3><strong>About TerraMagna</strong></h3>
TerraMagna is reinventing the way credit is underwritten, provided and collected in Brazilian agriculture by leveraging technology and alternative data sources to transform a risky and volatile process into a simple and safe experience. With TerraMagna, retailers, industries and farmers have access to fair credit and investors have high-yield, market-uncorrelated and high-volume assets to invest in. For more information, visit <a href="https://terramagna.com.br/" target="_blank" rel="noopener noreferrer">https://terramagna.com.br/</a>.
<h3><strong>About ONEVC</strong></h3>
ONEVC is a Silicon Valley and Brazil-based generalist seed-stage venture firm focused on investing in entrepreneurs that tackle multi-billion dollar markets with solid product-market fit. For more information, visit <a href="https://www.onevc.vc/" target="_blank" rel="noopener noreferrer">https://www.onevc.vc/</a>.
<h3><strong>About MAYA Capital</strong></h3>
MAYA Capital is a venture fund focused on early stage startups across Latin America. We support exceptional teams solving the region's most relevant problems with much more than just seed capital. For more information, visit <a href="https://www.maya.capital/" target="_blank" rel="noopener noreferrer">https://www.maya.capital/</a>.
<h3><strong>About Accion Venture Lab</strong></h3>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 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 nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>

Agriculture fintech company TerraMagna raises seed round to provide credit to Brazil’s farmers

"On October 7, 2020, our father, Joseph Hoffer Blatchford, passed away peacefully. We, his three children, Andrea, Nicholas, and Antonia, and our mother Winnie, were by his side. There are many things that our dad may be publicly remembered for: his international development work as the founder of Accion, his service as Director of the Peace Corps, and his professional life as an attorney."

<a href="https://www.legacy.com/obituaries/washingtonpost/obituary.aspx?n=joseph-blatchford&amp;pid=197135300&amp;fhid=2167" target="_blank" rel="noopener noreferrer">Read the obituary of Accion's founder Joseph Blatchford in The Washington Post. </a>

Joseph Blatchford (1934 - 2020)

<em>Washington, DC, November 19, 2020</em> – Global nonprofit Accion announced today that it will award the sixth annual Edward W. Claugus Award to Gowri Thyagarajan Mukherjee, co-founder and CEO of CreditMantri, and to Luz Urrutia, CEO of Accion Opportunity Fund. The award, which is given to exceptional leaders advancing financial inclusion, will be presented at a <a href="https://www.accion.org/honoring-two-women-leading-through-crisis-with-the-2020-claugus-award" target="_blank" rel="noopener noreferrer">virtual event</a> on December 2, 2020.

“This year, we are thrilled to present the Edward W. Claugus Award to two women who have shown extraordinary leadership in financial inclusion throughout their careers, and who are playing a particularly important role supporting the financial resilience of underserved individuals and small businesses during today’s pandemic,” said Michael Schlein, President and CEO of Accion. “Gowri Thyagarajan Mukherjee’s exceptional leadership as CEO and co-founder of CreditMantri has enabled more than 10 million underserved Indians to access the credit they need to support their families and businesses. In the U.S., Luz Urrutia is a champion for underserved entrepreneurs, leading efforts at Accion Opportunity Fund to spearhead a national microlending strategy and ensure that small business owners have access to the capital, coaching, and networks they need.”

Gowri Thyagarajan Mukherjee is co-founder and CEO of CreditMantri, a fintech that enables and educates Indian consumers to understand the status of their credit wellness and make informed decisions which help them work their way towards loan eligibility. To date, CreditMantri has served more than 10 million individuals and small businesses in India.

Gowri has nearly two decades of experience in financial services, having previously worked as Global Head of Digital Marketing at Standard Chartered Bank and Director &amp; Head of Digital Business at Citibank, with prior experience at HSBC and SIFY, one of India’s first ISPs. Gowri was Chairperson of the Reserve Bank of India’s committee for guidelines on securing card transactions. She holds degrees from the Birla Institute of Technology and Science in Pilani and the Indian Institute of Management in Calcutta.

“At CreditMantri, our focus is to solve for the needs of the credit invisible consumer and small business in India. The last seven months have been particularly challenging for these consumers, with their livelihoods and living getting impacted,” said Gowri Thyagarajan Mukherjee, co-founder and CEO of CreditMantri. “At CreditMantri, our response to this has been to direct our energies towards educating our users about their repayment options, choices they have and guide them to make an informed repayment decision, keeping in mind their unique circumstances. Like most people, we have tried to do our best to make a difference in these circumstances. A big thank you to Accion for taking note of the work we do and for continuing to encourage all of us at CreditMantri. Thank you.”

Luz Urrutia is CEO of Accion Opportunity Fund, the nation's leading nonprofit small business lender and advisor that helps small businesses thrive. Accion Opportunity Fund aims to help fill the estimated $87 billion annual market gap in loans of less than $100,000 for small business owners. The organization connects underserved entrepreneurs, especially people of color, women, and immigrants, to affordable capital, educational resources, coaching, and networks. Over its history, 90% of Accion Opportunity Fund’s loans have gone to entrepreneurs who are Black, Latinx, women, or immigrants.

Luz’s career has focused on expanding financial services for underserved populations, from unbanked immigrants to small business owners. She has successfully led numerous organizations through change, including founding a start-up bank for Hispanic immigrants, leading the geographic expansion of an early-stage consumer lender, and endeavoring to transition an established global financial provider away from payday lending. Prior to her role at Accion Opportunity Fund, Luz was CEO in the US for Dollar Financial Group, Vice President of Retail Sales &amp; Service at Oportun, Co-Founder and President and COO at El Banco de Nuestra Comunidad, and Managing Director at Wachovia Bank. Luz has served on the Board of the Financial Health Network, the Consumer Advisory Council of the Consumer Financial Protection Bureau and currently serves on the Consumer Advisory Council of the Federal Reserve Bank of San Francisco. Luz is originally from Caracas, Venezuela. She received a B.S., magna cum laude, in Business Administration and Finance and an M.B.A., both from Georgia State University.

“I am honored to receive the Claugus Award, especially at a time when advancing financial inclusion is imperative to an equitable rebuilding for the nation’s women, minority, and immigrant-owned small businesses struggling to regenerate from the COVID-10 pandemic,” said Luz Urrutia, CEO of Accion Opportunity Fund. “Our financial system is unequal. COVID has laid that bare and illuminated how far we have to go to ensure women, immigrant, and entrepreneurs of color have easy, equitable access to affordable and responsible capital to grow their businesses.”

The Claugus Award is named in honor of Accion benefactor Edward Claugus, a skilled investor who was passionate about social change. Accion presents an annual award in his name to honorees who have shown exceptional work and innovation in financial inclusion. This year, the award will be presented virtually at an event on December 2, 2020. Interested parties can learn more and register <a href="https://www.accion.org/honoring-two-women-leading-through-crisis-with-the-2020-claugus-award" target="_blank" rel="noopener noreferrer">here</a>.
<p style="text-align: center"><strong>###</strong></p>

<h3><strong>About Accion</strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. More at <a href="http://www.accion.org/" target="_blank" rel="noopener noreferrer"><strong>http://www.accion.org</strong></a>.

Gowri Thyagarajan Mukherjee and Luz Urrutia to receive Accion’s Edward W. Claugus Award for leadership and innovation in financial inclusion

<em>Cambridge, MA, November 9, 2020 </em> – Global nonprofit Accion announced today the appointment of Eraj Shirvani to the organization’s Board of Directors.

“We are pleased to welcome Eraj Shirvani to the Accion Board of Directors,” said Accion Board Chair Diana Taylor. “Eraj’s extensive global experience in providing financial services to underbanked populations positions him well to support Accion’s efforts to build a financially inclusive world, which are more important than ever today in light of the COVID-19 pandemic.”

Shirvani brings to the Accion Board more than 30 years of experience with Credit Suisse, most recently as the Vice Chairman of Emerging Markets, where he oversees the company’s work to build, maintain and grow client relationships in emerging markets. He has also served on the Board of Credit Suisse International (CSi) and Credit Suisse Securities Europe Ltd (CSSEL).

Shirvani previously served on the Board of the International Swaps and Derivatives Association (ISDA) from 2004 to 2016 and was elected Chairman of that board in 2008. He has also been a board member of the Clearing Corporation and the Depository Trust &amp; Clearing Corporation’s DerivServ Board, the Association for Financial Markets in Europe (AFME), and the Global Financial Markets Association (GFMA). Shirvani holds an MBA from Columbia University's Columbia Business School, and a bachelor’s degree in French and International Relations from the University of Pennsylvania.
<p style="text-align: center"><strong>###</strong></p>

<h3><strong>About Accion</strong></h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. More at <a href="http://www.accion.org" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

Eraj Shirvani Named to Accion Board of Directors

Last week’s virtual <a href="https://www.africatechsummit.com/kigali/online/" target="_blank" rel="noopener noreferrer">Africa Tech Summit Connects</a> event brought together a host of African tech investors to discuss trends, challenges and opportunities in the wake of COVID-19, and all agreed that the way they do business has been altered by the pandemic.

For those that wanted to continue investing throughout and could not carry out physical due diligence, there was a need to adapt. <a href="https://www.accion.org/bio/ashley-lewis" target="_blank" rel="noopener noreferrer">Ashley Lewis</a>, senior investment officer focused on the Africa region with <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="noopener noreferrer">Accion Venture Lab</a>, said her organisation did its first fully digital due diligence process in May.

<a href="https://disrupt-africa.com/2020/11/02/how-tech-investors-in-africa-coped-with-the-changes-enforced-by-covid-19/" target="_blank" rel="noopener noreferrer">Read more in Disrupt Africa.</a>

How tech investors in Africa coped with the changes enforced by COVID-19

John Hopkins University SAIS Perspectives: A publication of the international development program

The SAIS Development Roundtable hosted <a href="https://www.accion.org/bio/michael-schlein" target="_blank" rel="noopener noreferrer">Michael Schlein</a> for a conversation about the future of financial inclusion in the face of the COVID-19 pandemic. Mr. Schlein is the President and CEO of Accion, a nonprofit organization dedicated to giving the underserved access to the financial tools they need to improve their lives.

<a href="http://www.saisperspectives.com/idev-roundtable-series/2020/10/30/2020-2021-idev-roundtable-a-conversation-with-michael-schlein-about-the-future-of-financial-inclusion" target="_blank" rel="noopener noreferrer">Read more in Perspectives.</a>

2020-2021 IDEV roundtable: A conversation with Michael Schlein about the future of financial inclusion

The selected fintechs provide innovative solutions – such as working capital for micro-merchants and personal accident insurance for domestic workers – to populations particularly hard-hit by the pandemic.

<em>WASHINGTON, October 20, 2020</em> - Inclusive Fintech 50 announced the <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">2020 cohort of startups</a> driving inclusion and resilience for the 3 billion financially underserved people globally. An <a href="https://www.inclusivefintech50.com/2020-judging-panel" target="_blank" rel="noopener noreferrer">independent panel of 35 experts</a> from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the COVID-19 economic crisis.

The 50 fintechs were selected from a pool of 403 eligible applicants operating in 111 countries based on four criteria: inclusiveness, innovation, scale potential, and traction. The cohort will benefit from connections to leading investors including the <a href="https://www.inclusivefintech50.com/if50-investors-circle" target="_blank" rel="noopener noreferrer">IF50 Investors Circle</a>, as well as their peers from the <a href="https://www.inclusivefintech50.com/winners" target="_blank" rel="noopener noreferrer">2019 cohort</a>. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

Together, these high-potential startups demonstrate the power of financial technology to improve the accessibility, affordability, and convenience of financial services in advanced and emerging markets.

“Innovation in financial services can provide much needed stability to vulnerable populations by leveraging technology to fill gaps and meet their unique needs,” said Mark Pickens, Senior Director, Social Impact at Visa, Inc. “Visa is proud to support fintech innovators helping low-income communities weather the current storm and, importantly, build resilience for the future.”

Brad Jones, CEO of Wave Money and one of the expert judges said, “The final 50 were selected based on strong product-market fit, the experience of their leadership teams, and their potential to scale and reach underserved populations.” The judges also selected two fintechs to receive “Financial Resiliency” prizes of USD 25,000 based on their contribution to strengthening the ability of low-income households and businesses to withstand and recover from the pandemic. Those two companies are:
<ul>
 	<li><strong>reach52</strong>, which provides micro-insurance to families in Southeast Asia who live more than an hour away from healthcare facilities and have limited incomes.</li>
 	<li><strong>PesaKit</strong>, which helps mobile money agents in Kenya and Tanzania manage shifts in liquidity so they can better serve their customers who have limited access to basic financial services.</li>
</ul>
“The health and economic challenges created by COVID-19 placed households and businesses on shaky financial footing — especially those who were economically vulnerable before the pandemic,” said Evelyn Stark, who leads Financial Health at MetLife Foundation. “Amid the uncertainty, these fintechs demonstrate how new models can improve financial resilience.”

Launched in 2019, Inclusive Fintech 50 identifies and elevates high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.

The winners are listed below by main operating region. Full profiles can be viewed at <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2020-cohort</a>.
<h3><strong>East Asia &amp; the Pacific</strong></h3>
<ul>
 	<li><strong>Fairbanc </strong>(Credit)</li>
 	<li><strong>First Circle</strong> (Credit)</li>
 	<li><strong>Helicap</strong> (Credit)</li>
 	<li><strong>Kiu Global Ltd</strong> (Infrastructure)</li>
 	<li><strong>Modal Rakyat</strong> (Credit)</li>
 	<li><strong>Neat Commerce</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Oriente</strong> (Credit)</li>
 	<li><strong>reach52</strong> (Insurance)</li>
 	<li><strong>UangMe</strong> (Credit)</li>
 	<li><strong>ZigWay</strong> (Infrastructure)</li>
</ul>
<h3><strong>Europe &amp; Central Asia</strong></h3>
<ul>
 	<li><strong>EthicHub</strong> (Credit)</li>
 	<li><strong>Eversend</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Papara</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SteadyPay</strong> (Credit)</li>
 	<li><strong>TagPay</strong> (Payments &amp; Remittances)</li>
</ul>
<h3><strong>Latin America &amp; the Caribbean</strong></h3>
<ul>
 	<li><strong>Aflore SAS</strong> (Credit)</li>
 	<li><strong>Akiba</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Alfi</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Bamba</strong> (Insurance)</li>
 	<li><strong>Coink</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Grupo R5</strong> (Insurance)</li>
 	<li><strong>Siembro</strong> (Credit)</li>
 	<li><strong>TiendaPago</strong> (Credit)</li>
</ul>
<h3><strong>North America</strong></h3>
<ul>
 	<li><strong>Climb Credit</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Esusu</strong> (Credit)</li>
 	<li><strong>Fonbnk</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Propel</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>SoLo Funds</strong> (Credit)</li>
 	<li><strong>Trust Stamp</strong> (Infrastructure)</li>
</ul>
<h3><strong>South Asia</strong></h3>
<ul>
 	<li><strong>Davinta</strong> <strong>Financial Services</strong> (Credit)</li>
 	<li><strong>Dvara SmartGold</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>ftcash</strong> (Credit)</li>
 	<li><strong>Fundfina</strong> (Credit)</li>
 	<li><strong>Kaleidofin</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Naya Jeevan</strong> (Insurance)</li>
 	<li><strong>Nagad</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SureClaim</strong> (Insurance)</li>
 	<li><strong>Verismart</strong> (Infrastructure)</li>
</ul>
<h3><strong>Sub-Saharan Africa</strong></h3>
<ul>
 	<li><strong>Asaak</strong> (Credit)</li>
 	<li><strong>Bankly</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>DreamStart Labs</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Extrafin Advisory Technologies</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Hydrologistics Africa Ltd</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Lulalend</strong> (Credit)</li>
 	<li><strong>Moon</strong> (Infrastructure)</li>
 	<li><strong>OKO Finance Ltd</strong> (Insurance)</li>
 	<li><strong>Paycode</strong> (Payments &amp; Remittances)</li>
 	<li><strong>PayGo Energy</strong> (Infrastructure)</li>
 	<li><strong>PesaKit</strong> (Infrastructure)</li>
 	<li><strong>Turaco</strong> (Insurance)</li>
</ul>
<p style="text-align: center"><strong>###</strong></p>
&nbsp;

Please direct media inquiries to:
<strong>Nikhil Gehani, MIX</strong>
<a href="mailto:ngehani@themix.org">ngehani@themix.org</a>
+1 248 388 1630
<h3><strong>About Inclusive Fintech 50</strong></h3>
Inclusive Fintech 50 elevates promising early-stage fintechs driving financial inclusion and resilience around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially undeserved people globally. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance. Learn more at <a href="http://www.inclusivefintech50.com/">www.inclusivefintech50.com</a>.
<h3><strong>About MetLife Foundation </strong></h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 13.4 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3><strong>About Visa Inc. </strong></h3>
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="http://usa.visa.com/visa-everywhere/blog.html">About Visa</a> and <a href="https://twitter.com/visanews">@VisaNews</a>.
<h3><strong>About BlackRock </strong></h3>
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit <a href="http://www.blackrock.com/corporate">www.blackrock.com/corporate</a>
<h3><strong>About Jersey Overseas Aid &amp; Comic Relief’s <em>Branching Out: Financial Inclusion at the Margins</em> program</strong></h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in in Sierra Leone, Rwanda and Zambia. Comic Relief and Jersey Overseas Aid  believe that  one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including  bank  accounts,  savings,  insurance  and  credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organisations, made up of international and local NGOs, with each grantee delivering programmes designed to meet different community and national needs in addressing financial inclusion.
<h3><strong>About Accion </strong></h3>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 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 nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit https://www.accion.org/venturelab.
<h3><strong>About IFC </strong></h3>
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 2019, we delivered more than $19 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>
<h3><strong>About MIX </strong></h3>
MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. As a unit within the Center for Financial Inclusion, MIX’s data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at <a href="http://www.themix.org/">www.themix.org</a>.

Inclusive Fintech 50 announces 2020 cohort of fintech startups driving financial inclusion and resilience

Amidst an immensely challenging operating environment, more than 400 fintech startups working to improve the accessibility, affordability, and convenience of financial services for underserved populations applied to <a href="https://www.inclusivefintech50.com/?utm_source=techcrunch&amp;utm_medium=sponsoredarticle&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a>. The initiative identifies, assesses, and elevates the most promising early-stage inclusive fintechs in advanced and emerging markets through a competitive process led by an <a href="https://www.inclusivefintech50.com/2020-judging-panel" target="_blank" rel="noopener noreferrer">independent panel of 35 experienced fintech leaders and VCs</a> including leaders from Plaid, Jumo, SOSV, and ADB Ventures. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

<a href="https://techcrunch.com/sponsor/inclusive-fintech-50/50-fintech-startups-driving-financial-inclusion-and-resilience/" target="_blank" rel="noopener noreferrer">Read more in TechCrunch.</a>

50 fintech startups driving financial inclusion and resilience

As president and CEO-Elect, Miebach understands that ending gender discrimination isn’t just a matter of basic human rights — it’s eradicating a barrier to accelerating sustainable development.

Outside of Mastercard, Miebach is part of the Accion board of directors, providing support to 2 billion adults across the world lacking financial services. In 2018, MasterCard and Accion launched a partnership, bringing Mastercard’s worldwide networks and resources together to transform millions of underserved micro and small businesses while focusing on the cultivation of female entrepreneurs.

<a href="https://uk.finance.yahoo.com/news/the-heroes-top-50-advocate-executive-role-models-2020-230126397.html?_guc_consent_skip=1601042683" target="_blank" rel="noopener noreferrer">Read more in Yahoo! Finance UK.</a>

The HERoes top 50 advocate executive role models 2020

An Investment Officer at Accion Venture Lab, Nigeria, <a href="https://www.accion.org/bio/ashley-lewis" target="_blank" rel="noopener noreferrer">Ashley Lewis</a>, noted that by formalising their enterprises, African farmers would attract valuable investments. “There is an opportunity to create value, have exits and have a venture capital story in agriculture,” she said.

<a href="https://thenationonlineng.net/experts-seek-increased-investments-in-africas-agric-devt/" target="_blank" rel="noopener noreferrer">Read more in The Nation.</a>

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