News

A century after the Tulsa Race Massacre, Accion Opportunity Fund’s Luz Urrutia shares how the public and private sectors can better support Black-owned businesses in the US, which have been disproportionately affected by the COVID-19 pandemic.

<a href="https://www.forbes.com/sites/forbesfinancecouncil/2021/08/04/100-years-after-tulsa-finance-industry-must-commit-to-building-new-black-wall-streets/?sh=47814a5c39d1">Read her column in Forbes.</a>

100 Years After Tulsa, Finance Industry Must Commit To Building New Black Wall Streets

Raliat Sunmonu

Agency banking, also called agent banking, delivers essential financial services to customers through a network of third-party agents on behalf of a licensed financial institution or a mobile money operator. So instead of traveling to far-off metropolitan areas to withdraw money, users can reach out to an agent banker, deputized by a large financial institution or phone company, to provide access to cash withdrawals, deposits, and transfer funds.

“Agency banking is really a distribution channel for last-mile delivery,” said Raliat Sunmonu, vice president of the Middle East and Africa Program Management at Accion, a global fintech impact investor.

<a href="https://restofworld.org/2021/a-bank-at-every-corner-store-agency-banking-is-transforming-nigerian-business/">Read more from Accion’s Raliat Sunmonu in this Rest Of World article on Nigeria’s growing agency banking sector</a>.

A bank at every corner store: agency banking is transforming Nigerian business

Press Release

Washington, DC, July 15, 2021  – Global nonprofit Accion announced today the appointment of Juliet Anammah to the organization’s Board of Directors.

“We are pleased to welcome Juliet Anammah to the Accion Board of Directors,” said Accion Board Chair Diana Taylor. “Juliet’s extensive experience in e-commerce and empowering small businesses to participate in the digital economy aligns well with Accion’s efforts to ensure that low-income people and small businesses – who continue to face the worst of the COVID-19 pandemic – have access to the digital financial tools they need to adapt and build successful, resilient livelihoods.”

Anammah brings to the Accion Board more than 25 years of experience working in sales, marketing and e-commerce in emerging markets, most recently at Jumia, a leading e-commerce platform in Africa. She currently serves as Jumia Group’s Chief Sustainability Officer and Chairwoman of Jumia Nigeria. Anammah joined Jumia Nigeria in 2015 as Chief Executive Officer, and under her leadership transitioned the company from an online retailer to a fully digital platform comprising e-commerce, logistics and payments.

Anammah previously served as Managing Director of Accenture’s Manufacturing and Consumer Goods Practice covering West Africa, and she held various sales, marketing and product management roles at the French pharmaceutical company Sanofi Aventis. Anammah serves as an at large Executive Committee member of CGAP and was appointed by the President of Nigeria to the Industrial Council, a group of private and public sector professionals supporting industrial development in the country. Anammah holds a Bachelor of Pharmacy degree from the University of Nigeria Nsukka, an MBA in Finance from ESUT Business School Lagos, and is an alumnus of the Wharton Advanced Management Program.
###

<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. More at <a href="http://www.accion.org/">http://www.accion.org</a>

&nbsp;

Juliet Anammah Named to Accion Board of Directors

Em português

São Paulo, Brazil,  14 Julho, 2021 – Dinie, fintech pioneira de embedded lending via API no Brasil, anunciou a captação de US $ 3,8 milhões liderada por Accion Venture Lab e K50 Ventures, com a participação de Flourish Ventures, Domo Invest, Tribe Capital, Capital Lab entre outros. A empresa também informa que concluiu sua própria estrutura de securitização garantindo mais US $ 20 milhões em capacidade de financiamento de dívida em parceria com a Empírica Investimentos, uma investidora local de crédito estruturado, com uma carteira sob gestão de c. US $ 1 bilhão. O investimento será usado para acelerar a infraestrutura de crédito, expor suas APIs junto às maiores plataformas de comércio eletrônico do Brasil e atender mais de 15.000 MPEs (Micro e pequenas empresas) com produtos”embedados” como Conta de Crédito Dinie (limite rotativo em conta) e DiniePay  (“Buy now, pay later”, para pagamento parcelado entre empresas).
Ao incorporar sua infraestrutura e serviços em plataformas existentes que as MPEs já usam, Dinie é capaz de alcançar grandes grupos de clientes potenciais. Dinie, então, aproveita os dados das plataformas para aprovar e subscrever rapidamente o crédito rotativo e monitorar o fluxo de caixa e os comportamentos de reembolso para ajustar as linhas de crédito e aprovar novos saques sem papelada adicional. O Limite em Conta digital da Dinie permite ainda que as MPEs financiem seu capital de giro e paguem suas despesas diárias de negócios.
O Brasil abriga mais de 17 milhões de MPEs com déficit de financiamento de US $ 480 bilhões e a maioria dos bancos não é capaz de atendê-los de forma eficaz com produtos financeiros adequados às suas necessidades transacionais, convenientes e com boa relação custo-benefício. Com as MPEs  migrando substancialmente para modelos de negócios digitais, especialmente após a crise do COVID, os bancos terão ainda mais dificuldade em atender às suas necessidades de compras online, pagamentos digitais, integração com plataformas digitais e assim por diante. Essas mudanças representam uma enorme oportunidade, num mercado grande e em crescimento acelerado. O comércio eletrônico, por exemplo, o mercado-alvo da Dinie, deve crescer cerca de 20% A / A nos próximos 4 anos.
“A visão de Dinie é permitir que grandes ecossistemas como plataformas de e-commerce digital sejam potencialmente a &#8220;agência bancária&#8221; das pequenas empresas, onde produtos financeiros são distribuídos e contextuais, acoplados a jornadas específicas ao negócio. Os bancos se tornam invisíveis na experiência de usuário das empresas, as quais poderão utilizar os seus dados transacionais em troca de produtos financeiros sob medida, mais baratos e sem esforço algum”, afirma Suzy Ferreira, Fundadora e CEO.
Nascida em Berlim e lançada em São Paulo em 2019, Dinie já fez parceria com as maiores plataformas digitais do Brasil, como iFood by MovilePay, Elo7 e uruguaio unicórnio de pagamentos dLocal. Em menos de 18 meses de atividade, a Dinie concedeu mais de 1.500 empréstimos, tendo crescido 20 vezes em 2020, o que a levou a ser selecionada pelo programa de aceleração Scale Up Fintech da Endeavor no Brasil. Com a rodada atual, a Endeavor também se torna uma investidora da Companhia através do seu fundo Scale up Ventures.
“Esta rodada nos mostrou que estamos no caminho certo e nos deu confiança para continuar melhorando nossas soluções integradas em grandes ecossistemas digitais para melhor servir as pequenas empresas”, afirma Vinícius Cibim, Cofundador e CFO.
“Crédito acessível é essencial para as pequenas empresas se recuperarem da pandemia COVID-19, especialmente nos países mais afetados como o Brasil. Dinie está incorporando ofertas de crédito em plataformas que os proprietários de pequenas empresas já usam, para lhes fornecer o financiamento de que precisam para manter as portas abertas e sustentar suas famílias ”, disse Michael Schlein, presidente e CEO da Accion.
“O modelo de negócios inovador de Dinie é emblemático de como o financiamento integrado é uma forma mais escalável, segura e econômica de emprestar para pequenas empresas carentes. Estamos entusiasmados em adicioná-los ao portfólio do Venture Lab ”, disse Federico Gomez Romero, Diretor de Investimentos na América Latina do Accion Venture Lab.
Ryan Bloomer, fundador e sócio-gerente da K50Ventures, disse: “Dinie é atualmente o único agente financeiro integrado de ponta a ponta totalmente digital (“embedded”) no mercado brasileiro de empréstimos para pequenas e médias empresas. Ficamos muito impressionados com a equipe fundadora de Dinie e as parcerias-chave que eles estabeleceram, e acreditamos que Dinie está posicionada de maneira única para um crescimento exponencial no enorme mercado de mais de 70 milhões de pequenas e médias empresas no Brasil ”.
Arjuna Costa, Managing Partner, Flourish Ventures, complementa: &#8220;Estamos entusiasmados em apoiar mulheres fundadoras em um país onde representam menos de 5% das startups do Brasil. Suzy e Andrea estão redefinindo a percepção de risco das MPEs e criaram um cenário de ganho mútuo para proprietários de negócios que precisam de acesso para o capital de giro e para as plataformas que trabalham com eles. Um vibrante setor de pequenas empresas que será um dos principais motores da recuperação pós-pandemia do Brasil, e Dinie pode dar uma contribuição vital para o sucesso das MPEs.
###
<h3>Sobre Dinie</h3>
Dinie (<a href="http://www.dinie.com" target="_blank" rel="noopener">www.dinie.com</a>) permite que as plataformas digitais forneçam soluções inovadoras de serviços financeiros para micro, pequenas e médias empresas no Brasil. A empresa elimina as complexidades dos processos de qualquer plataforma digital para começar a oferecer soluções de pagamento e linhas rotativas baseadas em crédito instantâneas e “embedded”. Dinie é pioneira no modelo “embedded lending as-a-service” e Open Finance, definindo o futuro das finanças para MPEs no Brasil. A missão da empresa é libertar as MPEs da oligarquia bancária no Brasil e fornecer-lhes as ferramentas financeiras que elas  precisam para ter sucesso e prosperar.
Nascida em Berlin e fundada em São Paulo em 2019, a DINIE já concedeu mais de 1.500 empréstimos, crescendo 20 vezes em 2020, o que a levou a ser selecionada para o Scale-up, o programa de aceleração da Endeavor no Brasil.
<h3>Sobre o Accion Venture Lab</h3>
A iniciativa de investimento em estágio inicial da Accion, o Accion Venture Lab, fornece capital e amplo suporte para startups de fintech inovadoras que melhoram o alcance, a qualidade e a acessibilidade dos serviços financeiros para os carentes e têm potencial para escalar. Apoiado por investidores comerciais e de impacto desde o lançamento de seu fundo de terceiros em 2019, o Venture Lab investiu em mais de 50 startups em estágio inicial que operam em 30 países em todo o mundo. O Venture Lab faz parte da Accion, uma organização sem fins lucrativos global comprometida com a criação de um mundo financeiramente inclusivo, com um legado pioneiro em microfinanças e investimentos de impacto em fintech. A Accion catalisa os provedores de serviços financeiros para fornecer soluções de alta qualidade e acessíveis em escala para os três bilhões de pessoas que são deixadas de fora &#8211; ou mal atendidas &#8211; pelo setor financeiro. Por 60 anos, a Accion ajudou dezenas de milhões de pessoas por meio de nosso trabalho com mais de 160 parceiros em 55 países. Para mais informações, visite <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener">https://www.accion.org/venturelab</a>.
<h3>Sobre K50 Ventures</h3>
A K50 Ventures investe em fundadores em todo o mundo que têm a missão de tornar a vida melhor para os 99%. Nossa tese é simples: melhorar a vida de bilhões em todo o mundo tornando a saúde, a educação, as finanças e a habitação mais acessíveis, acessíveis e sustentáveis. Acreditamos firmemente que na próxima geração de empresas que mudam o setor resolverão problemas reais para as massas. Desde 2016, temos sido os primeiros investidores e apoiadores de mais de 150 empresas nos Estados Unidos e nos mercados emergentes. Alguns destaques do portfólio incluem <a href="https://www.forbes.com/sites/cherylwinokurmunk/2020/12/15/credit-startup-raises-40m-in-series-d-round/?sh=451e8b71d7c5" target="_blank" rel="noopener">Self</a>, <a href="https://www.bloomberg.com/news/articles/2020-01-30/heavy-weight-backed-mammoth-raises-45-million-for-crispr-r-d" target="_blank" rel="noopener">Mammoth Biosciences</a>, <a href="https://forbes.co/2020/04/17/emprendedores/frubana-recauda-us25-millones-para-su-plataforma-agro/" target="_blank" rel="noopener">Frubana</a>, <a href="https://techcrunch.com/2020/09/09/groww-an-investment-app-for-millennials-in-india-raises-30m-led-by-yc-continuity/" target="_blank" rel="noopener">Groww</a>, <a href="https://www.join-real.com/" target="_blank" rel="noopener">Real</a>, <a href="https://www.narmi.com/" target="_blank" rel="noopener">Narmi</a>, <a href="https://shef.com/" target="_blank" rel="noopener">Shef</a>, <a href="https://www.businesswire.com/news/home/20200616005235/en/EasyKnock-Completes-20-Million-Series-B-Funding-Round-Opening-the-Door-for-More-Americans-to-Realize-the-American-Dream" target="_blank" rel="noopener">Easyknock</a> e <a href="https://www.k50ventures.com/home/#companies" target="_blank" rel="noopener">muito mais</a>. Visite <a href="http://k50ventures.com/" target="_blank" rel="noopener">k50ventures.com</a> para saber mais.

Round co-led by Accion Venture Lab and K50 Ventures will help transform the way Brazilian microentrepreneurs access financing solutions to fuel their growth: instant and embedded

São Paulo, Brazil,  July 14, 2021 – Dinie, Brazil’s pioneer API-first embedded finance fintech, announced USD 3.8 million Seed round led by Accion Venture Lab and K50 Ventures, with participation of Flourish Ventures, Domo Invest, Tribe Capital, Capital Lab amongst other funds, and several individuals from successful companies including Bill.com, Divvy, etc. The company also announces that it has concluded its own securitization structure securing a further US$20 million in debt financing capacity from Empirica Investimentos, a local structured debt investor, with a portfolio under management of c. US$1 billion. The investment will be used to accelerate the company’s end-to-end embedded credit infrastructure and further expose its API’s to Brazil’s largest ecommerce platforms and serve more than 15,000 MSMEs with embedded products such as Dinie Credit Account (business overdraft) and DiniePay (Buy Now Pay later for businesses).

By embedding their infrastructure and services within existing platforms that MSMEs already use, Dinie is able to reach large pools of potential MSME customers. Dinie then leverages the platforms’ data to quickly approve and underwrite revolving credit, and monitor cash flow and repayment behaviors to adjust credit lines and approve new drawdowns without additional paperwork. Dinie’s digital credit account further enables MSMEs to fund their working capital and to pay for their daily business expenses.

Brazil is home to more than 17 million MSMEs with USD 480 billion financing gap and most banks are unable to effectively serve them with financial products that are bespoke to their transactional needs, convenient and cost-effective. With MSMEs massively migrating to digital business models, particularly after the COVID crisis, banks will struggle to cater for their online purchasing, digital payments, integration to digital platforms and so on. These changes pose an incredible opportunity in a large underserved growth market. Ecommerce for instance, Dinie’s target market, is expected to grow by c. 20% YoY in the next 4 years.

“Dinie's vision is to enable large ecosystems such as ecommerce marketplaces to potentially become the 'Bank branch’' of MSMEs, where financial products are fully distributed and contextual, integrated with MSMEs specific’s business journeys. Banks are effectively becoming invisible within the MSMEs' user experience, who will be able to use their transactional data in exchange for bespoke, cheaper and effortless financial products”, says Suzy Ferreira, Dinie’s Founder and CEO.

Born in Berlin and launched in São Paulo in 2019, Dinie has already partnered with Brazil’s largest e-commerce enabling platforms such as iFood by MovilePay, Elo7 and Uruguayan payment unicorn dLocal. In less than 18 months of activity, Dinie has granted more than 1,500 loans, having grown by 20 times in 2020, which led it to be selected by Endeavor’s Scale-up Fintech acceleration program in Brazil. With the current round Endeavor’s fund Scale Up Ventures also becomes an investor in the Company.

"This round has shown us that we are on the right path and it has given us the confidence to continue improving our integrated solutions within large digital ecosystems to better serve small businesses”, says Vinicius Cibim, Dinie’s Co-founder and CFO.

“Affordable credit is essential for small businesses to recover from the COVID-19 pandemic, especially in the hardest-hit countries like Brazil. Dinie is embedding credit offerings in platforms that small business owners already use to provide entrepreneurs with the financing they need to keep their doors open and provide for their families,” said Michael Schlein, President and CEO of Accion.

“Dinie’s innovative business model is emblematic of how embedded finance is a more scalable, secure, and cost-effective way of lending to underserved small businesses. We’re excited to add them to the Venture Lab portfolio,” said Federico Gomez Romero, the Latin America Investment Officer at Accion Venture Lab.

Ryan Bloomer, Founder &amp; Managing Partner at K50 Ventures, said, “Dinie is currently the only fully digital, "end-to-end" embedded finance player in the Brazilian SMB lending space. We were very impressed with Dinie's founding team and the key partnerships they have in place, and believe Dinie is uniquely positioned for exponential growth in Brasil's massive 70 million+ SMB market.”

Arjuna Costa, Managing Partner at Flourish Ventures, said: "We are thrilled to support female founders in a country where they make up fewer than five percent of Brazil’s startups. Suzy and Andrea are redefining the perception of MSME risk, and have created a win-win scenario for both underserved business owners who need access to working capital, and the platforms that work with them. A vibrant small business sector will be a key driver of Brazil’s post-pandemic recovery, and Dinie’s can make a vital contribution to MSME success.”
###

<h3>About Dinie</h3>
Dinie (<a href="http://www.dinie.com" target="_blank" rel="noopener noreferrer">www.dinie.com</a>) enables digital platforms to provide innovative financial services solutions to underserved micro, small and medium-sized enterprises (MSMEs) in Brazil. The company takes the complexities out of the processes for any digital platform to quickly start offering instant and embedded credit-based revolving lines and payment solutions. Dinie is a pioneer in embedded lending “as-a-service” model and Open Finance, defining the future of finance for MSMEs in Brazil. The company’s mission is to free MSMEs of the banking oligarchy in Brazil and provide them with the financial tools they need to succeed and prosper.

Born in Berlin and founded in São Paulo in 2019, DINIE has already granted more than 1,500 loans, growing 20 times in 2020, which led it to be selected for Endeavor’s acceleration program Scale-up Fintech.
<h3>About Accion Venture Lab</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 50 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 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>About K50 Ventures</h3>
K50 Ventures invests in founders around the world that are on a mission to make life better for the 99%. Our thesis is simple: improve the lives of billions around the world by making health, education, finance, and housing more affordable, accessible, and sustainable. We firmly believe that the next generation of industry-changing companies will solve real problems for the masses. Since 2016, we have been an early investor and supporter of 150+ companies across the US and Emerging Markets. Some highlights of the portfolio include <a href="https://www.forbes.com/sites/cherylwinokurmunk/2020/12/15/credit-startup-raises-40m-in-series-d-round/?sh=451e8b71d7c5" target="_blank" rel="noopener noreferrer">Self</a>, <a href="https://www.bloomberg.com/news/articles/2020-01-30/heavy-weight-backed-mammoth-raises-45-million-for-crispr-r-d" target="_blank" rel="noopener noreferrer">Mammoth Biosciences</a>, <a href="https://forbes.co/2020/04/17/emprendedores/frubana-recauda-us25-millones-para-su-plataforma-agro/" target="_blank" rel="noopener noreferrer">Frubana</a>, <a href="https://techcrunch.com/2020/09/09/groww-an-investment-app-for-millennials-in-india-raises-30m-led-by-yc-continuity/" target="_blank" rel="noopener noreferrer">Groww</a>, <a href="https://www.join-real.com/" target="_blank" rel="noopener noreferrer">Real</a>, <a href="https://www.narmi.com/" target="_blank" rel="noopener noreferrer">Narmi</a>, <a href="https://shef.com/" target="_blank" rel="noopener noreferrer">Shef</a>, <a href="https://www.businesswire.com/news/home/20200616005235/en/EasyKnock-Completes-20-Million-Series-B-Funding-Round-Opening-the-Door-for-More-Americans-to-Realize-the-American-Dream" target="_blank" rel="noopener noreferrer">Easyknock</a>, and <a href="https://www.k50ventures.com/home/#companies" target="_blank" rel="noopener noreferrer">more</a>. Visit <a href="http://k50ventures.com/" target="_blank" rel="noopener noreferrer">k50ventures.com</a> to learn more.

Dinie, Brazil’s pioneer API-first embedded lending fintech raises USD 3.8 million seed round

Michael Schlein

The surge in new digital banking accounts opened during the pandemic is expanding access for millions of people and small businesses to a range of financial tools, including digital payments, loans, insurance, and savings accounts, Michael Schlein, CEO of Accion, an impact investor focused on financial inclusion, wrote. “These are the tools of resilience, and if we focus on empowering the most vulnerable people to access and use these tools, we can build a truly inclusive and effective economic recovery that opens economic opportunity for all,” he added.

<a href="https://www.linkedin.com/pulse/wsj-emerging-growth-markets-july-10th-2021-dan-keeler/?trackingId=Yp%2BtHaxiR0uZ1FoC2WtpJA%3D%3D">Read more in this newsletter from the Wall Street Journal</a>.

WSJ Emerging & Growth Markets, July 10th 2021

Accion has a commitment to support families and small businesses in the Northern Triangle countries — Guatemala, Honduras, and El Salvador — and help address the root causes of migration. Over the next three years, Accion, a global leader in microfinance and fintech impact investing, will provide advice, guidance, and consulting services to the financial institutions that are helping micro and small business owners in the region — ultimately benefitting more than 400,000 people. In making this commitment, Accion is a founding partner in Vice President Kamala Harris’ recent call to action to support economic development in the region. In this episode, Chris Hood is joined by Sam Maule, Google Cloud, and special guest Michael Schlein, President and CEO of Accion, to discuss how they are joining forces with the White House to support digital and financial inclusion in Central America.

<a href="https://podcasts.google.com/feed/aHR0cHM6Ly90aGF0ZGlnaXRhbHNob3cud2l0aGdvb2dsZS5jb20vaW5kZXgueG1s/episode/aHR0cHM6Ly90aGF0ZGlnaXRhbHNob3cud2l0aGdvb2dsZS5jb20vcG9zdC9lcGlzb2RlLTI2LWFjY2lvbi1hbmQtdGhlLXBvd2VyLW9mLWRpZ2l0YWwv?sa=X&amp;ved=0CA0QkfYCahcKEwjIkpv9oMLxAhUAAAAAHQAAAAAQAQ">Listen to the full interview with Accion’s Michael Schlein here</a>.

Accion and the Power of Digital Technologies

Singapore-based financial technology (fintech) firm <a href="https://www.dealstreetasia.com/?s=Fairbanc%20Pte">Fairbanc Pte</a>, a subsidiary of Silicon Valley-based Fairbanc, announced that it has raised pre-Series A funding from <a href="https://www.dealstreetasia.com/?s=ADB%20Ventures">ADB Ventures</a>, <a href="https://www.dealstreetasia.com/?s=Accion%20Venture%20Lab">Accion Venture Lab</a>, <a href="https://www.dealstreetasia.com/?s=East%20Ventures">East Ventures</a>, <a href="https://www.dealstreetasia.com/?s=Sampoerna%20Strategic%20Group">Sampoerna Strategic Group</a>, and others.

The company, founded in 2019 by CEO Mir Haque, said the latest funding will help scale up credit access for Indonesia’s small retailers, many of whom struggle to access working capital.

<a href="https://www.dealstreetasia.com/stories/se-asia-deals-28-june-248239/">Read more about Accion Venture Lab’s investment in Fairbanc in this DealStreetAsia article</a>.

SG-based fintech firm Fairbanc secures funding and other SE Asia deals

Jakarta, Indonesia and Singapore, June 29, 2021 — <a href="https://fairbanc.app/" target="_blank" rel="nofollow noopener noreferrer">Fairbanc</a> announced it has raised an undisclosed seven figures investment in a pre-Series A from <a href="http://ventures.adb.org/" target="_blank" rel="nofollow noopener noreferrer">ADB Ventures</a>, the Asian Development Bank's venture arm, <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="nofollow noopener noreferrer">Accion Venture Lab</a>, <a href="http://east.vc/" target="_blank" rel="nofollow noopener noreferrer">East Ventures</a>, Michael Sampoerna Group, and others. This new financial backing comes on the heels of recent investments from 500 Startups and Indonesian billionaire Michael Sampoerna. This funding will enable Fairbanc to scale up credit access for Indonesia's small retailers, many of whom struggle to access working capital.

The World Bank estimates Indonesia's micro, small, and medium enterprises (MSMEs) have a US $166 billion unmet need for credit. Fairbanc partners with large Fast-Moving Consumer Goods (FMCG) companies to offer a 'pay-later' option through its AI-powered credit scoring that allows instant microcredit decisions. The credits help the unbanked and underbanked merchants with revenue growth by enabling them to increase inventory.

According to Fairbanc Founder and CEO Mir Haque, "what makes Fairbanc so unique compared to other fintechs is that it plugs into large consumer brands like Unilever's vast merchant networks to offer 'Buy Now Pay Later' credit to tens of thousands of retailers without requiring any loan applications or smartphones. System integration into consumer brands' distribution app allows Fairbanc to access merchants' order and payment history, which in turn, allows Fairbanc to utilize advanced data science and machine learning to underwrite credit and grow merchant's sales while keeping loan defaults and operating costs very low."

Since Fairbanc's inception in 2019, the startup has partnered with major FMCG firms, including Unilever, L'Oréal, and Danone, to help MSMEs grow their sales by over 35% while limiting nonperforming loans to near-zero.

"Fairbanc is empowering and future-proofing the many unbanked grocers who distribute Unilever products, a large percentage of whom are female," said Francisca Ho, Head of Customer Development Finance at Unilever Indonesia. Fairbanc's mission of financial inclusion "is aligned with Unilever's purpose to enhance the livelihoods of millions of people as we grow our business".

With nearly 60,000 merchants in its network, Fairbanc will deploy the new investment to expand its distributor partners and strengthen its sales and technology teams. The company is also developing a product recommendation system with new features, including timely alerts to help merchants plan inventory in advance of climate events, for which Indonesia is at high risk.

"Fairbanc has shown us that it has what it takes to bridge the finance gap for Indonesia's many small retailers," said Daniel Hersson, Senior Fund Manager at ADB Ventures. "The company's inventory financing and experienced leadership sets it apart in a crowded fintech market and makes Fairbanc an important ally on our mission to accelerate financial inclusion and support climate resilience in the Asia Pacific region."

"The pandemic is far from over in Indonesia, and micro merchants are uniquely vulnerable to its economic impact. Fairbanc is filling a critical gap in access to credit for these entrepreneurs, helping them keep their shops open and sustain their livelihoods," said Michael Schlein, President and CEO of Accion.

"By embedding their product into existing partner channels, Fairbanc is able to provide micro merchants seamless access to much-needed inventory financing solutions. Fairbanc's work aligns strongly with our mission of supporting inclusive fintechs, and we look forward to working with the team to reach more micro and small businesses across Indonesia," said Paolo Limcaoco, Southeast Asia Investment Officer at Accion Venture Lab.

"Supporting Fairbanc is aligned with our mission to bring financial inclusion to millions of unbanked merchants in Indonesia. We believe Fairbanc is a strong addition to accelerate supply chain financing adaptation in Southeast Asia," said Melisa Irene, Partner of East Ventures.

Fairbanc's CEO is Mir Haque, who previously held roles at McKinsey &amp; Company, Deutsche Bank, and Adobe, and its Chief Technology Officer is Kevin O'Brien, formerly CTO of the micro-credit platform Kiva. The company's Head of Operations is Siswanto Hadiprayitno, who has over twenty years of sales and executive experience at Indonesia-based corporations including Unilever Indonesia, Mead Johnson Indonesia, and Tiga Raksa Satria.
###
Media Contact

Mir Haque: <a href="mailto:mir@fairbanc.app" target="_blank" rel="nofollow noopener noreferrer">mir@fairbanc.app</a>

Fairbanc secures funding from ADB Ventures, Accion Venture Lab, East Ventures, and Sampoerna to scale Indonesian's micro merchant's access to embedded credit products

<a href="https://www.khazna.app/" rel="external noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.khazna.app/&amp;source=gmail&amp;ust=1623834388306000&amp;usg=AFQjCNHfdorbThMuoiGB-CgmswcynjMkwA" data-wpel-link="external">Khazna</a>, Egypt’s leading financial super app, has partnered with ADIB Egypt &amp; Masria Digital Payments (MDP), to launch “Khazna Card”, the first of its kind Meeza prepaid card, linked to Khazna’s Super App to empower Egypt’s labor force by extending world class financial services.

Khazna’s corporate partners are Egypt’s largest employers including Hassan Allam Holding, Orascom Construction, Ezz Steel, Fresh, Majorel, Ibn Sina, Lotus Garments, Integrated Diagnostics Holding, Alfa Medical Group, Elezaby Pharmacies, ADES and Spinney’s. Khazna’s leadership team includes executives from Worldremit, Valeo, IBM, Uber, CIB and Arqaam Capital. Khazna is backed by renowned institutional investors, including Accion Venture Lab, Algebra Ventures and Disruptech Ventures.

<a href="https://techmoran.com/2021/06/15/khazna-and-adib-egypt-receive-central-bank-of-egypt-approval-to-launch-khazna-card/">Read more in TechMoran.</a>

Khazna and ADIB Egypt Receive Central Bank of Egypt Approval to Launch Khazna Card

John Fischer

The Chief Investment Officer at Accion, and Chairman of the Board of Accion Microfinance Bank in Nigeria, Mr. John Fischer, in this interview speaks about how financial institutions can aide growth post-covid, plans of his organisation and other pertinent industry issues. Nume Ekeghe presents the excerpts.

<a href="https://www.thisdaylive.com/index.php/2021/06/16/fisher-digital-financial-services-critical-for-inclusive-recovery/">Nigerian outlet This Day</a> interviews Accion's John Fischer.

Fisher: Digital Financial Services Critical for Inclusive Recovery

Accion Microfinance Bank Limited has been recognized for putting structures in place that reduced the effects of the pandemic on the staff and customers of the bank.

John Fischer, chairman of the bank, who commended the management at the bank’s annual general meeting in Lagos, also noted how the bank leveraged technology and optimized innovative solutions to improve customer experience and service.

<a href="https://businessday.ng/banking-finance/article/how-accion-mfb-helped-customers-survive-pandemic-year/">Nigerian outlet Business Day</a> features insights from Accion's John Fischer.

How Accion MFB helped customers survive pandemic year

Mexican payments startup Clip on Thursday said its valuation has jumped to nearly $2 billion after a recent investment led by SoftBank Latin America Fund and Viking Global Investors LP, putting it in a small but growing club of Mexican "unicorns."

Read more <a href="https://www.reuters.com/technology/mexicos-clip-hits-unicorn-status-after-softbank-investment-2021-06-10/">in this Reuters article</a> about Accion Venture Lab portfolio company Clip.

Mexico's Clip hits unicorn status after SoftBank investment

Potential buyers with a low income in comparison to the median income in their region have an especially difficult time becoming homeowners because of the difficulty of saving money. We asked Lauren Bringle, an accredited financial counselor with <a href="http://www.self.inc/">Self Financial</a>, a financial-tech start-up with a mission to help people build their credit and savings, for advice for prospective buyers who face the obstacle of a lower income.
<div>
<div data-qa="drop-cap-letter">
“According to a 2020 customer survey by Accion, 57 percent of Self customers said their top financial goal was to buy a house,” Bringle wrote in an email. “This topic is particularly relevant in the Black community, with 41 percent of Black Americans stating buying a house would be their top money goal if they had good credit, according to a <a href="https://learn.self.inc/more-than-a-number/">survey</a> by Wakefield Research and Self Financial.”

</div>
</div>
<div>
<div data-qa="drop-cap-letter">
A financial counselor from Accion Venture Lab portfolio company Self is quoted <a href="https://www.washingtonpost.com/business/2021/05/25/four-tips-become-homeowner-despite-low-income/">in this Washington Post article</a>.

</div>
</div>

Tips to becoming a homeowner despite a low income

En español

<ul>
<li>La falta de oportunidades económicas es una de las causas fundamentales de la migración masiva desde el Triángulo Norte.</li>
<li>Accion responde a este llamado de la Casa Blanca con un compromiso renovado para ayudar a hacer crecer las micro y pequeñas empresas en la región del Triángulo Norte durante los próximos tres años, lo que en definitiva beneficiará a más de 400.000 personas.</li>
<li>Acción es un líder mundial en microfinanzas e inversiones de impacto en tecnologías financieras, con 60 años de experiencia en la promoción del desarrollo económico en todo el mundo.</li>
<li>Este apoyo es fundamental para que los empresarios y sus familias sobrepasen a la pandemia, comiencen la reconstrucción y desarrollen su resiliencia financiera para el futuro.</li>
</ul>
Washington, DC, 27 de mayo de 2021 — Accion anunció hoy un nuevo compromiso para apoyar a las familias y las pequeñas empresas en los países del Triángulo Norte (Guatemala, Honduras y El Salvador) y ayudar a abordar las causas fundamentales de la migración. Durante los próximos tres años, Accion, líder mundial en microfinanzas e inversiones fintech de impacto, brindará servicios de asesoramiento, orientación y consultoría a las instituciones financieras que están ayudando a los propietarios de micro y pequeñas empresas en la región, lo que finalmente redundará en beneficio de más de 400.000 personas. Accion asume este compromiso como socio fundador del reciente llamado de acción de la vicepresidenta Kamala Harris para apoyar el desarrollo económico en la región.
La inclusión digital y financiera es un área medular del enfoque de la Casa Blanca para abordar la migración masiva, impulsada por una serie de factores que incluyen la falta de oportunidades económicas, la pobreza, la violencia y el cambio climático, todos agravados por la pandemia de COVID-19 &#8211; en el Triángulo del Norte. Casi la mitad de todos los residentes de la región ganan menos de 5,50 dólares al día y más de 300.000 puestos de trabajo han desaparecido debido a la pandemia. El compromiso de Accion creará oportunidades económicas en la región al proporcionar a las poblaciones vulnerables que tienen más probabilidades de emigrar, las herramientas financieras digitales que necesitan para expandir sus granjas, hacer crecer sus negocios, aumentar sus ingresos y construir mejores vidas en sus países de origen.
“El Llamado a la Acción es reunir a estos líderes y a otros para que podamos hacer lo que creo que podemos hacer mejor, que es comprometernos a hacer algo y luego llevarlo a cabo, entendiendo que dar esperanza no se trata solo de tener un sueño de dar esperanza, se trata de una acción que resulte en un beneficio tangible que le dé a la gente una idea de lo que es posible para ellos mismos y para sus familias,” dijo la vicepresidenta Kamala Harris en un evento en la Casa Blanca el jueves.
Accion trabajará con instituciones financieras de la región que prestan servicios a micro y pequeñas empresas de bajos ingresos para ayudarlas a digitalizar sus servicios y a mejorar su capacidad de satisfacer las necesidades de sus clientes. El trabajo de Accion se centrará en ampliar la participación de los grupos vulnerables en la economía digital; facilitar el acceso a las tecnologías financieras y al capital para las pequeñas empresas, en particular aquellas que son propiedad de mujeres e indígenas; y garantizar que las personas más vulnerables y con más probabilidades de migrar tengan acceso a educación y servicios financieros.
Michael Schlein, presidente y director ejecutivo de Accion, dijo: “América Latina es una de las regiones más afectadas por la pandemia, lo que ha contribuido a agravar una serie de factores como la pobreza y la violencia que están impulsando la migración masiva del Triángulo Norte hacia los Estados Unidos. Con el apoyo adecuado y las nuevas tecnologías, las instituciones financieras que ya atienden a las personas con más probabilidades de emigrar pueden digitalizar sus operaciones para así llegar a clientes financieramente marginados, comprender sus necesidades y crear nuevas herramientas que permitan a las personas la construcción de una vida mejor y, de esta manera, abordar las causas económicas de la migración &#8220;.
Durante los próximos tres años, Accion trabajará a través de sus asociaciones existentes en la región para:
<ul>
<li>Conectar a los propietarios de pequeñas y microempresas con nuevos mercados y hacer crecer sus negocios mejorando sus capacidades financieras, digitales y de gestión;</li>
<li>Trabajar para reducir las barreras que han impedido a las mujeres el acceso a oportunidades económicas;</li>
<li>Mejorar la seguridad física de las pequeñas empresas apoyando su transición de pagos en efectivo a pagos digitales;</li>
<li>Brindar a las personas un mayor acceso a los servicios financieros en los lugares donde viven, a través de la expansión de la banca sin sucursales;</li>
<li>Impulsar la productividad de los pequeños agricultores proporcionándoles nuevos productos y servicios;</li>
<li>Facilitar que los prestamistas que ya atienden a los pobres hagan un mayor uso de la tecnología para llegar a más clientes y brindarles apoyo de manera más eficaz y con mayor seguridad.</li>
</ul>
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.
Los socios de Accion en la región incluyen a Fundación Génesis Empresarial y a Compartamos SA (Compartamos Guatemala), ambas organizaciones microfinancieras que atienden a pequeñas empresas en Guatemala; Banco Popular SA y Financiera Solidaria SA (Finsol), ambas instituciones comerciales de microfinanzas en Honduras; y SAC Integral SA, una institución microfinanciera que ofrece a las pequeñas empresas de El Salvador productos y servicios financieros innovadores.
# # #
<h2>Acerca de Acción</h2>
Acción es una organización mundial sin fines de lucro comprometida con la creación de un mundo financieramente inclusivo, con un legado pionero en microfinanzas e inversiones de tecnología financiera con impacto social. Impulsamos a proveedores de servicios financieros para que ofrezcan soluciones asequibles y de alta calidad a escala de los 3.000 millones de personas excluidas o desatendidas por el sector financiero. Durante 60 años, Acción ha ayudado a decenas de millones de personas mediante su trabajo con más de 160 socios en 55 países. Más información en <a href="http://www.accion.org" target="_blank" rel="noopener">http://www.accion.org</a>.
&nbsp;

<ul>
 	<li>Lack of economic opportunity is among the root causes of mass migration from the Northern Triangle.</li>
 	<li>Accion is responding to a White House call to action with a new commitment to help grow micro and small businesses in the Northern Triangle region over the next three years, ultimately benefitting more than 400,000 people.</li>
 	<li>Accion is a global leader in microfinance and fintech impact investing with 60 years of experience advancing economic development around the world.</li>
 	<li>This support is critical for entrepreneurs and their families to survive the pandemic, begin to rebuild, and establish their financial resilience for the future.</li>
</ul>
Washington, DC, May 27, 2021 – Accion announced today a new commitment to support families and small businesses in the Northern Triangle countries – Guatemala, Honduras, and El Salvador – and help address the root causes of migration. Over the next three years, Accion, a global leader in microfinance and fintech impact investing, will provide advice, guidance and consulting services to the financial institutions that are helping micro and small business owners in the region – ultimately benefitting more than 400,000 people. In making this commitment, Accion is a founding partner in Vice President Kamala Harris’ recent call to action to support economic development in the region.

Digital and financial inclusion is a key focus area in the White House’s approach to addressing the mass migration that is being driven by a series of factors including lack of economic opportunity, poverty, violence, and climate change – all compounded by the COVID-19 pandemic – in the Northern Triangle. Nearly half of all residents in the region earn less than US $5.50 per day, and more than 300,000 jobs have been lost due to the pandemic. Accion’s commitment will create economic opportunity in the region by providing vulnerable populations who are most likely to emigrate with the digital financial tools they need to expand their farms, grow their businesses, increase their incomes, and build better lives in their home countries.

“The Call to Action is to bring these leaders and others together so that we can do what I think we can do best, which is make a commitment to get something done and then see it through, understanding that giving hope is not about just having a dream of giving hope, it is about action that results in tangible benefit that gives people a sense of what is possible for themselves and for their families,” said Vice President Kamala Harris at a White House event on Thursday.

Accion will work with financial institutions in the region who serve low-income micro and small businesses to support them in digitizing their services and improving their ability to address their clients’ needs. Accion’s work will focus on expanding vulnerable groups’ participation in the digital economy; facilitating access to financial technologies and capital for small businesses, particularly women- and indigenous-owned businesses; and ensuring that the most vulnerable and the most likely to migrate have access to financial services and education.

Michael Schlein, President and CEO of Accion, said: “Latin America is one of the regions hardest hit by the pandemic, contributing to a series of factors including poverty and violence that is driving mass migration from the Northern Triangle to the United States. With the right support and new technology, financial institutions already reaching the people most likely to emigrate can digitize their operations to reach even more financially underserved clients, understand their needs, and create new tools that allow people to build better lives – ultimately addressing the root economic causes of migration.”

Over the next three years, Accion will work through its existing partnerships in the region to:
<ul>
 	<li>Connect small and micro business owners to new markets and grow their businesses by improving their management, financial, and digital capabilities;</li>
 	<li>Work to reduce barriers that have prevented women from accessing economic opportunities;</li>
 	<li>Improve physical security for small businesses by supporting their transition from cash to digital payments;</li>
 	<li>Give people greater access to financial services where they live through the expansion of branchless banking;</li>
 	<li>Boost the productivity of small-holder farmers by providing them with new products and services;</li>
 	<li>Enable lenders that already serve the poor to make greater use of technology to reach more clients and support them more effectively and with greater security.</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.

Accion’s partners in the region include Fundación Génesis Empresarial and Compartamos S.A. (Compartamos Guatemala), both microfinance organizations serving small businesses in Guatemala; Banco Popular S.A. and Financiera Solidaria S.A. (Finsol), both commercial microfinance institutions in Honduras; and SAC Integral S.A., a microfinance institution which provides small businesses in El Salvador with innovative financial products and services.
# # #

<h2>About Accion</h2>
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 160 partners in 55 countries. More at <a href="http://www.accion.org" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

Accion Joins White House Call to Action to Support Economic Opportunity in the Northern Triangle

Vice President <a class="autolink" href="https://www.washingtonexaminer.com/tag/kamala-harris?utm_campaign=autolink&amp;utm_source=internal&amp;utm_medium=autolink" target="_blank" rel="noopener noreferrer">Kamala Harris</a> will announce agreements with private sector companies to invest in Guatemala, Honduras, and El Salvador as part of the White House's effort to stem migration from Central America to the southern <a class="autolink" href="https://www.washingtonexaminer.com/tag/border?utm_campaign=autolink&amp;utm_source=internal&amp;utm_medium=autolink" target="_blank" rel="noopener noreferrer">border</a>.

Twelve firms and organizations have signed on, including Mastercard, Microsoft, Nespresso, Chobani, and Duolingo, a White House official said.

Others include Bancolombia and Davivienda, two regional banks, the World Economic Forum, which runs an annual gathering for the political and business elite in Davos, Switzerland, and nonprofit groups such as the Tent Partnership for Refugees, Accion, Pro Mujer, and the Harvard T.H. Chan School of Public Health.

Executives from Accion, Chobani/Tent Partnership, Duolingo, Mastercard, Pro Mujer, and the WEF will sit down in person with Harris at the White House, with others joining the meeting virtually.

<a href="https://www.washingtonexaminer.com/news/harris-business-central-america-migration">The Washington Examiner</a> covers a sit-down with Vice President Kamala Harris about her call to action for the Northern Triangle which Accion CEO Michael Schlein attended.

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