Press Release

<ul>
 	<li>The round is led by Accion Venture Lab with participation from AAIC, Consonance, P1 Ventures, Acuity Ventures,The Continent Venture Partners, and Future Africa</li>
 	<li>Lami’s new funding will be used to enhance the capabilities of its Digital Insurance Platform to better support low-income populations, and expand the company’s presence in Africa</li>
</ul>
Nairobi, Kenya. 05 May 2021 – <a href="https://www.lami.world/" target="_blank" rel="noopener noreferrer">Lami Technologies</a>, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today <a href="https://techcrunch.com/2021/05/04/kenyas-lami-raises-1-8m-to-scale-api-insurance-platform-across-africa/" target="_blank" rel="noopener noreferrer">it has raised $1.8 million in seed funding</a>.

The round was led by Accion Venture Lab, Accion’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that are improving the reach, quality, and affordability of financial services for the underserved.

Founded by Jihan Abass in 2018, Lami is an insurance platform that enables partner businesses -including banks, tech companies, and other entities - to easily and seamlessly offer digital insurance products to their users via Lami's API. Lami connects partner organizations, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other insurance products in seconds, then customize the benefits and adjust the premium to suit their needs and get their policy documents instantly.

Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to offer businesses unique insurance products that can be offered to their underlying customer base to meet their needs and cash flows, such as monthly medical policies for startup employees.

Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa so we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance, often for the first time.”

Africa’s insurance market currently stands at a 3 percent penetration rate, expect for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage that can provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, which mainly still relies on brick-and-mortar channels where policies are sold and processed manually. This results in a longer processing cycle, poor customer satisfaction, and higher distribution costs.

Lami’s digital insurance platform leverages cloud computing, automation, and third-party service providers such as emergency and valuation, or identity and asset verification databases, to offer a comprehensive ecosystem for the businesses they partner with to develop, distribute and manage highly streamlined and competitive insurance products that are designed to meet their customers’ needs.

Since its inception, the insurtech startup has sold more than 5,000 policies and has partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance, distributing more than 30 products available including medical, motor, employee benefits, and device insurance. As an innovator in the digital insurance space, Lami aims to continue diversifying its business by looking for new partners and building on its core technology.

Michael Schlein, President and CEO, Accion Venture Lab, said: “Ninety-seven percent of Africans lack access to insurance – a financial safety net that can help them build resilience against economic shocks. Lami helps address this need for consumers across Africa through its innovative approach that leverages technology and partnerships to help any business develop and sell insurance.”

“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for customers to purchase insurance that is specific to their needs. By embedding customized insurance within businesses that customers know and trust, Lami is making insurance accessible for underserved populations in Africa and enabling them to build financial resilience.”said Ashley Lewis, Africa Director, Accion Venture Lab

This investment highlights the strong commitment of all organizations to ensuring that financial services are made accessible and affordable for the underserved.
###

<h2>About Lami Techologies</h2>
Lami Technologies is an insurance technology company founded in 2018 by Kenyan entrepreneur Jihan Abass. Our mission is to break the 3 percent insurance penetration barrier in Africa. Headquartered in Nairobi, Kenya, our team of diversified talented individuals is located across five countries in Africa and Europe. Using our secure API platform, we offer our business partners innovative digital insurance solutions to help them enhance and improve the usage of insurance products while enabling them to distribute insurance to their customer base. We transform insurance policies and enable customers to tailor their coverage according to their requirements to get flexible terms and affordable payment plans. For further information, visit <a href="https://www.lami.world/" target="_blank" rel="noopener noreferrer">www.lami.world</a>

Follow us on Twitter: <a href="https://twitter.com/lami_world" target="_blank" rel="noopener noreferrer">@Lami_world</a> and join the discussion on the <a href="https://medium.com/lami-technologies" target="_blank" rel="noopener noreferrer">Lami World Blog</a>

Media contacts:
<a href="mailto:media@lami.world" target="_blank" rel="noopener noreferrer">media@lami.world</a>
<h2>About Accion Venture Lab</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 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 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>.

Lami Technologies closes $1.8 million seed funding to accelerate growth of digital insurance in Africa

Washington, DC, May 4, 2021 – Global nonprofit Accion announced today the appointment of Nazanine Scheuer as Chief Development &amp; Partnerships Officer. In this role, Nazanine will oversee Accion’s Resource Development with the objective of building and stewarding strategic, innovative partnerships across a broad portfolio of stakeholders to amplify Accion’s work.

“Partnerships and philanthropic support fuel our COVID-19 pandemic response and its economic impacts on low-income families and small businesses around the world.  As the new leader of our resource development efforts, Nazanine will play a critical role in ensuring Accion’s urgent work to create an inclusive recovery for all,” said Michael Schlein, President and CEO of Accion. “A bold and innovative thinker with a passion for social change and proven success in developing global partnerships that drive impact, I’m thrilled to work with her to enhance Accion’s resource mobilization and achieve our vision of a financially and economically inclusive world.”

“Accion is an established leader in leveraging a diverse range of partnerships to support financial inclusion and foster resilience among vulnerable populations around the world. The power of social entrepreneurship and market creation are key to ensuring equitable and sustainable livelihoods and enabling inclusive economic growth in at-risk communities. Accion has been at the forefront, providing resources, tools, expertise and thought leadership. I am delighted to join the organization at a critical juncture, working closely with our partners and supporters to co-create innovative solutions and channel resources where they are needed the most,” said Nazanine Scheuer, the new Chief Development &amp; Partnerships Officer at Accion.

Nazanine Scheuer brings to her role over 15 years of experience developing global strategic partnerships. Most recently, she led Save the Children’s Social Enterprise &amp; Impact Ventures, managing a team focused on creating and launching revenue-generating, for-purpose business models. During her tenure, she developed innovative partnerships across the private sector, aligning with Save the Children’s mission-driven priorities to create a common platform of outcomes-driven programs. Nazanine started her career in the corporate world, working in the pharmaceuticals and food industries in the United States and Europe. She holds a bachelor’s degree from EPSCI, the International School of Business Administration of Groupe ESSEC in France, and an MBA from the Leonard N. Stern Business School at New York University.
# # #

<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 160 partners in 55 countries. More at <a href="http://www.accion.org" target="_blank" rel="noopener noreferrer">http://www.accion.org</a>.

Accion names Nazanine Scheuer as new Chief Development and Partnerships Officer

Spanish

Through GanaSol, BancoSol seeks to improve the size and diversity of its mobile banking clientele.

April XX, 2021 — Bolivian financial institution BancoSol announced today the launch of GanaSol, a gamified tool that incentivizes customers to utilize digital banking services, as part of the bank’s efforts to provide quality financial services to a larger and more diverse population of Bolivians. GanaSol is built into AppSol 3.0, BancoSol’s new mobile digital banking management platform.

BancoSol currently serves more than 1.2 million clients.  Through a partnership with Mastercard and global nonprofit Accion, BancoSol is deepening its use of digital technologies to improve access to quality financial services. GanaSol is the first product developed through a new innovation hub, CibSol, that was created through the partnership to help BancoSol both develop new and improve existing products for Bolivia’s micro-merchants.

GanaSol allows BancoSol’s customers to earn points for maintaining or increasing their savings account balances. By banking through AppSol 3.0, customers can redeem their points for cash prizes by spinning a virtual roulette wheel, or through weekly or monthly draws.

"Through GanaSol, we will be able to provide digital banking to thousands of people who for different reasons have been marginalized by traditional financial services. We're going to use the game as a tool to break down the psychological barriers between people and finance," explained BancoSol's National Deputy Manager of Marketing and Corporate Social Responsibility, José Luis Zavala.

"We want all of our customers, regardless of their previous experience in digital banking, regardless of age, or any other consideration, to access the services of our app. We are confident that entertainment, coupled with the possibility of winning prizes, will encourage Bolivians to make the leap to 21st century banking," Zavala said.

The gamification of banking services is part of BancoSol’s efforts to improve financial inclusion by providing digital financial tools and resources to traditionally excluded sectors and contributes to the following Sustainable Development Goals: 1 Ending Poverty, 8 Economic Growth, and 10 Reducing Inequalities.

Anyone with an individual active savings account with BancoSol can access GanaSol by downloading the mobile application AppSol 3.0. Users must activate GanaSol on the application in order to accumulate points and redeem them for opportunities to earn cash.

"With the launch of GanaSol we want to deconstruct the idea that finances are boring. We want people to have an engaging way to participate with online banking," Zavala said.

GanaSol was developed with the support of Accion’s Global Advisory Solutions team, through a global partnership between Accion and the <a href="https://www.mastercardcenter.org/" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a> that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy.  Combining expertise in innovative customer engagement strategies and digital product development, Accion’s advisory team has closely collaborated with the BancoSol team on this journey.

“As the world’s first commercial bank dedicated to serving micro and small businesses, BancoSol is a pioneer in financial inclusion and uniquely positioned to reach Bolivia’s financially underserved populations. We are excited to work with them as they enter their next phase of digital transformation. The launch of GanaSol – the first product developed through the new innovation hub, CibSol – is an important milestone in our partnership with Mastercard to help micro-merchants leverage the digital economy,” said Victoria White, Managing Director of Accion Global Advisory Solutions.

“As the digital economy grows, there is an enormous opportunity to deliver innovative financial products and services that meet the needs of micro and small businesses,” said Luz Gomez, director with of Mastercard’s Center for Inclusive Growth for Latin America and the Caribbean. “The launch of GanaSol demonstrates the need for private and civic sector organizations to collaborate on data-driven, digitally enabled solutions that can help build more inclusive and sustainable economies.”
###
About Accion

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>.

About the Mastercard Center for Inclusive Growth

The <a href="https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fu7061146.ct.sendgrid.net%2Fls%2Fclick%3Fupn%3D4tNED-2FM8iDZJQyQ53jATUUjgE7ZrBn-2Bsx74IO1aWO2w-3Dsexh_Np2n8AK-2BlBGvcwADjB-2FUCBXoxC0zm50N8SMQY4X4gPjQCanoeI-2F0pQljA6uIwR35cpjKiWd78uAU5gEWU58puI5eEiZLmAFR7ryT5AtKL1DB4mQawp1W1kxefrqmCDy3-2FH1IqxEgu9U5R0GCgC-2FvzV9j7745J1-2BfsTFhyzvtM4ef-2FJEIuQQx7bF-2Bgcouezv5NhL-2BrQaeZLzYdxp7fGCRpspcUlDbRHwNqQBf9LjUntMr5RCnMDkLsrt90XHFn1ZQ-2BReuIVTqzQ4H4KuZADO4sieu5cNRm4-2Fk2Q5EfjdP-2Bg62r85H345KViMJVmmGapsZOZV18KDv8Mj1w0j89SHxI1vAsdN77PPgeX26mJU5Hhp0MkuOeBRrk2awpnqTGUs5&amp;data=04%7C01%7Cpress%40clintonglobalinitiative.org%7Ce28351ebd6094092859f08d87440a03b%7Ca5cf9a4cb1304e85be835c25a4252f2b%7C0%7C0%7C637387168212159563%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=mUF6T508qkhy6ZAbpcYbfhmrnVbdlOcBlvNu40Mn0gA%3D&amp;reserved=0" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a> advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on Twitter, <a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer">@CNTR4growth</a>, <a href="https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fu7061146.ct.sendgrid.net%2Fls%2Fclick%3Fupn%3D4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT-2F331blJQN5jwq-2FKgyJvLkZ6FnZj7ezTaZDXemoFpmUtg-3D-3DIjLx_Np2n8AK-2BlBGvcwADjB-2FUCBXoxC0zm50N8SMQY4X4gPjQCanoeI-2F0pQljA6uIwR35cpjKiWd78uAU5gEWU58puI5eEiZLmAFR7ryT5AtKL1DB4mQawp1W1kxefrqmCDy3-2FH1IqxEgu9U5R0GCgC-2FvzV9j7745J1-2BfsTFhyzvtM4ef-2FJEIuQQx7bF-2Bgcouezv5NhL-2BrQaeZLzYdxp7fGCRpm-2F4XTcyGgGiml-2FG7EgL30qrQD778WHiwPmjrqOZWKtwhKcPNePaSJTKdcnsnt0GB5UgQ2qykqZT3W3GUtEph2ia2GNxQ8YShNFDSgxCURZRHjrSjBfyXceJ8wsxpDaBsiflas7B3OqHDOBfsapfNnoKa2iIiNAIxIpCQ-2F5NMYB0&amp;data=04%7C01%7Cpress%40clintonglobalinitiative.org%7Ce28351ebd6094092859f08d87440a03b%7Ca5cf9a4cb1304e85be835c25a4252f2b%7C0%7C0%7C637387168212169557%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=Rgw7dZFydoWebyzoLwA5d49S3RfyGbLg8pk%2BmDNL8Yk%3D&amp;reserved=0" target="_blank" rel="noopener noreferrer">LinkedIn</a> and <a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer">subscribe</a> to its newsletter.

BancoSol launches GanaSol, a new gamified banking tool that aims to improve financial inclusion in Bolivia

The updated CÍVICO Negocios App decreases risk of lending and improves CÍVICO’s multi-partner credit offer, to better support underserved small businesses in Colombia and Mexico

Bogotá, Colombia, April TBD, 2021 – CÍVICO, a Colombian start-up that enables digital and financial inclusion for underserved micro, small and medium enterprises (MSMEs) by connecting them with consumers, announced today the launch of its merchant assessment tool. The new tool will help CÍVICO better understand underserved businesses’ needs and improve its end-to-end digital loan platform, and help communities thrive by issuing customized credit products.

Since 2012, CÍVICO has worked with over 70,000 small merchants and corner stores and connected them with customers that are looking to buy products locally. CÍVICO has also developed an end-to-end digital loan product that could be customized for their diverse clientele.

In 2020, CÍVICO partnered with Bogota’s Mayors Office to launch Despega Bogotá, the city’s most ambitious program to mitigate the economic effects of the COVID-19 pandemic for small merchants. As a result of this joint effort, 30,000 MSMEs now have a digital presence and can sell their products online or accept digital payments in store. To date, CÍVICO’s merchants have offered more than 40,000 products on the platform, generating more than 10,000 transactions totaling more than US $250,000. The company has also disbursed more than 800 loans totaling US $120,000, with close to 10% of clients selected for renewals in the first 5 months of operations.

Now, to better understand their customers’ needs and help them grow their businesses, CÍVICO has developed a merchant assessment tool that consensually collects merchants’ data and pinpoints its clients’ pain points and needs. The tool is embedded in the CÍVICO Negocios App, a self-management mobile application where merchants can create a digital presence for their businesses, upload and sell their products and connect with their clients.

The merchant assessment tool consists of an easy-to-use test, where merchants share data that allows CÍVICO to assess their needs and offer the most suitable credit product. At the same time, CÍVICO cross-references these profiles with its existing data to create consumer-oriented financial products that address their biggest pain points in recovering from the pandemic, and improve their behaviors and the state of their financial health. By embedding the tool in its mobile application, CÍVICO can gather information to identify how to better use alternative data for credit scoring, improve its direct lending product, and find suitable partners with whom to scale their offering and provide a multi-partner flexible lending product to its clients.

After four months of running a pilot, CÍVICO is now launching its merchant assessment tool in time to assess the needs of the hundreds of thousands of businesses that have been negatively impacted by the pandemic.

As Ricardo Pombo, CÍVICO’S CEO stated, “The constant development of digital tools allows us to address our clients’ needs and is instrumental to fulfilling our purpose of generating digital and financial inclusion, and by doing such, we support our clients’ economic reactivation.”

The merchant assessment tool was developed with the support of Accion’s Global Advisory Solutions team, through a global partnership between Accion and the Mastercard Center for Inclusive Growth that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy. Accion’s support included client capability building for 12,000 merchants, through the organization’s financial education platform Ovante. Accion has also provided strategy definition, product development, scorecard modeling, piloting, launching and monitoring.

“CÍVICO’s unique business and platform presented a tremendous opportunity to layer on inclusive, digital-first financial services for underserved Colombian and Mexican microbusinesses and the consumers who rely on them. The company’s extensive knowledge of the small merchant ecosystem – and commitment to helping those businesses leverage the digital economy – made them an ideal partner in our work with Mastercard. The launch of this platform is a milestone in our shared efforts to advance financial inclusion,” said Victoria White, Managing Director of Accion Global Advisory Solutions.

“As we look to rebuild a more inclusive and sustainable economy, we must focus on supporting the digital needs of micro and small businesses,” said Luz Gomez, director of Mastercard’s Center for Inclusive Growth for Latin America and the Caribbean. “CIVICO’s expanded technology platform will serve as another valuable resource that can help scale financial services to merchants in Latin America. Now, more than ever, we need greater collaboration between the private sector and civic organizations to ensure the benefits of a growing digital economy reach everyone, everywhere.”
###
About CÍVICO

CÍVICO transforms cities by creating digital and financial inclusion ecosystems for the bottom of the pyramid, connecting small merchants with local consumers, having an impact in their quality of life. It currently operates in Bogotá, Mexico City and Santiago de Chile.

About Accion

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 http://www.accion.org.

About the Mastercard Center for Inclusive Growth

The <a href="https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fu7061146.ct.sendgrid.net%2Fls%2Fclick%3Fupn%3D4tNED-2FM8iDZJQyQ53jATUUjgE7ZrBn-2Bsx74IO1aWO2w-3Dsexh_Np2n8AK-2BlBGvcwADjB-2FUCBXoxC0zm50N8SMQY4X4gPjQCanoeI-2F0pQljA6uIwR35cpjKiWd78uAU5gEWU58puI5eEiZLmAFR7ryT5AtKL1DB4mQawp1W1kxefrqmCDy3-2FH1IqxEgu9U5R0GCgC-2FvzV9j7745J1-2BfsTFhyzvtM4ef-2FJEIuQQx7bF-2Bgcouezv5NhL-2BrQaeZLzYdxp7fGCRpspcUlDbRHwNqQBf9LjUntMr5RCnMDkLsrt90XHFn1ZQ-2BReuIVTqzQ4H4KuZADO4sieu5cNRm4-2Fk2Q5EfjdP-2Bg62r85H345KViMJVmmGapsZOZV18KDv8Mj1w0j89SHxI1vAsdN77PPgeX26mJU5Hhp0MkuOeBRrk2awpnqTGUs5&amp;data=04%7C01%7Cpress%40clintonglobalinitiative.org%7Ce28351ebd6094092859f08d87440a03b%7Ca5cf9a4cb1304e85be835c25a4252f2b%7C0%7C0%7C637387168212159563%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=mUF6T508qkhy6ZAbpcYbfhmrnVbdlOcBlvNu40Mn0gA%3D&amp;reserved=0" target="_blank" rel="noopener noreferrer">Mastercard Center for Inclusive Growth</a> advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on Twitter, <a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer">@CNTR4growth</a>, <a href="https://nam10.safelinks.protection.outlook.com/?url=https%3A%2F%2Fu7061146.ct.sendgrid.net%2Fls%2Fclick%3Fupn%3D4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT-2F331blJQN5jwq-2FKgyJvLkZ6FnZj7ezTaZDXemoFpmUtg-3D-3DIjLx_Np2n8AK-2BlBGvcwADjB-2FUCBXoxC0zm50N8SMQY4X4gPjQCanoeI-2F0pQljA6uIwR35cpjKiWd78uAU5gEWU58puI5eEiZLmAFR7ryT5AtKL1DB4mQawp1W1kxefrqmCDy3-2FH1IqxEgu9U5R0GCgC-2FvzV9j7745J1-2BfsTFhyzvtM4ef-2FJEIuQQx7bF-2Bgcouezv5NhL-2BrQaeZLzYdxp7fGCRpm-2F4XTcyGgGiml-2FG7EgL30qrQD778WHiwPmjrqOZWKtwhKcPNePaSJTKdcnsnt0GB5UgQ2qykqZT3W3GUtEph2ia2GNxQ8YShNFDSgxCURZRHjrSjBfyXceJ8wsxpDaBsiflas7B3OqHDOBfsapfNnoKa2iIiNAIxIpCQ-2F5NMYB0&amp;data=04%7C01%7Cpress%40clintonglobalinitiative.org%7Ce28351ebd6094092859f08d87440a03b%7Ca5cf9a4cb1304e85be835c25a4252f2b%7C0%7C0%7C637387168212169557%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=Rgw7dZFydoWebyzoLwA5d49S3RfyGbLg8pk%2BmDNL8Yk%3D&amp;reserved=0" target="_blank" rel="noopener noreferrer">LinkedIn</a> and <a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer">subscribe</a> to its newsletter.

CÍVICO announces launch of merchant assessment tool that will enhance its customized digital lending platform

Washington, DC, April 12, 2021 – Global nonprofit Accion announced today that Amee Parbhoo has been promoted to the role of Managing Director at Accion Venture Lab, Accion’s impact investment fund manager for seed-stage inclusive fintech startups. Venture Lab provides capital and extensive support to innovative, scalable fintech startups that improve the reach, quality, and affordability of financial services for the underserved.

“After a global search, I am thrilled to announce the promotion of Amee Parbhoo as the new Managing Director of Accion Venture Lab. She is the right person to lead us in its next exciting chapter,” said Michael Schlein, President and CEO of Accion. “As the former Director of Investments, Amee helped to build Accion Venture Lab into a global leader in seed-stage investing in fintech for financial inclusion. By bringing capital and operational guidance to startups finding new ways to reach the world’s three billion financially underserved people, we aim to create a financially inclusive world in our lifetime.”

“I am excited to work with Amee as she continues to build our global portfolio of high-quality seed stage fintech startups and advance Accion’s mission of financial inclusion, especially as Venture Lab focuses on the impact of financial services on broader human needs,” said Esteban Altschul, Chief Operating Officer of Accion and chair of Venture Lab’s Investment Committee.

“Inclusive fintech startups are finding better ways to reach and serve financially underserved people and small businesses, and Venture Lab plays a critical role supporting these innovators at an early stage. I'm excited to expand our portfolio and our impact,” said Amee Parbhoo, Managing Director of Accion Venture Lab.

In her tenure with Accion, Amee has managed Venture Lab's investment activities globally, as well as led Venture Lab’s governance and investments in Africa.  Prior to joining Accion, she was a consultant at McKinsey &amp; Company, worked on new products and technology at SKS Microfinance in India, and advised a range of fintech and financial inclusion enterprises around the world. She has a B.A. from Davidson College and an MBA from The Wharton School at University of Pennsylvania.

Created in 2012 by Accion and backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has emerged as a leading seed-stage investor in fintech for the underserved. Venture Lab creates value in its portfolio by providing investees with strategic and operational support across a broad range of functional areas. To-date, Venture Lab has deployed over US $30 million across 52 early-stage startups that operate in more than 30 countries worldwide. As a result of Venture Lab’s investments, more than 18.5 million consumers and small businesses have benefited from the formal financial sector; 2.1 million individuals have been insured; and people have put US $166 million into savings.

About Accion
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/">http://www.accion.org</a>.
#####

Accion appoints Amee Parbhoo as Managing Director of Accion Venture Lab

Esteban Altschul

News

<div class="card__paragraph">

Originally published on <a href="https://www.bnamericas.com/en/news/accion-plans-latam-fintech-investments-to-support-financial-inclusion-amidst-pandemic" target="_blank" rel="noopener noreferrer">BNamericas</a> by <a href="https://www.bnamericas.com/en/profile/urindebro" target="_blank" rel="noopener noreferrer">Ulric Rindebro</a>

Financial inclusion-focused nonprofit Accion will invest in several Latin American <a href="https://www.bnamericas.com/en/news/tech-investment-seen-as-way-to-combat-financial-crime-and-support-inclusion-too" target="_blank" rel="noopener noreferrer">fintechs</a> this year as a way to support micro entrepreneurs battling with the economic fallout of the <a href="https://www.bnamericas.com/en/analysis/pandemic-drives-technological-overhaul-of-latam-economies" target="_blank" rel="noopener noreferrer">COVID-19 pandemic</a>.

Based in Cambridge, Massachusetts, Accion approved 10 fintech investments last year and it expects to approve between eight and 10 investments in 2021, Esteban Altschul (in photo), the organization’s chief operating officer, told BNamericas.

“The investment pipeline is very strong as the pandemic has accelerated the need for digital tools in the process to improve financial inclusion,” said Altschul, who is also chair of Bolivia’s largest micro credit provider, <a href="https://www.bnamericas.com/en/company-profile/banco-solidario-sa-bancosol" target="_blank" rel="noopener noreferrer">BancoSol</a>.

Accion’s financial inclusion strategy is focused on making equity investments in fintechs and microfinance institutions (MFIs) to help these firms expand and incorporate more low-income individuals as customers.

As a strategic shareholder, Accion also transfers knowledge and international best practices to its local fintech and MFI partners in Latin America and other regions. Worldwide, it operates in 55 countries through more than 160 partner institutions.

In Latin America, Accion has invested in 24 financial inclusion-focused fintechs to date. These have been made through its seed-stage fintech investment initiative Accion Venture Lab, as well as investments made by funds for which Accion is sponsor and general partner: the Accion Frontier Inclusion Fund and Accion Quona Inclusion Fund, both third party funds managed by Quona Capital.

The fintechs that Accion have invested in have been less affected by the pandemic than the MFIs that it supports given their more flexible and agile nature, said Altschul.

Fintechs in Brazil, Chile, Colombia, Mexico, Peru and Uruguay stepped up their game in 2019 and last year after having lagged behind other emerging market regions in terms of coming up with creative solutions, he said. “We’re catching up quickly and the region’s fintech sector has become very attractive for investors, offering high returns.”

This year Accion is not planning any new equity investments in Latin American MFIs, opting instead to focus on helping these institutions with their digital transformation, said Altschul.

“Digital transformation and fintech is core and central to everything that Accion does today,” he added.
<h3>Pandemic impact</h3>
Latin America is among the regions in the world that have seen the biggest economic fallout of the health crisis.

Accion’s partner MFIs serving micro entrepreneurs have shown a resilience that is both surprising and impressive, according to Altschul.

Around 70-80% of these MFIs have responded “extremely well” and there have been no bankruptcies among the institutions that Accion supports in the region, he said.

However, the pandemic has had a “huge impact” on the region’s micro enterprise sector with an estimated 20% of the customers served by Accion’s partner MFIs having gone out of business, he said.

“Micro entrepreneurs have been the biggest victims of the economic fallout of the pandemic in Latin America,” said Altschul, who is a former principal investment officer at the <a href="https://www.bnamericas.com/en/company-profile/international-finance-corp" target="_blank" rel="noopener noreferrer">IFC</a>, the private sector arm of the <a href="https://www.bnamericas.com/en/company-profile/the-world-bank-group-grupo-del-banco-mundial-world-bank-banco-mundial" target="_blank" rel="noopener noreferrer">World Bank</a>.

The recovery of the region’s micro enterprise sector will take longer than initially expected and a strong focus of Accion in the next few years will be to help micro entrepreneurs find new business opportunities, leveraging digital financial products and services, he said.

Accion may postpone the planned exits from several of its investments in MFIs by two or three years as these entities continue to adjust to new ways of operating and support clients hit by the pandemic, Altschul added.

Given the large number of enterprises and individuals who are still excluded from the financial system in Latin America, Altschul said he believes there is more than enough room for MFIs and fintechs to co-exist and there are increasing opportunities for them to work together through partnerships.

</div>

Accion plans LatAm fintech investments to support financial inclusion amidst pandemic

The CDC Group, a development finance institution (DFI) and an impact investor in the UK, has partnered with <a class="storyTags" href="https://www.business-standard.com/topic/northern-arc-capital" target="_blank" rel="noopener noreferrer">Northern Arc Capital </a>for its first-ever pooled bond issuance (PBI) transaction in India. The PBI worth Rs 320 crore will support six leading Indian microfinance institutions.

CDC’s investment in the transaction is supported by a partial guarantee provided by Northern Arc. It is a milestone for CDC as it is the first transaction structured by CDC under a PBI structure, according to a release.

Read more about Accion portfolio company, Northern Arc Capital, <a href="https://www.business-standard.com/article/companies/cdc-group-partners-with-northern-arc-capital-for-first-pooled-bond-issuance-121033100189_1.html" target="_blank" rel="noopener noreferrer">in Business Standard</a>.

CDC Group partners with Northern Arc Capital for first pooled bond issuance

Asian Development Bank-backed Annapurna Finance has mobilised $30 million in equity from US-based impact investor Nuveen Global Impact as the lender looks to grow its stake amid the bottom of the pyramid borrowers.

The Bhubaneswar-based micro lender had a gross loan portfolio of Rs 4466 crore as of December 2020, making it the country's seventh largest NBFC-MFI.
<div>Read more about Accion portfolio partner, Annapurna Finance, <a href="https://economictimes.indiatimes.com/markets/stocks/news/annapurna-finance-mobilises-30-mn-in-equity-from-nuveen-global-impact/articleshow/81758220.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst" target="_blank" rel="noopener noreferrer">in Economic Times</a>.</div>

Annapurna Finance mobilises $30 mn in equity from Nuveen Global Impact

Mastercard and Harvard Business Review Analytic Services Research identifies insights, methods, risks in remote collaboration, enhanced security and customer experiences

Purchase, NY, March 30, 2021 — The increased demand for digital-first solutions and more customized experiences over the past year has led companies to place a greater emphasis on innovation. In the second edition of the Become Index, 53% of executives say their organizations place a high priority on innovation. Close to half of businesses surveyed (42%) responded to the need by increasing innovation budgets. They developed new ways to keep workers safe and novel paths to connect with and cater to customers while safeguarding customers’ health and peace of mind.

Become, sponsored by Mastercard and powered by the Harvard Business Review Analytic Services Business Innovators Index, is an annual, long-term innovation research initiative. It provides the actionable insights and roadmap needed to spark innovation, all informed by the extensive research and diverse input from consumers and key innovative businesses around the globe.

In its second edition, Become surveyed more than 1,800 business leaders and more than 10,000 consumers around the world and across industries to identify the traits demonstrated by the most innovative companies:
<ul>
 	<li>Digital Agility: Keeping up with accelerated digital adoption and real-time customer needs, especially touchless experiences</li>
 	<li>Surround-Sound Analytics: Making data-driven decisions the lifeblood of the organization</li>
 	<li>Ironclad Data Security: Protecting customers and their data</li>
 	<li>Strategic Investing: Taking intentional risks and accepting failure as part of the process</li>
 	<li>Customer Proximity: Keeping customers close as a guiding force for innovation
</li>
</ul>
Alex Clemente, Harvard Business Review Analytic Services (HBR-AS) managing director says, “As the world continues to emerge from the pandemic’s long shadow, the pace and speed of innovation has brought on new opportunities, but also some challenges. Many organizations have proven they can be fast, agile, and emerge stronger to whatever awaits next, but there are some gaps in what businesses saw important and what consumers need during and after the pandemic. I believe business and society are now forced to redefine what it means to be innovative. And businesses everywhere should re-evaluate if the new-found velocity and pace of change can be sustained.”

If companies are to excel into the future, addressing today’s risks and consumer demands include focusing on five key areas:
<ul>
 	<li>Build back with humanity. Research finds that 71% of consumers say they are more likely to buy from brands that reflect their values and provide excellent care for their customers and employees.</li>
 	<li>Break barriers to remote collaboration – More than one-third (38%) of executives cite working remotely as a challenge to future innovation and growth. A distributed set of teams not only presents barriers to collaboration—especially the informal teamwork that can blossom amid casual encounters—but also can keep people removed from tools and facilities that support innovation.</li>
 	<li>Prioritize innovation investments. Despite the gains made in vaccines and therapeutics, one of the most common challenges to innovation is an uncertain economic outlook and potential loss of revenue. More than half of respondents (63%) cite uncertain economic outlook and nearly half (46%) cite revenue loss as challenges to innovation, thus making it harder to decide which innovation efforts to pursue and which to table.</li>
 	<li>Prevent a security and data privacy pandemic. It’s no doubt that trust and peace of mind are highly important, ranking third on the priority list behind health and safety, and convenience. Yet only 37% of organizations indicated they have recently or plan to soon invest in data privacy and cybersecurity management to improve the customer experience. Similarly, only 35% of survey respondents say recent investments in data privacy and security were made in response to the pandemic.</li>
 	<li>Personalize customer proximity. More than a third (36%) of consumers are willing to share more personal information if it means a more immediate, personalized customer service experience. Being close to and truly understanding the customer’s needs can be supported through investments in predictive, data-driven, and real-time digital tools.
</li>
</ul>
Michael Miebach, CEO at Mastercard says, “This report shows that people are demanding real action. The world has changed from the pandemic, and people have less patience for just talk. As we’ve seen in these findings, many businesses aren’t meeting that expectation and so will need to work harder to do so.”
#####

Pandemic Drives Increased Velocity of Innovation, Brings New Challenges and Consumer Demands for Customization

UAE-based fintech startup NOW Money has secured $7 million in a funding round led by venture capital firm Anthemis Exponential Ventures, taking its total funding since inception to $8.5 million.
Founded in 2016 by Ian Dillon and Katharine Budd, NOW Money uses mobile banking technology to create accounts, low-cost remittance facility, and other financial services for migrant workers.
Read more about Accion portfolio company, NOW Money, <a href="https://www.forbesmiddleeast.com/innovation/startups/fintech-startup-now-money-secures-%247m-to-expand-across-the-gcc" target="_blank" rel="noopener noreferrer">in Forbes Middle East</a>.

UAE-Based Fintech Startup NOW Money Raises $7M To Fuel Growth

<a href="https://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, a UAE-based digital account service, announced on Monday it raised $7 million through its latest investment round, which was led by Anthemis Exponential Ventures with participation from  Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital, and Hambro Perks Oryx Fund.
Founded in 2016, NOW Money claims it uses “cutting-edge” mobile technology to improve the lives of low-income migrant works in the UAE.
Read more about Accion portfolio company, NOW Money, <a href="https://www.crowdfundinsider.com/2021/03/173714-uae-bank-account-service-now-money-raises-7-million-through-latest-investment-round-led-by-anthemis-exponential-ventures/" target="_blank" rel="noopener noreferrer">in Crowdfund Insider.</a>

UAE Bank Account Service NOW Money Raises $7 Million Through Latest Investment Round Led By Anthemis Exponential Ventures

<ul>
 	<li>NOW Money raises $7m in a funding round led by Anthemis Exponential Ventures.</li>
 	<li>Investment will drive NOW Money’s expansion into the Kingdom of Saudi Arabia and beyond.</li>
 	<li>Funding round is the most significant, multinational fintech deal to date in the Middle East.</li>
 	<li>NOW Money provides unbanked workers with access to the digital economy for the first time.</li>
</ul>
Dubai, United Arab Emirates, March 29, 2021 – <a href="https://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, the GCC’s first digital banking solution for low-income migrant workers, has secured $7m in a funding round led by venture investor, <a href="https://www.anthemis.com/">Anthemis Exponential Ventures</a>.

Anthemis Exponential Ventures was joined by a consortium of investors including <a href="https://www.knuru.com/">Knuru Capital</a>, <a href="https://www.wamda.com/en/wamda-investments">Wamda</a>, <a href="https://www.cbd.ae/">Commercial Bank of Dubai</a>, <a href="https://fintechfund.difc.ae/">DIFC FinTech Fund</a>, <a href="https://www.accion.org/">Accion Venture Lab</a>, <a href="http://greenhousecap.com/">Greenhouse Capital</a> and <a href="https://www.hambroperks.com/">Hambro Perks Oryx Fund</a>, amongst others. NOW Money also received supporting funding from <a href="https://www.expo2020dubai.com/en/programmes/expo-live">Expo 2020</a> and card scheme, <a href="https://ae.visamiddleeast.com/en_AE/visa-everywhere/fintech.html">Visa</a>.

The funding raised by NOW Money is the most significant, multinational fintech deal to date in the Middle East.

The cash injection will initially be used to drive NOW Money in the Kingdom of Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh. In addition, the funding will enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE.

Founded in 2016, NOW Money is the first fintech company in the Gulf to use mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers.

Co-founder of NOW Money, Ian Dillon, said: “This funding is a significant milestone for NOW Money. We are eager to build on our progress to date and realize our vision of creating a world where everyone has instant access to financial services they can, and want, to use. The investment has brought us the financial support needed to scale our expansion plans across the GCC, as well as strategic value and partnerships from each of our investors.

“There is no venture capital better placed than Anthemis Exponential Ventures to have led this deal, especially alongside other such high calibre Western and Middle Eastern funds. Two of our key partners, Commercial Bank of Dubai and Visa, have also played a critical role.”

The deal was led by Vica Manos of Anthemis Group, the world’s leading fintech investor, committed to cultivating change in the financial system.

Vica Manos, Partner at Anthemis Group, said: “One of the most impactful actions a company can take is to provide fair and sustainable access to finance, and NOW Money does exactly that. By opening up financial services to some of the most deeply left-out individuals, we’re confident that Katharine, Ian and the rest of the team can achieve genuine impact, changing the face of financial services in a region that right now is showing tremendous promise."

Alain Dib, CEO of Knuru Capital, said: “We were impressed by how NOW Money has solved many challenges and pain points, working with numerous stakeholders and partners to now be in a position to scale dramatically and bank millions of unbanked. We are very excited to be part of the journey.”

NOW Money partners with businesses to provide an end-to-end digital payroll solution. Every company has access to a unique payroll portal - a hassle-free way to transfer employee salaries and other financial-based rewards – and every employee is issued with a contactless-enabled Visa card and receives their salary directly into the NOW Money app. NOW Money gives all customers in-app access to low-cost financial services including mobile top-up, bill pay and remittance, the latter of which enables a quick, safe and cost-effective way to remit money overseas.

Katharine Budd, co-founder of NOW Money, said: “When we started NOW Money in 2016, our mission was clear; simplify the world’s financial services. Initially, we were met with skepticism about a digital financial service, but the success of mobile money in South and East Asia gave us faith that mobile banking would be a sustainable solution for the millions of people who find themselves overlooked by traditional Middle Eastern banking options. We are excited to expand our team and build our customer and partnership base to truly democratize financial services and make money easy, for everyone, every day.”

“In 2020, engagement with the NOW Money app doubled as our customers sought to make use of online services like remittances, in-app purchases and transactions. The restriction of movement forced upon the world due to the COVID-19 pandemic accelerated digital as consumers’ transaction channel of choice and these habits are likely to remain ingrained long after Coronavirus. For financial services it has proven that digital solutions are more than a luxury, they are an urgent necessity.”
###

UAE-based fintech NOW Money secures $7m to expand digital banking solution across the GCC

Last week, The Information <a href="https://www.theinformation.com/articles/altimeter-to-lead-plaid-deal-after-scrapped-visa-merger">reported</a> that Plaid is nearing a new financing deal that would value the company at between $10 billion to $15 billion. Beyond a high valuation, Plaid sports a key characteristic that positions it well to help early-stage startups: it has gone through regulatory hurdles. Months ago, Plaid announced it would not merge with Visa in what would have been a $5.3 billion acquisition. This event, as well as advice on how private fintech startups can deal with policy issues, will be part of FinRise programming.

While participants don’t get funding, FinRise has collated a number of “capital access partners,” which basically means investors who are committed to meeting with these companies and potentially writing a check. This network includes Accion, Acrew, Amex Ventures, Flourish, Harlem Capital, Kapor, Matrix, Village Capital, Visible Hands and First Round.

<a href="https://techcrunch.com/2021/03/24/plaid-accelerator-announces-inaugural-cohort-of-fintech-startups/" target="_blank" rel="noopener noreferrer">Read more in TechCrunch.</a>

Plaid accelerator announces inaugural cohort of fintech startups

Paolo Limcaoco

Due Diligence (DD) is an inevitable part of an investment process. In the VC parlance, DD is about the investor and the startup getting to know each other and getting into a comfort level. DD is a long process and often takes weeks or months to complete.

In this episode of e27‘s Fundraising Fundamentals webinar series, Paolo Limcaoco, Investment Officer at Accion Venture Lab (a fintech VC firm), talks about the three aspects of the process.

<a href="https://e27.co/due-diligence-is-like-dating-before-the-long-term-marriage-accion-venture-labs-paolo-limcaoco-20210323/" target="_blank" rel="noopener noreferrer">Listen on e27's website. </a>

‘Due diligence is like dating before the long-term marriage’: Accion Venture Lab’s Paolo Limcaoco

Non-banking financial company Dvara KGFS on Monday said it has raised 8 million euros ($9.52 million) from social impact funds Invest In Visions (Germany) and Darlehnskasse Münster (Luxembourg).

<a href="https://www.vccircle.com/olympus-capital-triodos-others-invest-pre-ipo-money-in-utkarsh-small-finance-bank" target="_blank" rel="noopener noreferrer">Read more in VCCircle.</a>

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