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

Press Release

<em>WASHINGTON, October 20, 2020</em> - Inclusive Fintech 50 announced the <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">2020 cohort of startups</a> driving inclusion and resilience for the 3 billion financially underserved people globally. An <a href="https://www.inclusivefintech50.com/2020-judging-panel" target="_blank" rel="noopener noreferrer">independent panel of 35 experts</a> from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the COVID-19 economic crisis.

The 50 fintechs were selected from a pool of 403 eligible applicants operating in 111 countries based on four criteria: inclusiveness, innovation, scale potential, and traction. The cohort will benefit from connections to leading investors including the <a href="https://www.inclusivefintech50.com/if50-investors-circle" target="_blank" rel="noopener noreferrer">IF50 Investors Circle</a>, as well as their peers from the <a href="https://www.inclusivefintech50.com/winners" target="_blank" rel="noopener noreferrer">2019 cohort</a>. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

Together, these high-potential startups demonstrate the power of financial technology to improve the accessibility, affordability, and convenience of financial services in advanced and emerging markets.

“Innovation in financial services can provide much needed stability to vulnerable populations by leveraging technology to fill gaps and meet their unique needs,” said Mark Pickens, Senior Director, Social Impact at Visa, Inc. “Visa is proud to support fintech innovators helping low-income communities weather the current storm and, importantly, build resilience for the future.”

Brad Jones, CEO of Wave Money and one of the expert judges said, “The final 50 were selected based on strong product-market fit, the experience of their leadership teams, and their potential to scale and reach underserved populations.” The judges also selected two fintechs to receive “Financial Resiliency” prizes of USD 25,000 based on their contribution to strengthening the ability of low-income households and businesses to withstand and recover from the pandemic. Those two companies are:
<ul>
 	<li><strong>reach52</strong>, which provides micro-insurance to families in Southeast Asia who live more than an hour away from healthcare facilities and have limited incomes.</li>
 	<li><strong>PesaKit</strong>, which helps mobile money agents in Kenya and Tanzania manage shifts in liquidity so they can better serve their customers who have limited access to basic financial services.</li>
</ul>
“The health and economic challenges created by COVID-19 placed households and businesses on shaky financial footing — especially those who were economically vulnerable before the pandemic,” said Evelyn Stark, who leads Financial Health at MetLife Foundation. “Amid the uncertainty, these fintechs demonstrate how new models can improve financial resilience.”

Launched in 2019, Inclusive Fintech 50 identifies and elevates high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.

The winners are listed below by main operating region. Full profiles can be viewed at <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2020-cohort</a>.
<h3><strong>East Asia &amp; the Pacific</strong></h3>
<ul>
 	<li><strong>Fairbanc </strong>(Credit)</li>
 	<li><strong>First Circle</strong> (Credit)</li>
 	<li><strong>Helicap</strong> (Credit)</li>
 	<li><strong>Kiu Global Ltd</strong> (Infrastructure)</li>
 	<li><strong>Modal Rakyat</strong> (Credit)</li>
 	<li><strong>Neat Commerce</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Oriente</strong> (Credit)</li>
 	<li><strong>reach52</strong> (Insurance)</li>
 	<li><strong>UangMe</strong> (Credit)</li>
 	<li><strong>ZigWay</strong> (Infrastructure)</li>
</ul>
<h3><strong>Europe &amp; Central Asia</strong></h3>
<ul>
 	<li><strong>EthicHub</strong> (Credit)</li>
 	<li><strong>Eversend</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Papara</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SteadyPay</strong> (Credit)</li>
 	<li><strong>TagPay</strong> (Payments &amp; Remittances)</li>
</ul>
<h3><strong>Latin America &amp; the Caribbean</strong></h3>
<ul>
 	<li><strong>Aflore SAS</strong> (Credit)</li>
 	<li><strong>Akiba</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Alfi</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Bamba</strong> (Insurance)</li>
 	<li><strong>Coink</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Grupo R5</strong> (Insurance)</li>
 	<li><strong>Siembro</strong> (Credit)</li>
 	<li><strong>TiendaPago</strong> (Credit)</li>
</ul>
<h3><strong>North America</strong></h3>
<ul>
 	<li><strong>Climb Credit</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Esusu</strong> (Credit)</li>
 	<li><strong>Fonbnk</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Propel</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>SoLo Funds</strong> (Credit)</li>
 	<li><strong>Trust Stamp</strong> (Infrastructure)</li>
</ul>
<h3><strong>South Asia</strong></h3>
<ul>
 	<li><strong>Davinta</strong> <strong>Financial Services</strong> (Credit)</li>
 	<li><strong>Dvara SmartGold</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>ftcash</strong> (Credit)</li>
 	<li><strong>Fundfina</strong> (Credit)</li>
 	<li><strong>Kaleidofin</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Naya Jeevan</strong> (Insurance)</li>
 	<li><strong>Nagad</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SureClaim</strong> (Insurance)</li>
 	<li><strong>Verismart</strong> (Infrastructure)</li>
</ul>
<h3><strong>Sub-Saharan Africa</strong></h3>
<ul>
 	<li><strong>Asaak</strong> (Credit)</li>
 	<li><strong>Bankly</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>DreamStart Labs</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Extrafin Advisory Technologies</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Hydrologistics Africa Ltd</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Lulalend</strong> (Credit)</li>
 	<li><strong>Moon</strong> (Infrastructure)</li>
 	<li><strong>OKO Finance Ltd</strong> (Insurance)</li>
 	<li><strong>Paycode</strong> (Payments &amp; Remittances)</li>
 	<li><strong>PayGo Energy</strong> (Infrastructure)</li>
 	<li><strong>PesaKit</strong> (Infrastructure)</li>
 	<li><strong>Turaco</strong> (Insurance)</li>
</ul>
<p style="text-align: center"><strong>###</strong></p>
&nbsp;

Please direct media inquiries to:
<strong>Nikhil Gehani, MIX</strong>
<a href="mailto:ngehani@themix.org">ngehani@themix.org</a>
+1 248 388 1630
<h3><strong>About Inclusive Fintech 50</strong></h3>
Inclusive Fintech 50 elevates promising early-stage fintechs driving financial inclusion and resilience around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially undeserved people globally. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance. Learn more at <a href="http://www.inclusivefintech50.com/">www.inclusivefintech50.com</a>.
<h3><strong>About MetLife Foundation </strong></h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 13.4 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3><strong>About Visa Inc. </strong></h3>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit <a href="http://usa.visa.com/visa-everywhere/blog.html">About Visa</a> and <a href="https://twitter.com/visanews">@VisaNews</a>.
<h3><strong>About BlackRock </strong></h3>
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit <a href="http://www.blackrock.com/corporate">www.blackrock.com/corporate</a>
<h3><strong>About Jersey Overseas Aid &amp; Comic Relief’s <em>Branching Out: Financial Inclusion at the Margins</em> program</strong></h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in in Sierra Leone, Rwanda and Zambia. Comic Relief and Jersey Overseas Aid  believe that  one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including  bank  accounts,  savings,  insurance  and  credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organisations, made up of international and local NGOs, with each grantee delivering programmes designed to meet different community and national needs in addressing financial inclusion.
<h3><strong>About Accion </strong></h3>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit https://www.accion.org/venturelab.
<h3><strong>About IFC </strong></h3>
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a href="http://www.ifc.org/">www.ifc.org </a>
<h3><strong>About MIX </strong></h3>
MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. As a unit within the Center for Financial Inclusion, MIX’s data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at <a href="http://www.themix.org/">www.themix.org</a>.

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

<em>Washington, DC, September 16, 2020</em> – Global nonprofit Accion announced today the appointment of Melissa Baez as Chief Talent Officer. Melissa will lead Accion’s global human resources function, including all activities necessary for the successful recruitment, engagement, development, and retention of Accion staff.  She will also manage Accion’s facilities – including global office space and remote operations – to ensure that all staff are able to work effectively in a positive environment. Lynne Curran, who previously led the human resources team, will transition to the role of Senior Vice President of Impact Metrics.

“Melissa is a highly respected senior leader at Accion who has contributed to our mission in numerous ways over the past decade, including managing the operations of our largest department, Accion Global Advisory Solutions,” said Michael Schlein, CEO and President of Accion. “I’m excited to welcome Melissa into her new role as Chief Talent Officer, and I’m thrilled that Lynne will be continuing her career at Accion as she transitions from the human resources team to lead our work on impact metrics.”

Melissa joined Accion in 2006, and most recently served as Vice President of Global Program Management for Accion Global Advisory Solutions. Melissa was responsible for overseeing the operations of the advisory team and managed the team’s human resources, playing an integral role in building its talent base. In 2012, she helped establish Accion’s Training and Capacity Building team, where she led global peer knowledge exchange forums on key industry topics for advisory staff, financial service provider senior managers, and board members. Melissa has also held advisory and governance roles with Accion partners in Africa and Haiti. Prior to joining Accion, Melissa was a senior associate at JPMorgan Chase Private Bank. She holds an International MBA from the Moore School of Business, University of South Carolina and a B.S. in business administration with a major in finance from the University of Colorado.

Lynne joined Accion in 1997 and has led human resources since 2010. She will remain a member of Accion’s senior management team in a new role as the Senior Vice President of Impact Metrics, where she will work closely with all departments and program teams to measure the social and economic impact of Accion’s efforts to create a financially inclusive world.
<p style="text-align: center"><strong>###</strong></p>
<strong>About Accion </strong>

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>.

Accion Names Melissa Baez as Chief Talent Officer

News

"Fintech’s play in the <a href="https://m.economictimes.com/topic/rural-economy">rural economy</a> is driven around Aadhaar for transactions where the biggest digitization has happened during Covid," says Sasidhar N. Thumuluri, CEO and MD of Sub-K, a rural-play Fintech. The value lost in regular transactions has been made up for through the jump in the number of people using digital platforms, he adds.

Early adopters of digital banking are emerging in rural areas and there is an increased willingness among microfinance customers to stay digital, according to Thumuluri. "The journey has started and the customers will quickly catch up," he says. Sub-K expects 25-35 per cent of its MFI collections to happen in the digital format in the next couple of years.

The digital push is not the only sign of a shift towards the rural economy. For Mukherjea, the recovery being seen in auto and consumer durables shows a fundamental shift in credit disbursals towards smaller towns and villages. "This could sustain over two to three years and that will give the recovery a specific shape and pattern which could make it far more sustainable than perhaps many of us are fearing at this juncture," he said.

<a href="https://economictimes.indiatimes.com/news/economy/indicators/rural-focused-lenders-a-big-play-for-indias-revival-story/articleshow/77779725.cms" target="_blank" rel="noopener noreferrer">The Economic Times features insight</a> from the CEO of Accion portfolio partner, Sub-K.

Rural-focused lenders a big play for India’s revival story

Going cashless may seem like a simple issue of things like no more cash in birthday cards to piggy banks being a thing of the past, but the issues go deeper, the divides that a cashless society may cause could be a turning point.

Mayada El-Zoghbi, Managing Director for the <a class="color-link" title="https://www.centerforfinancialinclusion.org/" href="https://www.centerforfinancialinclusion.org/" target="_blank" rel="nofollow noopener noreferrer" data-ga-track="ExternalLink:https://www.centerforfinancialinclusion.org/" aria-label="Center for Financial Inclusion">Center for Financial Inclusion</a> (CFI), an independent U.S. think tank, isn’t thrilled for this future when she spoke to Reuters: “A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly. In some countries, like the U.S. where a large part of the low-income segment does not have a bank account, pushing out these payments has been a challenge,” she said.

<a href="https://www.forbes.com/sites/paularmstrongtech/2020/08/26/what-a-cashless-society-really-means-for-you/#c813e5c55539" target="_blank" rel="noopener noreferrer">In this article, Forbes features the Managing Director of CFI</a>, an independent think tank housed at Accion.

What A Cashless Society Really Means For You

Sub-K IMPACT Solutions Ltd, a leading fintech company, on Monday announced the launch of a new digital finance platform, Sub-K SARTHI, coinciding with the company’s ten-year anniversary.

SARTHI was developed with advisory services provided by non-profit Accion through a global partnership between Accion and Mastercard that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy, leading to greater financial inclusion, economic growth and job creation.

Through this partnership, Accion has worked with Sub-K since 2018, helping understand client needs, designing the concept for the platform, and developing operating processes, technology architecture, credit methodology and risk models.

<a href="http://www.uniindia.com/sub-k-launches-sarthi/business-economy/news/2115480.html" target="_blank" rel="noopener noreferrer">United News of India reports</a> on a new product from Sub-K, Accion's portfolio partner.

Sub-K Launches SARTHI

Launched in conjunction with Sub-K’s 10th anniversary, SARTHI platform furthers Sub-K’s legacy in financial inclusion, offering access, choice, and convenience to underserved consumers and MSMEs

<em>Hyderabad, India, August 10, 2020</em> – Sub-K IMPACT Solutions Ltd. (formerly known as BASIX Sub-K iTransactions Limited), a Hyderabad-based fintech company focused on financial inclusion, announced today the launch of a new digital finance platform, Sub-K SARTHI, coinciding with the company’s 10-year anniversary. Aimed at making financial services more accessible and affordable, the new platform enables underbanked customers to unlock credit, insurance, investments, and other financial products.

Sub-K brings financial tools to underserved businesses in India, using a large agent network to reach entrepreneurs in rural areas who lack access to traditional banks. SARTHI will help Sub-K reach even more underserved micro, small and medium enterprises (MSMEs) by providing entrepreneurs with all the tools they need to effectively manage and grow their businesses. SARTHI (Seamless Advanced Resourceful Tech-driven Hybrid Interface) is a fintech platform that will offer products such as  MSME credit, digital micro-loan, gold loan, health insurance, and micro-investment. Sub-K aims to expand the product suite to a full range of loan, insurance and investment products.

Customers will be able to access products on the SARTHI platform through Sub-K’s staff and agents or on their own devices. SARTHI’s programming is integrated with financial service providers and third-party partners to provide customers with more choices and quick processing. In the future, Sub-K plans to enable a complete end-to-end digital journey for its target customers who are traditionally underserved by formal financial system.

Sub-K MD and CEO, Sasidhar N. Thumuluri says, “We are very pleased to announce the launch of Sub-K SARTHI on our 10<sup>th</sup> anniversary. This platform marks a major milestone in our digital transformation journey. We genuinely believe that the future is digital, and we are committed to bring a large number of the excluded population into the mainstream by effectively leveraging the power of fintech. Thanks to our founder’s audacious vision and investors’ confidence and support, we are now more ready than ever to build a world class institution in service of the nation.”

SARTHI was developed with advisory services provided by non-profit Accion through a global partnership between Accion and Mastercard that aims to power micro and small businesses to successfully operate in, and benefit from, the digital economy, leading to greater financial inclusion, economic growth and job creation. Through this partnership, Accion has worked with Sub-K since 2018, helping understand client needs, designing the concept for the platform, and developing operating processes, technology architecture, credit methodology and risk models.

“Sub-K’s proven commitment to reaching last-mile customers, their expansive reach through their agent network and bank partnerships, and their demonstrated embrace of digital technologies made them an ideal partner for our efforts with Mastercard to help microbusinesses benefit from the digital economy. The launch of this platform is an important milestone in that effort. It will ultimately provide more customers and businesses with access to a broader range of timely, convenient financial products to meet their needs,” said Victoria White, Managing Director of Accion Global Advisory Solutions.

“Small businesses are the backbone of the Indian economy; adoption of digital technologies will bring them into the formal economy enabling access to affordable credit, build operational efficiencies and plug into global supply chain opportunities. Analyses indicate that SMEs can see their revenues increase by up to one-third with such technology adoption.  We’re delighted that our partnership with Accion is supporting the expansion of Sub-K’s efforts. These new initiatives are vital if we are to build a more inclusive digital economy,” said Michael Froman, Vice Chairman and President, Strategic Growth at Mastercard.

Sub-K is also receiving risk management and marketing support from Nordic Microfinance Initiative (NMI) to ensure that the SARTHI platform can reach the consumers, small businesses, and financial institutions that can benefit from it, with adequate controls in place. Related activities will include the deployment of risk tools, an advanced call center solution and enhancements to Sub-K’s agent management system.

“With the SARTHI platform, Sub-K’s consistent client-centric approach has once again materialized as innovative services for the underserved. NMI is proud to be both an investor in Sub-K, and through our Technical Assistance facility, a partner in the actual development of the platform,” said Arthur Sletteberg, Managing Director at NMI.
<p style="text-align: center"><strong>###</strong></p>

<h4>About Sub-K IMPACT Solutions Limited</h4>
Founded in 2010, Sub-K IMPACT Solutions Limited started with a vision to provide financial access to the underserved population by leveraging technology and local entrepreneurship. Sub-K serves as a bridge between financial service providers and customers. The company has partnered with over 10 private and public banks, is operational in 27 states and serves a customer base of over 5 million with a bouquet of financial services through a network of 8,000+ customer service points and a 2,000-strong employee base. As of July 2020, Sub-K has mobilized ₹20 billion in savings and facilitated around ₹35 billion in loans on behalf of various banks.

More at: <a href="https://www.subk.co.in/" target="_blank" rel="noopener noreferrer">https://www.subk.co.in/</a>
<h4>About Accion</h4>
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>.
<h4>About Nordic Microfinance Initiative (NMI)</h4>
NMI was established in Oslo, Norway, in 2008 as a Public-Private Partnership. The investors are Norfund and IFU (Norwegian and Danish governmental funds for developing countries) and major Nordic private sector financial institutions. NMI invests in and builds up financial institutions in developing countries through equity and loan investments, targeting poor women in Sub-Sahara Africa, South Asia and Southeast Asia. NMI has offices in Oslo, Copenhagen, Delhi, Jakarta and Nairobi.

Sub-K launches SARTHI, a Digital Finance Platform That Provides Financial Services to India’s Underbanked

<h4 class="cms-Styles-h2">Accion Opportunity Fund</h4>
MacKenzie Scott gave <a href="https://www.opportunityfund.org/wp-content/uploads/2020/08/Press-Release-AOF-MacKenzie-Scott_8.6.20.pdf" target="_blank" rel="noopener noreferrer">$15 million</a> to provide microloans and other types of support to small businesses owned by people of color, women, and immigrants. Scott is a novelist who helped her former husband, Jeff Bezos, start the online retailing behemoth Amazon.

Formerly fairly quiet about her giving, Scott announced late last month that she had recently donated <a href="https://www.philanthropy.com/article/MacKenzie-Scott-Showers-17/249233" target="_blank" rel="noopener noreferrer">$1.7 billion</a> primarily to nonprofits devoted to racial and gender equity. Scott is currently among the top five wealthiest women in the world, with a net worth pegged at $61 billion, according to <em>Forbes.</em>

<a href="https://www.philanthropy.com/article/Twitter-Co-founderWife/249264" target="_blank" rel="noopener noreferrer">In this article</a> titled "Twitter Co-founder and Wife Give $10 Million for Distance Learning in San Francisco Public Schools (Gifts Roundup)," The Chronicle of Philanthropy reports on notable gifts.

A roundup of notable gifts compiled by the Chronicle of Philanthropy

$15 million in philanthropy amplifies work of the nation’s leading nonprofit small business lender and helps launch $100 million capacity-building campaign in a time when resources are most needed

<em>San Jose, Calif., August 4, 2020 —</em><strong> </strong>Accion Opportunity Fund (AOF), the nation’s leading nonprofit organization supporting diverse, resilient entrepreneurs with funding, advocacy and business advice, announced today it has received a $15 million transformative grant from MacKenzie Scott. This is the largest individual donation Accion Opportunity Fund has received in its 26-year history.

The grant accelerates AOF’s efforts to reach thousands of underserved entrepreneurs with $1.2 billion in capital across the United States in the next five years. It also kicks off a $100 million capacity-building campaign, scheduled to launch fall 2020, to increase resource availability, including access to affordable credit, connections, and quality business advice for entrepreneurs who may otherwise be left behind.

“Like many, I watched the first half of 2020 with a mixture of heartbreak and horror,” Ms. Scott said in a statement regarding her philanthropy. “Life will never stop finding fresh ways to expose inequities in our systems; or waking us up to the fact that a civilization this imbalanced is not only unjust, but also unstable. What fills me with hope is the thought of what will come if each of us reflects on what we can offer.”

Accion Opportunity Fund creates a more equitable financial system by finding, funding, and supporting small businesses run by people of color, women and immigrants. Nearly 90% of businesses in its portfolio are run by entrepreneurs of color, women, and immigrants.

AOF CEO Luz Urrutia praised the gift from the philanthropist and author. “We are deeply humbled and grateful for Ms. Scott’s extraordinary generosity and confidence in Accion Opportunity Fund and other organizations that are working tirelessly to widen economic opportunities for many who have been undervalued and excluded for far too long.”

Mackenzie Scott donated 1.7 billion to organizations tackling a variety of social issues. Causes supporting women, racial equality and economic mobility — all causes supported by AOF and impacted by the organization’s mission – remain a focus of Ms. Scott’s philanthropy.

Phil Black, True Ventures Co-founder, Accion Opportunity Fund Board member, and chair of AOF’s upcoming Campaign Steering Committee, said, “Ms. Scott’s leadership and generosity — especially during this moment of a global pandemic and the fight for racial equality — will inspire other philanthropists and advocates as AOF advances its mission and bolsters its impact in a time when resources are more important than ever.”

“Her focus on building a more just, equitable society reflects our highest ambitions, which makes this grant, in this moment, so special,” said Black.

<strong>In March 2020, Accion, US Network and Opportunity Fund came together to build the first national, inclusive financial institution dedicated to driving racial equity and financial health for small businesses and their owners.  </strong>

Accion Opportunity Fund is a U.S.-based nonprofit working to create an inclusive, healthy financial system that supports the nation’s small business owners for nearly 30 years. For thirty years, the organization has supported underserved entrepreneurs — including entrepreneurs of color, low-income entrepreneurs, and women – who often lack access to the financial services they need to build and grow their businesses.

<strong>Media Contact:</strong>

Conan Knoll
conan@emcstrategies.com
(831) 524-6764

<strong>Philanthropy Contact:</strong>

Christopher Berini
<a href="mailto:christopher@opportunityfund.org">christopher@opportunityfund.org</a>

MacKenzie Scott makes largest gift in Accion Opportunity Fund’s history, accelerating support for businesses owned by people of color, women and immigrants through $15 million grant

Fintech Sub-K Impact Solutions, an associate company of BASIX Social Enterprise Group, will unveil its new fintech platform, SARTHI (Seamless Advanced Resourceful Tech-driven Hybrid Interface), for the underserved population of the country.

The Hyderabad-based Sub-K facilitates affordable financial services, including loans, savings, and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent. So far, the company has processed over <span class="WebRupee">₹</span>3,500 crore of credit, mobilised around <span class="WebRupee">₹</span>2,000 crore of savings and facilitated around <span class="WebRupee">₹</span>20,000 crore of transactions on behalf of 11 public and private banks.

<a href="https://www.thehindubusinessline.com/news/national/sub-k-impact-solutions-to-launch-new-platform/article32287672.ece#" target="_blank" rel="noopener noreferrer">The Hindu BusinessLine covers this new product</a> from Accion portfolio partner, Sub-K Impact Solutions.

Sub-K Impact Solutions to launch new platform

In 2020 alone, Apollo Agriculture has been able to close 25,000 farmers. In total, it is serving more than 40,000 farmers in Kenya.

However, the team isn’t stopping there. It has plans to rapidly scale by partnering and securing more farmers and to that end, the four-year-old startup raised a $6m Series A in May 2020. The round was led by Anthemis Exponential Ventures. Also in participation were The Omidyar Group’s Flourish Ventures, Leaps by Bayer, and Sage Hill Capital, among others.

Njenga also mentions that the company is securing working capital funding to finance loans and grant funding to support research and development (R&amp;D).

After bringing its total raise to $7.6m, the chief customer officer says Apollo is focused on growth in the year ahead.

“We have got a great product that farmers love and we want to continue to scale it.”

To drive home its mission of maximising farmers’ productivity and profitability, per Njenga, Apollo is looking to transition its customers from subsistence farming to commercial farming so that they can make more money.

Learn more about the growth of <a href="https://techpoint.africa/2020/07/27/apollo-agriculture-feature/" target="_blank" rel="noopener noreferrer">Accion portfolio partner, Apollo Agriculture, in Techpoint Africa</a>.

How Apollo Agriculture is solving small-scale farmers’ credit problem in Kenya

<a href="https://bukuwarung.com/" target="_blank" rel="nofollow noopener noreferrer">BukuWarung</a>, an accounting and credit management app for micro, small, and medium-sized enterprises (MSMEs), has secured an undisclosed amount of funding in a pre-series A round led by Quona Capital, pushing its total funding to the eight-digit territory.

<a href="https://www.techinasia.com/bukuwarung-bags-preseries-funding-quona" target="_blank" rel="noopener noreferrer">Read more in Tech in Asia.</a>

Accounting app BukuWarung bags pre-series A funding in Quona-led round

A dependence on cash can be linked to the digital divide that exists in both rich and poor countries, said Mayada El-Zoghbi, managing director for the Center for Financial Inclusion (CFI), an independent U.S. think tank.

“A move to a cashless society will not benefit all groups equally. The groups that are most likely to be excluded will be women, rural communities, and the elderly,” she said.

<a href="https://www.reuters.com/article/us-health-coronavirus-banks-britain-trfn/cash-isnt-king-vulnerable-short-changed-by-virus-idUSKBN23X0XE" target="_blank" rel="noopener noreferrer">Reuters quotes the Managing Director of CFI</a>, an independent think tank housed at Accion.

Cash isn't king: vulnerable short-changed by virus

<a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> is now open for applicants. The initiative aims to identify 50 innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide.

The initiative, which is now in its second year, was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

<a href="https://ventureburn.com/2020/06/inclusive-fintech-50-initiative-opens-call-for-2020-edition/" target="_blank" rel="noopener noreferrer">Read more at VentureBurn.</a>

Inclusive Fintech 50 initiative opens call for 2020 edition

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Two years ago, Bobby Price began his business, Principal Barbers, in the North Lawndale neighborhood of Chicago, where he was born and raised.

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<div class="vt__body body-text">

To build his business, Price needed money. When his commercial bank turned him down for a business loan, he turned to his community for support

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Last October, he got a micro-loan to buy new equipment from a Community Development Financial Institution, or a CDFI, called Accion in Chicago. Accion is one of 1,000 CDFI's serving low-wealth neighborhoods across the country, and aims to fill the gap where mainstream lenders aren't present. Brad McConnell is the CEO at Accion in Chicago.

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Brad McConnell, CEO of Accion Serving Illinois and Indiana was <a href="https://www.pbs.org/newshour/show/why-minority-owned-businesses-are-struggling-to-get-ppp-loans" target="_blank" rel="noopener noreferrer">interviewed on PBS NewsHour.</a>

Why minority-owned businesses are struggling to get PPP loans

Brittany Howard, 2 Chainz, Brandi Carlile, T-Pain, Leon Bridges and more will bring attention to the small businesses close to their hearts during “Small Business Live”: a music event to help minority-owned small businesses across the United States, with a focus on those run by women and people of color. Proceeds will benefit the <a class="css-1g7m0tk" title="" href="https://www.opportunityfund.org/" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which provides grants to at-risk small businesses hit hard by the coronavirus crisis.

<a href="https://www.nytimes.com/2020/06/18/arts/livestreaming-coronavirus.html" target="_blank" rel="noopener noreferrer">The New York Times listed an event benefiting the Accion Opportunity Fund on their website.</a>

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