Press Release

<strong>JAKARTA, 19 September 2023</strong> – Manufacturing raw material procurement platform, <strong>Bababos</strong>, has secured US$ 3M in seed funding. The round was led by <strong>East Ventures,</strong> with the participation from <strong>Patamar Capital</strong> and <strong>Accion Venture Lab</strong>. This new funding was completed six months after the pre-seed funding in March 2023.

The fresh fund will be allocated to accelerate business expansion – which is currently available in the Greater Jakarta and Surabaya areas – with the focus on bolstering its technology stack and leveraging resources to build a seamless platform connecting small and medium enterprises (SME) manufacturers with the best raw material suppliers.

<strong>Co-Founder &amp; CEO of Bababos, Fajar Adiwidodo</strong> stated, "We truly appreciate the support and trust that we received from investors through this round of funding. We are optimistic about the market potential as we witness a significant demand increase from SME manufacturers until the end of Q3. We aspire to sharpen our partnership strategy with suppliers with the aim of providing the highest quality raw material at the best prices.”

Launched in 2022, Bababos is committed to transform the fragmented raw material supply chain in Indonesia. SME manufacturers are facing several challenges such as limited access to high quality raw materials, less transparent pricing, and limited financial support for working capital. Conversely, raw material suppliers tend to undergo deadlock concerning stock inventory plans due to scattered demand.

To resolve these complex challenges, Bababos offers three main solutions, including: the supply of manufacturing raw material, demand aggregation and flexible payment terms. These solutions are aimed to boost efficiency for SME manufacturers in procuring various raw materials, ranging from steel, polymers, and chemicals.

Technology plays a big role in enhancing Bababos competitive edge. The platform is integrating the modern approach into the traditional industry by digitising all of the procurement processes and leveraging big data to accurately cluster demands based on the raw material and geographical needs. It has enabled fast and timely delivery from suppliers to customers, providing a seamless experience as well as cost efficiency. To further optimise the platform, Bababos is currently developing a new feature in the form of a web application that allows SME manufacturers to process their transactions online.

"We are glad to experience the positive development of Bababos, and we are thrilled to continue our support in Bababos. Their tech-based innovative approach in the highly conventional and fragmented industry has been essential. This funding round has again signified our belief in Bababos. We look forward to witnessing the further growth and positive impacts that Bababos brings to the industry," said <strong>Melisa Irene, Partner at East Ventures.</strong>

Since its launch, Bababos has experienced remarkable growth and reached more than 400 SME manufacturers. They have experienced positive impact after joining Bababos ecosystem, where the majority are experiencing the business growth by 2-3 fold. In its mission to revolutionise the supply chain by providing equitable access for the manufacturing industry, Bababos aims to reach 1,000 SME manufacturers by the end of 2023.

<hr />

<h3><strong>About Bababos</strong></h3>
<a href="https://www.bababos.com/" target="_blank" rel="noopener noreferrer"><strong>Bababos</strong></a> is a manufacturing raw material procurement platform that connects small and medium enterprises (SME) manufacturers with the best suppliers. The platform enables SME manufacturers to easily access a variety of high-quality raw materials, from steel and other metal products to polymers and chemicals, eliminating the need to manage multiple suppliers. Bababos strives to transform procurement processes by digitising administration tasks for a seamless experience. As part of its commitment to further grow the industry and SME manufacturers, Bababos also offers flexible payment terms that ease their financial burden, allowing them to focus on what they do best - producing high-quality goods.
<h3><strong>About East Ventures</strong></h3>
<a href="http://east.vc" target="_blank" rel="noopener noreferrer"><strong>East Ventures</strong></a> is a pioneering and leading sector-agnostic venture capital firm. Founded in 2009, East Ventures has transformed into a holistic platform that provides multi-stage investment, from Seed to Growth stage investments, for over 300 tech companies across Southeast Asia.

As an early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesia's unicorn companies, namely Tokopedia and Traveloka. Other notable companies in East Ventures’ portfolio include Ruangguru, SIRCLO, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, KoinWorks, Waresix, and Sociolla.

East Ventures was named the most consistent top-performing VC fund globally by Preqin and the most active investor in SEA and Indonesia by various media. Moreover, East Ventures is the first venture capital firm in Indonesia to sign the Principles of Responsible Investment (PRI) supported by the United Nations (UN). East Ventures is committed to achieving sustainable development and bringing positive impacts to society through its initiatives and ESG-embedded practices.
<h3><strong>About Accion Venture Lab</strong></h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups, focused on affordable, well-designed financial services that enable economic growth and prosperity for underserved populations in the world. It has invested in more than 65 early-stage startups operating in more than 35 countries, focusing on the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale.

Accion Venture Lab is a part of Accion, a global non-profit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. Since 1961, Accion has increased access to inclusive financial services for tens of millions of people through its work with more than 200 partners in 63 countries. For more information, visit <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer"><b>accion.org/venturelab</b></a>.
<h3><strong>For more information, please contact:</strong></h3>
Hawila Septiana Saragih, Marketing Communications Bababos

M: +62 812 6914 7778 | E: <a href="mailto:hawila@bababos.com" target="_blank" rel="noopener noreferrer">hawila@bababos.com</a>

Pheseline Felim, Head of Media and Marketing East Ventures

E: <a href="mailto:p.felim@east.vc" target="_blank" rel="noopener noreferrer">p.felim@east.vc</a>

Bababos, Manufacturing Raw Material Procurement Platform, Has Secured US$ 3M in A Seed Funding Round Led by East Ventures

User-friendly platform unites highly-fragmented industry by streamlining operations for independent reefer owners

<strong>Fremont, CA August 21, 2023:</strong> <a href="https://www.channel19.io/" target="_blank" rel="noopener noreferrer">Channel19</a>, a platform for refrigerated trucking companies in the U.S., announced that it has raised $2.7 million in pre-seed and seed funding, led by Augment Ventures with participation by Accion Venture Lab, TMV, Overton Venture Capital and Refashiond Ventures. Several Silicon Valley and freight tech industry angels also participated.

Channel19’s mission is to address the intricate operational inefficiencies that burden small refrigerated trucking businesses. The trucking industry in the U.S. is highly fragmented, with 95.7% of trucking companies having fewer than ten trucks. In addition, the average truck driver in the US is over 47 years old. As this population heads toward retirement, the shortage of drivers continues to grow. As a result, the number of foreign-born truck drivers has more than doubled since 2000, and in California, the second-largest trucking market, nearly half of all drivers are immigrants. Channel19 was co-founded by Tony Singh, who built the company to solve the challenges his family experienced working in the trucking industry in Northern India and then after immigrating to the U.S.

To cater to small truckers, especially those that might have less familiarity with digital tools, Channel19 developed an intuitive platform that optimizes load selection, scheduling, real-time tracking, document sharing, and invoicing to ensure the highest possible revenue yield for small trucking companies moving refrigerated freight. Channel19’s platform also offers efficient route planning that reduces unnecessary travel and limits empty return journeys, significantly reducing the environmental impact of refrigerated freight transportation.

"Channel19's vision is to empower refrigerated freight operators to make informed decisions that optimize their financial outcomes," explains Tony Singh. "Our platform alleviates the burden of searching for, bidding on, and booking freight by aggregating loads, eliminating manual steps, and layering on embedded financial services that enable customers to manage their entire business in one place. This enables smaller refrigerated trucking businesses to not just survive through economic downturns but thrive during the eventual economic boom cycle."

As Augment Ventures Founder and Managing Partner Sonali Vijayavargiya comments: “With low average load factors and an aging workforce, it is clear to us that the freight industry is ripe for massive disruption. We are investing in Channel19 to create a simpler and more efficient operating environment for the independent trucking industry. Tony's firsthand experience in witnessing the inefficiencies in trucking and clear passion make him the right leader to build a truly transformational platform.”

Amee Parbhoo, Managing Partner at Accion Venture Lab, said: “In addition to streamlining workflows for refrigerated trucking companies, Channel19 is providing customers with a simple and affordable way to accelerate cash flow. We’ve seen that without a solution like this, truckers instead turn to predatory, long-term contracts with companies that layer on hidden fees. We're excited to partner with Channel19 to bring fair, tailored financial services to the logistics sector.”

Channel19 is seeing early traction with its initial customer base adopting its technology and a steady inflow of new customer sign ups. As the trucking industry continues its digital evolution, Channel19 is primed to contribute to the refrigerated freight sector, providing a comprehensive, easy-to-use tool set that drives the industry forward.

<strong>Contact:</strong> Tony Singh for further inquiries (email: tony@channel19.io, phone: 530-400-0983)

<hr />

<h3>About Channel19</h3>
Channel19 is a startup digitizing the refrigerated trucking industry with a unified platform designed to optimize operations, increase profitability, and drive sustainability. Through its intelligent data aggregation, strategic planning capabilities, and comprehensive insights, Channel19 is redefining the operations of the refrigerated freight trucking business. For further information, visit <a href="https://www.channel19.io/" target="_blank" rel="noopener noreferrer">www.channel19.io</a>.
<h3>About Augment Ventures</h3>
Augment Ventures is an early-stage investor that invests across North America in diverse mission-driven founders who are building digital and data automation companies to transform traditional industries, creating new business models, and shifting us all toward a more productive and sustainable world. Augment actively works with its portfolio companies to develop new markets, build alliances, and hire talent. For further information, visit <a href="http://www.augmentventures.com" target="_blank" rel="noopener noreferrer">www.augmentventures.com</a>.
<h3>About Accion Venture Lab</h3>
Accion Venture Lab is a seed-stage investor that 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. Venture Lab has invested in more than 60 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a fair and inclusive economy, 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 1.8 billion people who are left out of – or poorly served by – the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. For further information, visit <a href="http://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">www.accion.org/venturelab</a>.

Channel19 Picks Up $2.7 Million to Streamline Refrigerated Freight Trucking

News

<strong>Accion Venture Lab </strong>invested in <strong>Licify, </strong>a platform serving Latin America's underserved small businesses in the construction industry. Accion Venture Lab co-led the round alongside Brick &amp; Mortar Investments. You can read the Why We Invested blog <a href="http://email.accion.org/c/eJxUzrGu6yAMANCvSTYq25AQDwxv6X8YAy1SSp4CVdR-_R2v7nyWkwIndcRzDrgyuG1lovkZomywRsvkUmZvPTIWUsCCLFhkm2sgIAuePLIjoNuGmF0W71iQfcmTA1GtR7sd52Pew3OM_32y_ya6T3S_ruv2yxPd96q1fIzKkP3zzd08zuMaT1OO0_SX7LvRo_VxvnXUo5n47rXl3nM3tZldRm1GXvmsKvMZvpe0x9_ACFvSFVcAFKSFHMTiFrWLi9FKyZrmETJgiWLjoktaIVkQUF-K5eg3ZI8_AQAA__-z9F3Y" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="2">here</a>.

<a href="https://forbes.co/2023/07/26/emprendedores/licify-plataforma-de-compras-para-el-sector-constructor" target="_blank" rel="noopener noreferrer">Read the news</a>.

Licify atrae US$3.4 millones con su plataforma de compras para el sector constructor

Raliat Sunmonu

<strong>Raliat Sunmonu </strong>was interviewed for <a href="https://podcasts.apple.com/us/podcast/cash/id1687299637?i=1000622370839" target="_blank" rel="noopener noreferrer">this podcast</a>, on how governments and financial service providers can help low-income populations transition to a cashless society. Her interview begins at 15:51.

<a href="https://podcasts.apple.com/us/podcast/cash/id1687299637?i=1000622370839" target="_blank" rel="noopener noreferrer">Listen here</a>.

Cash

Company is transforming construction procurement and payments in Latin America with its innovative platform

<span style="font-weight: 400;"><strong>Bogota, Colombia, July 26, 2023</strong> – </span><a href="https://licify.co/" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">Licify</span></a><span style="font-weight: 400;">, a groundbreaking Latin American procurement and financial software startup for the construction industry, announced today that it has successfully raised $3.4 million in a funding round led by </span><a href="https://brickmortar.vc/" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">Brick &amp; Mortar Ventures</span></a><span style="font-weight: 400;"> and</span><a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;"> Accion Venture Lab</span></a><span style="font-weight: 400;">. Notable investors including Dash Fund, G2 Momentum Capital, and Columbia University’s VC fund also participated in the round, and share Licify's vision of bridging the gap between supply and demand in construction. This funding round marks Colombia-based Licify’s expansion to Mexico, representing another major growth milestone for the company.</span>

<span style="font-weight: 400;">Licify's mission is to transform the construction supply chain by leveraging cutting-edge technology to provide accessible and inclusive digital solutions that connect builders and suppliers, and empower individuals and businesses. The company offers a range of innovative products and services that streamline procurement planning, bidding, billing, and payment conciliation, enhancing efficiency and driving economic growth.</span>

<span style="font-weight: 400;">Recently awarded the Proptech Latam award for the best Contech company in Latin America, Licify has gained recognition for its outstanding contribution to the industry. This achievement further highlights the company's commitment to innovation and its role in revolutionizing regional construction practices.</span>

<span style="font-weight: 400;">According to recent studies, the cost of slow payments in the U.S. construction industry was valued at $208B in 2022. Latin America is no different. Traditional financial institutions need help to address the demands of this massive industry, particularly small businesses. Licify aims to bridge this gap by leveraging technology to offer user-friendly platforms and services that help these companies win more business and get paid faster once they do.</span>

<span style="font-weight: 400;">Fernando Olloqui, CEO of Licify, said: "At Licify, our mission is to empower and connect the construction industry in Latin America by providing them with world-class technology and inclusive financial services. This investment will enable us to scale our operations, enhance our technological capabilities, and expand our reach with our new operation in Mexico. We are thrilled to have Brick &amp; Mortar Ventures, Accion Venture Lab, and our other esteemed investors join us on this journey as we revolutionize the construction industry in our region."</span>

<span style="font-weight: 400;">"This is our first core investment in Latin America, a region poised for transformation and growth,” said Kaustubh Pandya, Partner at Brick &amp; Mortar Ventures. “Licify has the potential to reshape the construction industry through better software and digital financial solutions. We are excited to partner with Licify as they continue to drive innovation and make a lasting impact."</span>

<span style="font-weight: 400;">"As fintech investors, we have seen how hard it is to underwrite micro and small businesses in the construction industry given both their complex cashflow cycles and lack of digitization. Licify leverages its verticalized software to unlock financing and faster payments for thousands of subcontractors. We're excited to work with the team as they expand across Latin America and close the financing gap in the construction industry,” said Amee Parbhoo, Managing Partner at Accion Venture Lab.</span>

<span style="font-weight: 400;">Licify's previous funding rounds enabled the company to achieve over </span><b>17,000 clients</b><span style="font-weight: 400;"> in Colombia and facilitate over </span><b>$2 billion in business</b><span style="font-weight: 400;"> between builders and its supply chain in the last two years. With this latest investment, Licify is well-positioned to further enhance its product offerings, develop strategic partnerships, and drive the adoption of its digital payments services.</span>

<hr />

<h3>About Licify</h3>
<span style="font-weight: 400;">Licify is a leading provider of digital supply-chain management software and financial solutions tailored for the construction industry. Licify offers user-friendly solutions through its innovative platform that empowers construction companies and their supply chain, bridging the gap in new business opportunities and financial services. With a mission to drive inclusive growth, Licify leverages cutting-edge technology to provide seamless and secure transactions. For more information, visit</span><a href="http://www.licify.co/" target="_blank" rel="noopener noreferrer"> <span style="font-weight: 400;">www.licify.co</span></a><span style="font-weight: 400;">.</span>
<h3>About Brick &amp; Mortar Ventures</h3>
<span style="font-weight: 400;">Brick &amp; Mortar Ventures is an early-stage venture fund focused on the Built World. Founded by Darren Bechtel, the firm invests in emerging companies developing innovative software and hardware solutions for the industries of architecture, engineering, construction, and facilities management. Notable past investments of the firm and its General Partner include Seed round participation in PlanGrid, BuildingConnected, BuildZoom, and Rhumbix, as well as early-stage investments in FieldWire and Levelset (formerly Zlien). Brick &amp; Mortar Ventures is based in San Francisco, CA.</span>
<h3><b>About Accion Venture Lab</b></h3>
<span style="font-weight: 400;">Accion Venture Lab is a seed-stage investor that 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 60 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a fair and inclusive economy, 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 1.8 billion people who are left out of – or poorly served by – the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 170 partners in 55 countries. For further information, visit</span><a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer"> <span style="font-weight: 400;">https://www.accion.org/venturelab</span></a><span style="font-weight: 400;">.</span>
<h4>Media Contact</h4>
Thessa Mooij

<a href="mailto:tmooij@accion.org" target="_blank" rel="noopener noreferrer">tmooij@accion.org</a>

+1 (917) 631-2518

Licify Announces $3.4M Seed Round led by Brick & Mortar Ventures and Accion Venture Lab to Revolutionize Construction Procurement and Financial Services

John Fischer

<a href="http://email.accion.org/c/eJxUzr9OwzAQgPGncTYqny-JfUOGthAkEIiKAoKlOl-cxqj50ySook-PKliYv9_wVQVVkhpKQgG5c9qmFiBpCvbBWWs5sM6cRawrtBmDJwGgnCSJhdEGdW7IADqERWp9QG8F0xw49aRSzSKx7xb9uE8ORTPPw6RwqUypTPmXpobHMPSxmxfSt5eES_-LZmXKbeB2t-7b9quLwnPsu0mZ8mZ7fHsMH4fohvsxrP3rbnc3NNNqerqi8-c2Hjeyer992ITzS78_KSyDwmsXv6dnn4zF-cTd_v_cXARBCmhDliEwZWQ9mJokRVODQ-EL0VB7Rp9JVuW6Qs1abF0jeeuALPwEAAD__89vY4Y" target="_blank" rel="noopener noreferrer">This interview</a> with <strong>John Fischer </strong>shares how rising interest rates are affecting Accion's portfolio companies and the populations they serve, and how technologies like embedded finance can help improve financial inclusion. "We got used to a world where the numbers continued looking better and better. Poverty was going down, inclusion was going up. It was all very positive. We are now facing a period where in many countries that is being reversed," he said.

The full article can be accessed <a href="http://email.accion.org/c/eJxUzr9OwzAQgPGncTYqny-JfUOGthAkEIiKAoKlOl-cxqj50ySook-PKliYv9_wVQVVkhpKQgG5c9qmFiBpCvbBWWs5sM6cRawrtBmDJwGgnCSJhdEGdW7IADqERWp9QG8F0xw49aRSzSKx7xb9uE8ORTPPw6RwqUypTPmXpobHMPSxmxfSt5eES_-LZmXKbeB2t-7b9quLwnPsu0mZ8mZ7fHsMH4fohvsxrP3rbnc3NNNqerqi8-c2Hjeyer992ITzS78_KSyDwmsXv6dnn4zF-cTd_v_cXARBCmhDliEwZWQ9mJokRVODQ-EL0VB7Rp9JVuW6Qs1abF0jeeuALPwEAAD__89vY4Y" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="2">here</a>.

How high interest rates threaten reversal on financial inclusion gains

WASHINGTON, D.C., JUNE 14, 2023 —

Global nonprofit Accion today announced the appointment of Linda Kirkpatrick, Mastercard’s President of North America, and Beth Hurvitz, global business and social impact executive, to its Board of Directors.

“We are thrilled to welcome Linda Kirkpatrick and Beth Hurvitz to the Accion Board of Directors,” said Diana Taylor, Accion Board Chair. “Both bring extensive experience in the financial services industry and a strong commitment to responsible financial solutions as powerful tools to help reduce poverty and promote opportunity. This experience, together with their extensive knowledge of global markets, will help power Accion’s work to create a fair and inclusive economy where underserved people have quality financial choices and opportunities to improve their economic wellbeing.”

Linda Kirkpatrick is president of North America for Mastercard, overseeing the company’s operations and customer-facing activities in the United States and Canada. Linda brings a broad understanding and appreciation of customer needs in the company’s largest market. Prior to her current role, she served as president of U.S. financial institutions, managing and expanding the company’s business with banks, processors, and credit unions. She has held several other leadership roles across Mastercard, including investor relations, U.S. strategy and communications, global rules and standards, and business development, in addition to working on Mastercard’s initial public offering in 2006, and merger with Europay in 2002. Bloomberg Businessweek named Linda to the 2020 Bloomberg 50, its annual list of innovators, entrepreneurs, and leaders who have changed global business. Linda was previously named a Young Global Leader by the World Economic Forum.

Beth Hurvitz brings over thirty years’ experience delivering growth, impact, and scale to private and nonprofit organizations. Combining strategy and operations expertise with disruptive thinking, Beth built a consistent track record of delivering critical business results, effective and efficient operations, and global partnerships for the advancement of business and social impact across several organizations, including Visa, American Express, and Mercer Management Consulting (now Oliver Wyman). Most recently, as Senior Vice President, Global Head of Social Impact at Visa, she was responsible for creating and delivering the company’s impact vision to advance equitable, inclusive, and sustainable economic growth for everyone, everywhere. Currently, Beth continues this work through strategic advisory with nonprofits.
<h3>About Accion</h3>
Accion is a global nonprofit on a mission to create a fair and inclusive economy where underserved people have quality financial choices and opportunities to improve their economic wellbeing. We are the leading early-stage investor in fintech for inclusion and experts in digital transformation with decades of experience harnessing the capital markets to deliver cheaper, more accessible, and customer-friendly solutions for the 1.8 billion people left out of, or poorly served by, the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org" target="_blank" rel="noopener noreferrer">https://www.accion.org</a>.
<h3>Media contact</h3>
Thessa Mooij

Director of Public Relations

Phone: +1.917.631.2518 <a href="mailto:tmooij@accion.org" target="_blank" rel="noopener noreferrer">tmooij@accion.org</a>

Accion Welcomes Linda Kirkpatrick and Beth Hurvitz to its Board of Directors

<strong><i>Washington, DC, June 13, 2023</i></strong> – Global nonprofit Accion today announced the appointment of Brandie Conforti as Chief Development Officer. Conforti will lead Accion’s resource mobilization team, building and stewarding innovative partnerships with a wide range of stakeholders to increase the impact of Accion’s work around the world.

“Partnerships and philanthropic support power Accion’s life-changing work delivering quality financial choices and opportunities to small businesses and the communities they serve around the world. I’m delighted to welcome Brandie back to Accion as the new leader of our resource mobilization efforts,” said Michael Schlein, President and CEO of Accion. “An innovative partnership builder and leader with a passion for social change, I look forward to working with her toward our vision of a fair and inclusive economy where underserved people have quality financial choices and opportunities.”

“Accion is a leader in advancing responsible sustainable, and scalable solutions for financially excluded and underserved people around the world, with partnerships an important driver of this work. Throughout my career, I’ve seen that digital financial services are powerful tools to help reduce poverty and create opportunity, and I’m thrilled to re-join Accion to co-create innovative solutions and channel resources where they can have the greatest impact for people who need them most,” said Brandie Conforti.

Prior to rejoining Accion, Brandie served as Junior Achievement Worldwide’s inaugural Chief Development Officer reporting directly to the CEO of Junior Achievement’s global headquarters. She built Junior Achievement’s global fundraising function from the ground up, working across six regions and 115 countries to catalyze philanthropy and partnerships, raising over $20 million annually. Prior to Junior Achievement, Brandie served as the Vice President of Institutional Partnerships at Accion, the Director of Corporate and Foundation Relations at Partners In Health, and the Executive Director of WorldBoston. She holds a bachelor’s in political science from the College of the Holy Cross.
<h3><b>About Accion</b></h3>
Accion is a global nonprofit on a mission to create a fair and inclusive economy where underserved people have quality financial choices and opportunities to improve their economic wellbeing. We are the leading early-stage investor in fintech for inclusion and experts in digital transformation with decades of experience harnessing the capital markets to deliver cheaper, more accessible, and customer-friendly solutions for the 1.8 billion people left out of, or poorly served by, the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" data-linkindex="1">https://www.accion.org</a>

Accion Names Brandie Conforti as Chief Development Officer

Michael Schlein

<strong>Michael Schlein </strong>was quoted in <a href="https://www.devex.com/news/ajay-banga-faces-great-expectations-as-he-takes-helm-of-world-bank-105621" target="_blank" rel="noopener noreferrer">this piece</a>, which looks at how Ajay Banga will run the World Bank. “He’ll get to know the talent inside the organization and get to know the innovation — and then figure out how he takes it to a greater scale,” he said.

<a href="https://www.devex.com/news/ajay-banga-faces-great-expectations-as-he-takes-helm-of-world-bank-105621" target="_blank" rel="noopener noreferrer">Read more</a>.

Ajay Banga faces great expectations as he takes helm of World Bank

<a href="https://fintechmagazine.com/articles/the-race-for-smart-customer-data-for-the-future-of-fintech" target="_blank" rel="noopener noreferrer">This piece</a>, authored by Sasha Dichter, Co-Founder and CEO at 60 Decibels, quotes <strong>Michael Schlein </strong>on how fintechs can protect customer data. “At Accion, we know responsible digital financial solutions are powerful tools to help reduce poverty and create opportunity. Measuring and understanding our impact is critical to our mission, and hearing directly from customers is essential. Accurate data enables us to quickly see what’s working and scale solutions that deliver the most value for small businesses, smallholder farmers, and women, helping them grow their businesses, save for the future, and build their financial resilience," he said.

<a href="https://fintechmagazine.com/articles/the-race-for-smart-customer-data-for-the-future-of-fintech" target="_blank" rel="noopener noreferrer">Read more</a>.

Future of Fintech: Smart Customer Data Race

Partnership will work with fintechs and financial service providers to improve financial health of small businesses in emerging economies

WASHINGTON, D.C., April 11, 2023 — Building on four years of work together to enable digital transformation among small businesses, Accion and the Mastercard Center for Inclusive Growth today announced a renewal of their partnership and a sustained commitment to improve the financial health of micro and small enterprises (MSEs) in emerging economies.

Over the next four years, supported by a new $15.8 million grant from the Mastercard Impact Fund, the partnership will aim to help 5 million MSEs, including 1 million women-owned businesses, actively use digital financial services to improve their financial health. Services provided under the partnership are expected to reach a total of 10.5 million people over the next four years.

From 2019 to 2022, Accion and Mastercard successfully helped more than 5.6 million MSEs and 12.8 million people benefit from digital financial services. <a href="https://www.accion.org/the-impact-of-digital-transformation-on-underserved-microbusinesses-findings-from-accions-partnership-with-mastercard" target="_blank" rel="noopener noreferrer">Research</a> conducted during the partnership showed that when financial service providers create products customized to the needs of underserved MSEs, small business owners are likely to be better prepared to survive economic downturns, improve their financial health, and continue providing jobs, goods, and services to their communities.

The continued partnership between Accion and Mastercard builds on the two organizations’ existing <a href="https://www.accion.org/mastercard-accion-partnering-inclusive-growth" target="_blank" rel="noopener noreferrer">digital transformation work</a> and recognizes how thriving small businesses — especially those that are women-owned — support employment and livelihoods in emerging economies.

In the next phase of the collaboration, the partnership will work with financial service providers and fintechs — including e-commerce and gig-economy platforms — to offer new products to MSEs, deepening their participation in the digital economy and advancing their financial health. The work will help integrate these businesses into a more inclusive MSE ecosystem by supporting early-stage fintechs to accelerate adoption of digital tools by MSEs, enabling platforms to provide embedded financial products tailored to MSEs, and strengthening the capacity of MSE-focused financial service providers to innovate through private sector partnerships. Research will be conducted throughout the partnership to continue to understand the key drivers of resilience and business growth of MSEs, as well as the impact of digital adoption.

“We’re excited to announce this next step in our partnership with the Mastercard Center for Inclusive Growth to connect more micro and small businesses to the digital economy and explore new ways to improve financial health”, said Michael Schlein, President and CEO of Accion. “Small businesses are a vital part of emerging economies around the world, providing essential jobs, goods, and services to their communities. Together, we’ve already helped more than 12.8 million people benefit from digital transformation. I’m thrilled to continue our partnership as we work to create a fair and inclusive economy where underserved people have quality financial choices and opportunities to improve their economic wellbeing.”

"The latest World Bank data shows that a sustained focus on financial inclusion has helped 76 percent of adults achieve access to the digital economy — but that isn’t enough,” said Shamina Singh, founder and president of the Mastercard Center for Inclusive Growth. “We have an opportunity to ensure that access becomes impact and that products serve people by being inclusive by design. Our partnership with Accion created digital lifelines during the pandemic, proving out the model in the toughest of circumstances. The next phase will unlock the potential of e-commerce platforms to accelerate growth and support fintechs at a critical juncture in our collective journey to shared prosperity."

###

<strong>About Accion</strong>

Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.

<strong>About the Mastercard Center for Inclusive Growth</strong>

The Mastercard Center for Inclusive Growth 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 <a href="https://twitter.com/CNTR4growth" target="_blank" rel="noopener noreferrer">Twitter</a> and <a href="https://www.linkedin.com/showcase/9393243/admin/" target="_blank" rel="noopener noreferrer">LinkedIn</a> and <a href="https://www.mastercardcenter.org/forms/stay-informed-standalone" target="_blank" rel="noopener noreferrer">subscribe to its newsletter</a>.

<strong>Media Contact</strong>

Sally Bohrer

media@accion.org

+1 202-706-5858

Accion and Mastercard Renew Partnership, Aim to Connect 10.5 Million People to Digital Financial Services

Amee Parbhoo

In <a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">this article</a>, <strong>Amee Parbhoo </strong>shares why <strong>Accion Venture Lab </strong>is focusing on embedded finance. “We’re seeing a range of new revenue models and lending partnerships stemming from the power of embedded finance,” she said. She highlights Venture Lab's latest investments in <strong>Magma</strong>, <strong>Semaai</strong>, and <strong>Trukkr </strong>as examples of companies providing embedded financial services to underserved small business owners.

<a href="https://impactalpha.com/accion-venture-lab-bets-on-embedded-finance-in-india-pakistan-and-indonesia/" target="_blank" rel="noopener noreferrer">Read more</a>.

Accion Venture Lab bets on ‘embedded finance’ in India, Pakistan and Indonesia

<strong><img class=" wp-image-27873 alignright" src="https://content.accion.org/wp-content/uploads/2023/03/IA50-1024x781.png" alt="IA50 badge" width="259" height="197" />BETHESDA, Md., March 14, 2023</strong> – Accion has been selected for the <a href="https://impactassets.org/ia-50/" target="_blank" rel="noopener noreferrer">ImpactAssets 50 2023</a> (IA 50) list, a free publicly available, searchable database of impact investment fund managers for impact investors, family offices, corporations, foundations and institutional investors. Accion is featured in the Emeritus category, which recognizes impact fund managers who have been on the IA 50 for at least five years. This year marks the 11<sup>th</sup> time that Accion has been featured on the annual database.

Now in its twelfth year, the IA 50 continues to raise awareness of impact fund managers across impact areas, maturity, and geography, serving as a basis for deepening understanding of the field. Across all categories, a record 163 impact fund managers were included on this year’s list, totaling US$122.48 billion in assets, invested across a range of asset classes and impact themes.

“Accion is honored to be recognized by ImpactAssets for the 11<sup>th</sup> time, for our investments in companies that are addressing the needs of the world’s 1.8 billion financially underserved people,” said <strong>Michael Schlein, President and CEO of Accion</strong>. “As the world recovers from the pandemic and faces new economic shocks, we will continue to invest in inclusive fintechs that are providing innovative digital tools to help vulnerable populations build resilience and improve their livelihoods.”

“This year’s IA 50 showcase is a watershed, as the industry continues to allocate more investable assets into social and environmental solutions with both time-tested strategies and creative, new approaches,” said <strong>Jed Emerson, ImpactAssets Senior Fellow, IA 50 Review Committee Chair and Chief Impact Officer at <a href="https://tiedemannadvisors.com/" target="_blank" rel="noopener noreferrer">AlTi Global</a></strong>. “Established funds continue to impress, while new funds are bringing fresh approaches and insights that move the needle in critical areas through impact investing.”

“What makes the IA 50 so special is its independent Review Committee, comprised of a diverse mix of industry veterans, expert practitioners and impact champions” said <strong>Margret Trilli, CEO and Chief Investment Officer at ImpactAssets</strong>. “Throughout the IA 50’s 12-year tenure, we have honed a rigorous application, analysis and scoring process to support the Review Committee in selecting interesting fund managers for the IA 50 directory. In doing so, the IA 50 has become a staple resource for investors to source impact investment ideas to consider for their own due diligence.”

Accion invests in products and services to benefit the world’s 1.8 billion financially underserved people, advanced through <a href="https://www.accion.org/how-we-work/invest" target="_blank" rel="noopener noreferrer">impact investment initiatives</a> that today include Accion Global Investments, Accion Venture Lab, and the Accion Frontier Inclusion Fund, managed by partner Quona Capital. By making equity and quasi-equity investments in inclusive fintech startups, microfinance institutions, and other financial service providers, Accion helps to create well-run, mission-driven, and efficient organizations that achieve scale, impact, and returns.

<hr />

<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the 1.8 billion people who are left out of — or poorly served by — the financial sector. For more than 60 years, Accion has helped tens of millions of people through our work with more than 200 partners in 63 countries. More at <a href="https://www.accion.org/" target="_blank" rel="noopener noreferrer">accion.org</a>.
<h3><strong>About the ImpactAssets 50 </strong></h3>
The IA 50 is the first publicly available database that provides a gateway into the world of impact investing for donors and/or investors and their financial advisors, offering an easy way to identify experienced impact investment firms and explore the landscape of potential investment opportunities. The IA 50 is intended to illustrate the breadth of impact investment fund managers operating today, though it is not a comprehensive list. Firms have been selected to demonstrate a wide range of impact investing activities across geographies, sectors and asset classes.

The IA 50 is not an index or investable platform and does not constitute an offering or solicitation to buy or sell securities or a private placement, or recommend specific products. Nor is this an endorsement of any of the listed fund managers. It is not a replacement for due diligence. To be considered for the IA 50 2023, fund managers needed to have at least $25 million in assets under management, more than three years of experience as a firm with impact investing, documented social and/or environmental impact and be available for US investment. Additional details on the selection process are available <a href="https://www.impactassets.org/IA-50" target="_blank" rel="noopener noreferrer">here</a>.

The IA 50 Emerging Impact Managers list is intended to spotlight newer fund managers to watch that demonstrate potential to create meaningful impact. Criteria such as minimum track record or minimum assets under management may not be applicable.

The IA 50 Emeritus Impact Managers list illuminates impact fund managers who have achieved consistent recognition on the IA 50.
<h3><strong>About ImpactAssets </strong></h3>
ImpactAssets is an impact investing trailblazer, dedicated to changing the trajectory of our planet’s future and improving the lives of all people. As a leading impact investing firm, we offer deep strategic expertise to help our clients define and execute on their impact goals. Founded in 2010, ImpactAssets increases flows of money to impact investing in partnership with our clients through our impact investment platform and field-building initiatives, including the IA 50 database of private debt and equity impact fund managers.  ImpactAssets has more than $2 billion in assets in 1,700 donor advised fund accounts, working with purpose-driven individuals and their wealth managers, family offices, foundations and corporations. ImpactAssets is an independent 501(c)(3) organization.

Global Nonprofit Accion Selected for the ImpactAssets 50 2023 List of Fund Managers Delivering Social and Environmental Impact

In <a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">this podcast episode</a>, <strong>Michael Schlein </strong>speaks with Moov Financial CEO Wade Arnold and host Chris Hood on the role of fintechs in improving financial inclusion. “We can find ways of reaching people we’ve never reached before. So I’m very optimistic. Unfortunately, poverty is increasing, but digital acceptance is accelerating," he said.

<a href="https://chrishood.com/podcast/financial-inclusion-with-wade-arnold-and-michael-schlein/" target="_blank" rel="noopener noreferrer">Listen here</a>.

Financial Inclusion with Wade Arnold and Michael Schlein

Trukkr’s platform provides supply chain solutions and financial products to open opportunities for Pakistan’s underserved small trucking companies 

<strong>Karachi, Pakistan, March 7th, 2023</strong> – Trukkr, a fintech platform for Pakistan’s trucking industry, announced today that it has raised $6.4 million in a seed round led by Accion Venture Lab and Sturgeon Capital, with participation from Peter Findley, Haitou Global and Al Zayani Venture Capital.

Trukkr’s SaaS platform provides supply chain solutions and financial products to Pakistan’s small and medium-sized trucking companies that are historically underserved. Less than 5% of trucking companies using Trukkr’s platform have access to financial services, and often must wait up to 90 days for payment for services rendered, leaving companies unable to cover expenses such as fuel, tolls, and truck maintenance. Trukkr fills this critical gap in financing by using logistics data to underwrite loans to trucking companies, enabling them to scale their businesses and increase revenues. Companies are also able to track their expenses, access invoices, and bid on job opportunities via Trukkr’s digital app.

Trukkr also addresses pain points for large suppliers with its proprietary SaaS product, allowing supplier clients to digitally connect with trucking companies to transport their goods, track their shipments as they move, and optimize efficiency. Over the past 12 months, the company has added more than 20,000 trucking companies onto the Trukkr Platform.

“Trukkr was founded to drive financial inclusion for an underserved sector that is the lifeblood of Pakistan – logistics. Pakistan is a largely industrial and agrarian export-based economy, and being a largely fragmented sector, we have worked incredibly hard at the grassroots level to build trust and digitize the 350,000+ independent operators that constitute more than 90% of all truck drivers in Pakistan,” said <strong>Sheryar Bawany, CEO and Co-Founder of Trukkr</strong>.

“We’re extremely excited to bring onboard amazing partners as we continue our growth and expansion. We have built a powerful engine of growth and inclusion, with a unique origination and underwriting model built for developing markets that has enabled us to grow smartly, safely, and scale-ably across an ever-changing global economic landscape,” added <strong>Mishal Adamjee, Co-Founder of Trukkr</strong>.

“Truck drivers are the backbone of the Pakistani economy, ferrying essential goods and services across the country, but formal financial institutions struggle to support these drivers. Trukkr’s logistics platform provides Pakistan’s truck drivers with the digital financial services and products they need to grow their businesses, while also creating a more robust, digitalized supply chain,” said <strong>Rahil Rangwala, co-Managing Partner of Accion Venture Lab</strong>. “We are excited to support Trukkr’s journey as they transform Pakistan’s logistics market.”

“When we think about fintech lending businesses in emerging markets, two of the key challenges startups must solve for are data and distribution. This data challenge is exacerbated in the opaque, offline trucking market in Pakistan there and the participants have historically been chronically underserved by traditional financial institutions,” said <strong>Robin Butler, Partner and Head of Impact at Sturgeon Capital</strong>. “Trukkr’s solution to this challenge is unique, powerful, and scalable. Through its software solutions, Trukkr is deeply embedded and integrated into the workflows of both the corporates and the truckers, providing Trukkr with high quality data and a ready distribution channel for working capital and other lending products. Combined with the complimentary depth and breadth of experience across the founding team, Sturgeon is excited to be backing Trukkr as it continues to solve the key pain points of the large and inefficient trucking industry in Pakistan.”

<hr />

<h3>About Trukkr</h3>
Trukkr Pvt Ltd. is a fintech company aimed at providing financial inclusive products to the $35b logistics sector in Pakistan through its technology enterprise platform, which allows users to manage their logistics supply chain while providing small and medium sized carriers financial products aimed at improving financial outcomes for a historically underserved market.
<h3>About Accion Venture Lab</h3>
Accion Venture Lab is a leading early-stage impact investor in inclusive fintech startups, focused on affordable, well-designed financial services that enable economic growth and prosperity for underserved populations in the world. It has invested in more than 60 early-stage startups operating in more than 35 countries, focusing on the most innovative models and technologies delivering quality financial services to underserved households and small businesses with the potential to scale.

Accion Venture Lab is a part of Accion, a global non-profit committed to creating a financially inclusive world, with a trailblazing legacy in microfinance and fintech impact investing. Since 1961, Accion has increased access to inclusive financial services for tens of millions of people through its work with more than 200 partners in 63 countries.

For more information, visit <a href="http://accion.org/venturelab" target="_blank" rel="noopener noreferrer">accion.org/venturelab</a>.
<h3>About Sturgeon Capital</h3>
Sturgeon Capital is a London-based VC investing in early-stage technology startups in emerging markets at the beginning of their digital transition. Sturgeon is a for-profit and for-impact investor, and its portfolio companies are solving the fundamental problems affecting the day to day lives of businesses and consumers.

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