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

Press Release

<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

$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

News

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 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

<div class="vt__body body-text">

Two years ago, Bobby Price began his business, Principal Barbers, in the North Lawndale neighborhood of Chicago, where he was born and raised.

</div>
<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

</div>
<div class="vt__body body-text">

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.

</div>
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>

Livestreams to Watch: A Rock the Vote Concert and Juneteenth Events

“Three and a-half million small businesses are currently at risk of permanent closure due to COVID-19, with a disproportionate number of them being minority-owned,” said Rich Goodstone, co-founder of Superfly in a statement. “We look forward to raising the profile of this issue by showcasing amazing music performances and the stories of small businesses across America that urgently need our support.”

All proceeds from the show will be donated to the <a href="https://www.accion.org/about" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which has been working towards creating economic opportunity for all since 1994, providing nearly 90% of their loans to small businesses founded by people of color, as well as supporting immigrant-owned and women-owned businesses since its foundation. Viewers will also be encouraged to donate via a text code that will be revealed later; fans can also donate on Superfly's site before and after the livestream through June 26.

<a href="https://www.billboard.com/articles/news/9400786/superfly-small-business-live-show-minority-owned" target="_blank" rel="noopener noreferrer">Read more at Billboard.</a>

Superfly Books All-Star 'Small Business Live,' Benefit for Minority-Owned Companies

The initiative aims to unlock resources for innovative startups providing low-income households and businesses with financial tools that can help them support their livelihoods and build financial resilience.

<em>Washington DC, June 15, 2020</em> – A group of global organizations driving innovation and investment in financial services for low-income populations announced the launch of the 2020 Inclusive Fintech 50 application period. In its second year, the initiative will identify a cohort of 50 high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience for the 3 billion financially underserved people worldwide.

<a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> creates visibility for the most promising inclusive fintechs with a solution among credit, insurance, payments and remittances, savings and personal financial management, and infrastructure addressing challenges of underserved segments. The initiative brings selected fintechs together with leading investors in the space, and develops industry insights from aggregated and anonymized applicant data.

The selection takes place through a competitive process led by an <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">independent judging panel of experts</a> from venture capital, technology, and financial services firms. The competitive process identifies startups poised for success through four criteria: inclusiveness, innovation, scale potential, and traction. Inclusiveness is determined by the degree to which each applicant’s target market includes underserved people and businesses, and the related problem the startup is aiming to solve.

Selected fintechs will benefit from increased visibility, with the opportunity to connect with peers and position themselves for investment through connections to investors. Two of the selected fintechs will also receive cash prizes of USD 25,000 based on the <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">judging panel</a>’s assessment of their contributions to the financial resilience – or the ability to withstand and recover from shocks – of low-income households and micro-, small- and medium-enterprises (MSMEs).

Inclusive Fintech 50 was founded by MetLife Foundation and Visa Inc., 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.

“Now more than ever, fintechs play a crucial role in expanding financial services to vulnerable populations,” said Mark Pickens, Senior Director, Social Impact at Visa Inc. “Visa believes in the power of digital payments as an on-ramp for unbanked and underserved people, which is all the more important as we seek to help lower-income communities to mitigate, adapt to, and recover from economic turmoil.”

Particularly in light of the COVID-19 pandemic, which has <a href="https://www.cbinsights.com/research/report/fintech-trends-q1-2020/" target="_blank" rel="noopener noreferrer">slowed fintech startup investment worldwide</a>, many early-stage inclusive fintechs – those that target underserved populations and are self-funded, seed-stage, Series A, or Series B – face difficulties accessing capital and knowledge resources that can help position them for growth. This is partially due to the limited reach of investor networks outside of financial and innovation hubs. At the same time, the wider fintech ecosystem, including donors and incubators, needs market-level insight to inform strategic investment decisions.

“Financial services act as a stabilizing force for low- and moderate-income people, enabling them to build resilience and plan for the future," said Evelyn Stark, Financial Health Lead at MetLife Foundation. "COVID-19 has further underscored the importance of being prepared for financial shocks. The 2019 edition of Inclusive Fintech 50 confirmed that <a href="https://www.inclusivefintech50.com/winners?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">fintech startups</a> are creating new models that can reduce the vulnerability of households and businesses and facilitate inclusive growth.”

In 2019, Inclusive Fintech 50 attracted eligible applications from 400 fintechs based in 72 countries and with a combined customer base of nearly 70 million people. The 50 selected fintechs stood out from their peers through innovative business models, cost-effective distribution channels and partnerships, and products tailored to the unique needs of their underserved populations. In addition, the 50 fintechs demonstrated strong alignment between their business models and social impact goals.

Interested early-stage fintechs can apply between June 15 and July 10, 2020. Applications will be accepted in English, Spanish, and French. The 2020 cohort will be announced in October. Visit <a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a> for more information and to learn about each of the independent judges:
<ul>
 	<li><strong>Nejoud Al Mulaik</strong>, Director, Fintech Saudi</li>
 	<li><strong>Bindu Ananth</strong>, Chair, Dvara Trust</li>
 	<li><strong>Tarek Assaad</strong>, Managing Partner, Algebra Ventures</li>
 	<li><strong>Sarah Austrin-Willis</strong>, Senior Director, Financial Health Network</li>
 	<li><strong>Ginger Baker</strong>, Senior Director of Product, Ripple</li>
 	<li><strong>William Bao Bean</strong>, General Partner, SOSV</li>
 	<li><strong>Henry Baye</strong>, CEO, Jersey CI, Standard Chartered Bank</li>
 	<li><strong>Keith Berry</strong>, Executive Director, Moody’s Analytics Accelerator</li>
 	<li><strong>Melissa Bradley</strong>, Co-Founder, Ureeka</li>
 	<li><strong>Maelis Carraro</strong>, Director, BFA Catalyst Fund</li>
 	<li><strong>Nadine Chehade</strong>, Sr. Financial Sector Specialist, CGAP</li>
 	<li><strong>Tamara Cook</strong>, CEO, FSD Kenya</li>
 	<li><strong>Marta Cruz</strong>, Co-Founder and Managing Partner, NXTP</li>
 	<li><strong>Max Cuvellier</strong>, Head of Mobile for Development, GSMA</li>
 	<li><strong>Jacqueline Dufie Mpare</strong>, Head of Agency Banking, Ecobank</li>
 	<li><strong>Bernhard Eikenberg</strong>, Partner, Emerging Markets, Community Investment Management</li>
 	<li><strong>Marie-Therese Fam</strong>, Managing Partner, Flat6Labs</li>
 	<li><strong>Buhle Goslar</strong>, Africa CEO, Jumo</li>
 	<li><strong>Heather Henyon</strong>, Founding General Partner, Mindshift Capital</li>
 	<li><strong>Brad Jones</strong>, CEO, Wave Money</li>
 	<li><strong>Zennon Kapron, </strong>Founder/Director, Kapronasia</li>
 	<li><strong>Machal Karim</strong>, Executive, CDC Group</li>
 	<li><strong>Dave Kim</strong>, Program Officer, Bill &amp; Melinda Gates Foundation</li>
 	<li><strong>Helen Lin</strong>, Principal, At One Ventures</li>
 	<li><strong>Terry Luciani</strong>, Vice President, Enterprise Innovation, MetLife</li>
 	<li><strong>Jojo Malolos</strong>, CEO, Digital Equity Ventures and Data Analytics Ventures</li>
 	<li><strong>Robert Mitchnick</strong>, Vice President, BlackRock</li>
 	<li><strong>Tayo Oviosu</strong>, Founder &amp; CEO, Paga</li>
 	<li><strong>Mark Pickens</strong>, Senior Director, Social Impact, Visa Inc.</li>
 	<li><strong>Liliana Pozzo</strong>, Advisory Services Manager, IFC</li>
 	<li><strong>Maria Puch Herreros de Tejada</strong>, Institutional Development Director, New Ventures Mexico</li>
 	<li><strong>Amir Rizwan</strong>, Senior Advisor, Social Investment &amp; Innovation, Comic Relief</li>
 	<li><strong>Rocio Robles</strong>, Partner, Tenet Consultores, S.C.</li>
 	<li><strong>Shwetank Verma</strong>, Co-Founder and General Partner, Leo Capital</li>
 	<li><strong>Graham Wright</strong>, Managing Director, MicroSave</li>
 	<li><strong>Zia Zaman</strong>, Innovator</li>
 	<li><strong>Gabriela Zapata Alvarez</strong>, Independent Consultant (Financial Inclusion)</li>
</ul>
<p style="text-align: center;"><strong>###</strong></p>
<em>Please direct media inquiries to:</em>

Nikhil Gehani, MIX
ngehani@themix.org
+1 248 388 1630

Katie Mounts, Accion
kmounts@accion.org
+1 202 280 5859
<h4>About Inclusive Fintech 50</h4>
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/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h4>About<strong> MetLife Foundation </strong></h4>
At MetLife Foundation, we believe financial health belongs to everyone. We bring together bold solutions, deep financial expertise and meaningful grants to build financial health for people and communities that are underserved and aspire for more. We partner with organizations around the world to create financial health solutions and build stronger communities, engaging MetLife employee volunteers to help drive impact. To date, our financial health work has reached more 9.9 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit <a href="http://www.metlife.org/" target="_blank" rel="noopener noreferrer">metlife.org</a>.
<h4>About Visa Inc.</h4>
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="https://usa.visa.com/visa-everywhere/blog.html" target="_blank" rel="noopener noreferrer">About Visa</a> and<a href="https://twitter.com/visanews" target="_blank" rel="noopener noreferrer"> @VisaNews</a>.
<h4>About BlackRock</h4>
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 March 31, 2020, the firm managed approximately $6.47 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit <a href="https://www.blackrock.com/" target="_blank" rel="noopener noreferrer">www.blackrock.com</a> | Twitter: @blackrock | Blog: <a href="https://www.blackrockblog.com/" target="_blank" rel="noopener noreferrer">www.blackrockblog.com</a> | LinkedIn: <a href="https://www.linkedin.com/company/blackrock" target="_blank" rel="noopener noreferrer">www.linkedin.com/company/blackrock</a>.
<h4>About Jersey Overseas Aid &amp; Comic Relief’s <em>Branching Out: Financial Inclusion at the Margins</em> program</h4>
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.
<h4>About Accion</h4>
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 more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>.
<h4>About IFC</h4>
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>
<h4>About MIX</h4>
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 launches 2020 edition to identify and elevate early-stage fintechs driving financial inclusion and resilience

<a href="https://www.rollingstone.com/t/2-chainz" target="_blank" rel="noopener noreferrer">2 Chainz</a>, <a href="https://www.rollingstone.com/t/brandi-carlile/" target="_blank" rel="noopener noreferrer">Brandi Carlile</a>, <a href="https://www.rollingstone.com/t/brittany-howard" target="_blank" rel="noopener noreferrer">Brittany Howard</a>, <a href="https://www.rollingstone.com/t/leon-bridges" target="_blank" rel="noopener noreferrer">Leon Bridges</a> and more are coming together for Small Business Live, a benefit <a id="auto-tag_livestream" href="https://www.rollingstone.com/t/livestream/" target="_blank" rel="noopener noreferrer" data-tag="livestream">livestream</a> to help small businesses in the wake of <a href="https://www.rollingstone.com/t/covid-19/" target="_blank" rel="noopener noreferrer">COVID-19</a>, with a focus on those owned by women and people of color.

The event will be held Saturday, June 20th from 4:00 p.m. to 10:00 p.m. ET on <a href="https://smallbiz.live/" target="_blank" rel="nofollow noopener noreferrer">smallbiz.live</a> and across all major digital platforms.

All proceeds from the livestream will be donated to Accion Opportunity Fund, which provides loans to small businesses founded by people of color, with additional support to women-owned and immigrant-owned businesses.

<a href="https://www.rollingstone.com/music/music-news/small-business-live-benefit-1014967/" target="_blank" rel="noopener noreferrer">Read more from Rolling Stone.</a>

2 Chainz, Brandi Carlile to Play Benefit Livestream for Small Businesses

2 Chainz, Brandi Carlile, Brittany Howard, Leon Bridges, T-Pain and more will perform in support of their favorite small businesses on June 20

<em>June 11, 2020, New York, NY</em> — <a href="https://superf.ly/" target="_blank" rel="noopener noreferrer">Superfly</a> announces its latest effort, <a href="https://www.accion.org/small-business-live" target="_blank" rel="noopener noreferrer">Small Business Live</a>, a philanthropic music experience supporting minority-owned small businesses across the U.S that urgently need our help. The event will take place Saturday, June 20, 2020 from 4-10 p.m. EDT, and will include performances by some of music’s biggest stars live across the country. On-site at local small businesses close to their hearts, as well as other unique locations, artists will share with viewers their personal stories behind what each business means to them and their communities. The event will be livestreamed on TikTok, the leading destination for short-form mobile video, which has been seen as a new home for several small businesses and entrepreneurs on the platform. Additionally, the event will be streamed live across YouTube, Instagram, Facebook, Twitch, Twitter, LiveXLive and Bustle Digital Group’s publications, and will be presented by Superfly with founding partners TikTok, AT&amp;T Business, GoDaddy, Vistaprint and Square. Bustle Digital Group, producer of countless pieces of content spotlighting at-risk small businesses, will serve as the official media partner for this event and stream the event on Bustle.com, as well as its other sites and social channels.

All proceeds from Small Business Live will be donated to <a href="https://www.accion.org/opportunity-fund-and-the-accion-u-s-network-combine-efforts-to-drive-small-business-access-to-credit-and-advisory-services-in-the-u-s" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>. Superfly chose to support this non-profit given their nearly three decades track record of providing almost 90% of their loans to small businesses founded by people of color, as well as supporting immigrant-owned and women-owned businesses. Viewers will be encouraged to donate to the cause via text per a special code that will be made readily available closer to the June 20 event date. Charitable funds will be accepted during the livestreamed event, and fans will be able to donate on Superfly’s website before and after the livestream through June 26.

"Entrepreneurs of color are denied credit more often and charged higher rates for money they borrow to fund their businesses. We need to accelerate support to underserved businesses in order to reach our full potential,” said Luz Urrutia, CEO of Accion Opportunity Fund. “We have to decide what we want our Main Streets to look like when this is over, and we must act decisively to keep small businesses alive and ready to rebuild. This is a fun way to do something really important. Everyone’s support will make a huge difference to small business owners, their families and employees who have been devastated by this pandemic, the recession, and centuries of racism, xenophobia, and oppression.”

Small Business Live will include a diverse lineup of some of music’s biggest names spanning multiple genres. Multi-platinum MC and “One of the Very Best Rappers Alive” (<em>Noisey</em>), 2 Chainz, two-time Grammy Award-winning singer-rapper, T-Pain, Billboard Women in Music’s 2015 “Powerhouse,” Brittany Howard, Top Ten soul inspired R&amp;B artist, Leon Bridges, multi-Grammy Award-winning singer, songwriter Brandi Carlile, and Americana-soul notable, Nathaniel Rateliff are all set to headline Small Business Live.

Joining these award winning headliners will be R&amp;B singer-songwriter, Allen Stone, Nashville based indie-alternative rock band, Moon Taxi, Bob Marley’s grandson, singer-songwriter Bam Marley, and viral TikTok creator, rapper, singer, and music producer, Jufu, who is a true testament to TikTok’s ability to propel emerging artists and raise their platform as the destination for music discovery. Every artist involved will take part in helping support a small business of their choosing.

“Three and a-half million small businesses are currently at risk of permanent closure due to COVID-19, with a disproportionate number of them being minority-owned,” said Rich Goodstone, co-founder of Superfly. “We look forward to raising the profile of this issue by showcasing amazing music performances and the stories of small businesses across America that urgently need our support.”

Fans can to tune-in to Small Business Live at: <a href="https://www.tiktok.com/@tiktok" target="_blank" rel="noopener noreferrer">https://www.tiktok.com/@tiktok </a>Viewers can also visit the following link for more ways to tune-in: <a href="https://SmallBiz.Live" target="_blank" rel="noopener noreferrer">https://SmallBiz.Live</a>
<p style="text-align: center;"><strong>####</strong></p>
<strong>About Superfly:</strong>
Superfly is a live entertainment and brand experience company shaping how the world plays and connects. Founded in 1996, Superfly’s expertise is building cultural experiences with a distinct identity, such as the iconic Bonnaroo Music &amp; Arts Festival, Outside Lands and The FRIENDS Experience that are equally desired by brands and destinations for fans. Additionally, Superfly strategically helps brands establish and raise their profile through programming, design, digital, social, influencer and experiential platforms. Superfly is headquartered in New York, with offices in Chicago and San Francisco. Learn more at <a href="http://superf.ly/" target="_blank" rel="noopener noreferrer">http://superf.ly/</a>, and follow Twitter @Superfly, Facebook <a href="https://www.facebook.com/Superfly/" target="_blank" rel="noopener noreferrer">www.facebook.com/superfly</a> and Instagram @superflypresents.

<strong>Press Contact:</strong>
Raven Public Relations
Hollie Rapello
646.342.0054
<a href="mailto:hollie@meetraven.com" target="_blank" rel="noopener noreferrer">hollie@meetraven.com</a>

Superfly announces virtual music experience, Small Business Live, in benefit of minority-owned small businesses nationwide 

Presented by live entertainment company <a class="" href="https://superf.ly/" target="_blank" rel="noopener noreferrer">Superfly</a> and in founding partnership with TikTok, AT&amp;T Business, Square, Vistaprint, and GoDaddy, the philanthropic musical livestream [supported] the small businesses across the country that need our help the most.

Viewers [were able to] donate via text using a special code that will be available ahead of June 20. All proceeds from Small Business Live will be donated to non-profit <a class="" href="https://opportunityfund.org/" target="_blank" rel="noopener noreferrer">Accion Opportunity Fund</a>, which focuses on providing grants to small businesses run by people of color, immigrants and women — some of the communities hit hardest by coronavirus.

<a href="https://www.bustle.com/p/bustle-digital-group-is-partnering-with-superfly-for-small-business-live-a-philanthropic-musical-experience-on-june-20-22975968" target="_blank" rel="noopener noreferrer">Read more from Bustle.</a>

Everything You Need To Know About Small Business Live, A Philanthropic Musical Livestream

Majority of Filipinos live paycheck to paycheck, with only four out of 10 of those surveyed by the country’s central bank in 2015 having emergency funds for rainy days. There are also an estimated 36 million still borrowing cash for their daily needs, leaving them vulnerable to predatory lenders that charge high interest rates.

This is why <a href="https://advance.ph/" target="_blank" rel="nofollow noopener noreferrer">Advance</a>, a Manila-based fintech startup, aims to simplify financing for Filipino workers and promote responsible debt management.

<a href="https://www.techinasia.com/advance-secures-seed-funding" target="_blank" rel="noopener noreferrer">Tech in Asia covered Accion Venture Lab's latest investment in Advance</a>, a digital platform providing salary on demand to workers in the Philippines.

Philippine on-demand salary platform Advance secures seed funding

Advance allows company partners to leverage the salary access platform as a backup source of cash flow for employees, particularly during the COVID-19 pandemic.

<em>Manila, Philippines, 28 May, 2020</em> – Advance has raised seed funding from four VCs led by US-based <a href="https://www.nextbillionvc.com/" target="_blank" rel="noopener noreferrer">Next Billion Ventures</a>. <a href="https://wavemaker.vc/" target="_blank" rel="noopener noreferrer">Wavemaker Partners</a> and fintech-focused funds <a href="https://www.dymonasiaventures.com/" target="_blank" rel="noopener noreferrer">Dymon Asia Ventures</a> and <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="noopener noreferrer">Accion Venture Lab</a>, Accion’s seed-stage inclusive fintech investment initiative, also participated in the round.

Launched in 2019, the 24/7 salary-on-demand platform has been adopted by some of the biggest companies in the Philippines to provide their employees with early access to their wages to promote financial wellbeing within their organizations.

In the past twelve months, the Manila-based fintech startup has provided close to $3 million to thousands of Filipinos across the country. Earlier last year, Advance was able to obtain institutional lending capital from the nation’s top tier banks, which shows trust in their credit process and service offering.

“Advance aims to simplify finance for millions of hardworking employees who see their paychecks as their biggest assets, and who should be able to derive financial dignity from their work,” said Jaime de los Angeles, co-founder and CEO of Advance.

“That’s why we created an on-demand credit platform where individuals would be able to access their salaries anytime and have the financial flexibility to no longer worry about waiting for payday.”

Advance services companies of any size without requiring them to change their existing processes and can also integrate with HRIS and payroll systems to make the experience even more seamless for their clients. Once the partnership is finalized, Advance is extended into the hands of employees immediately.
<h2>Bringing financial flexibility to the workforce</h2>
Around 80% of Filipinos live paycheck to paycheck, while an estimated 36 million still borrow cash for their daily needs. Unable to rely on assistance from employers or banks, many opt to take out loans from fast-cash lenders – leaving them vulnerable to unreasonably high rates and predatory collection practices.

“We’ve heard so many horror stories of people with an urgent need for cash who resort to payday lenders due to the lack of quality options. We knew that we could provide a much safer alternative to keep them from succumbing to these endless debt cycles,” said Addi Guevara, Advance’s co-founder and CFO.

Advance combines flexibility with controlled limits to promote responsible debt management. “Filipinos deserve to get access to the salary they’ve worked hard for whenever they need in order to regain a greater sense of control in their everyday lives. We are not a loan – our service acts as a financial bridge,” added de los Angeles.

“More than a stopgap measure, early access to salary allows employees to enjoy a broader range of opportunities, no longer held back by financial stress. We’re able to provide thousands of employees with convenience and peace of mind from day one.”
<h2>A sustainable tool for agile employers</h2>
Advance has also proven to be an indispensable tool for employers, especially during this period of economic instability.

Partner employers have been able to leverage the salary on-demand platform as a backup source of cash flow through this coronavirus crisis. Employers can now grant financial assistance to their employees without having to tap into company resources. Advance ensures that everyone’s best interests are met even in the event of major business disruptions.

“Because our service is purely digital, instant, and 24/7, we’re able to offer not only an essential credit solution, but a reliable one, which is ideal during these turbulent times. We’ve been able to see how Advance has taken some financial pressure off our partners and hope to offer the same positive experience to even more companies transitioning into the new age of HR,” said de los Angeles.
<h2>Advancing to new heights</h2>
“Access to non-predatory consumer credit is a profound problem across emerging economies,” said Ken Toyoda of Next Billion Ventures. “We’re excited to support the Advance team in their mission to offer a tech-enabled, on-demand solution that we believe will positively impact millions of Filipinos.”

According to de los Angeles, Advance’s seed funding will be used to improve further on technology, bolster operations, and expand business in terms of new products and markets. This would ultimately create greater opportunities for a broader base of underserved Filipinos.

“The funding is a big boost to Advance as it allows us to strengthen our team and accelerate our tech initiatives to not only provide better access to credit, but offer simplified financial services to millions of Filipinos,” said de los Angeles.

“Four independent VCs have placed their faith in our team, our mission, and business model. Beyond the funding, our new partners provide us with invaluable insights and an extended network, which is huge given their experience in fintech and scaling businesses. We’re thrilled to be working with them as we take Advance to another level,” said de los Angeles.

“We envision Advance servicing 1 million employees and 10,000 businesses in the next 5 years,” added Guevara. “We’re excited for the road ahead, and feel that we have the right pieces in place to take on this challenge.”
<h4>About Advance</h4>
Advance is the preferred partner of employers for financial services in the Philippines.
The platform provides employees with instant and on-demand access to their salary, along with other services to complement their financial journey.

Advance aims to simplify finance to innovate lives, empowering Filipino employees to take control of their finances and establishing partner companies as advocates of employee wellbeing.
<p style="text-align: center;"><strong>####</strong></p>

Advance raises funding to provide financial freedom to the underserved with first on-demand salary access platform in the Philippines

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The Economic Times Digital Lending Virtual Summit aims to deliver answers and solutions to the most common and unsolved challenges in the industry. This summit will help us understand the ways in which we can thrive in the fintech space during these challenging times, and discover the best models that allow us to better serve consumers. Explore the complexities of our rapidly changing world through insightful sessions focused on the most important trends in banking and lending. <a href="https://etunwired.et-edge.com/virtual/digitallending/" target="_blank" rel="noopener noreferrer">Learn more about the event and how to register here.</a>

Accion Venture Lab's <b data-stringify-type="bold"><a class="c-link" href="https://www.accion.org/bio/vikas-raj" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.accion.org/bio/vikas-raj" data-sk="tooltip_parent" aria-describedby="sk-tooltip-5396">Vikas Raj</a> </b>will join a session on the critical role that India’s inclusive fintech startups play in helping mitigate the economic impact of COVID-19 on underserved individuals and small businesses.

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