News

<a href="https://ventureburn.com/2020/06/inclusive-fintech-50-initiative-opens-call-for-2020-edition/" target="_blank" rel="noopener noreferrer">Outlets such as VentureBurn</a> covered Accion and partners’ launch of the <a href="https://www.accion.org/inclusive-fintech-50-launches-2020-edition-to-identify-and-elevate-early-stage-fintechs-driving-financial-inclusion-and-resilience" target="_blank" rel="noopener noreferrer">2020 Inclusive Fintech 50</a>, which will identify and elevate fifty high-potential, early-stage fintechs driving financial inclusion and resilience around the world.

Inclusive Fintech 50 initiative opens call for 2020 edition

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 in this program</a> on how the organization is helping small businesses run by entrepreneurs of color in Chicago that are struggling due to the COVID-19 pandemic.

Why minority-owned businesses are struggling to get PPP loans

Outlets, <a href="https://www.billboard.com/articles/news/9400786/superfly-small-business-live-show-minority-owned" target="_blank" rel="noopener noreferrer">including Billboard</a>, covered <a href="https://www.accion.org/small-business-live" target="_blank" rel="noopener noreferrer">Small Business Live</a>, a virtual benefit concert for Accion Opportunity Fund to help small businesses in the U.S. affected by COVID-19, in their weekly round-up of virtual events.

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.

Press Release

Washington DC, June 15, 2020 – 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>Nejoud Al Mulaik, Director, Fintech Saudi</li>
 	<li>Bindu Ananth, Chair, Dvara Trust</li>
 	<li>Tarek Assaad, Managing Partner, Algebra Ventures</li>
 	<li>Sarah Austrin-Willis, Senior Director, Financial Health Network</li>
 	<li>Ginger Baker, Senior Director of Product, Ripple</li>
 	<li>William Bao Bean, General Partner, SOSV</li>
 	<li>Henry Baye, CEO, Jersey CI, Standard Chartered Bank</li>
 	<li>Keith Berry, Executive Director, Moody’s Analytics Accelerator</li>
 	<li>Melissa Bradley, Co-Founder, Ureeka</li>
 	<li>Maelis Carraro, Director, BFA Catalyst Fund</li>
 	<li>Nadine Chehade, Sr. Financial Sector Specialist, CGAP</li>
 	<li>Tamara Cook, CEO, FSD Kenya</li>
 	<li>Marta Cruz, Co-Founder and Managing Partner, NXTP</li>
 	<li>Max Cuvellier, Head of Mobile for Development, GSMA</li>
 	<li>Jacqueline Dufie Mpare, Head of Agency Banking, Ecobank</li>
 	<li>Bernhard Eikenberg, Partner, Emerging Markets, Community Investment Management</li>
 	<li>Marie-Therese Fam, Managing Partner, Flat6Labs</li>
 	<li>Buhle Goslar, Africa CEO, Jumo</li>
 	<li>Heather Henyon, Founding General Partner, Mindshift Capital</li>
 	<li>Brad Jones, CEO, Wave Money</li>
 	<li>Zennon Kapron, Founder/Director, Kapronasia</li>
 	<li>Machal Karim, Executive, CDC Group</li>
 	<li>Dave Kim, Program Officer, Bill &amp; Melinda Gates Foundation</li>
 	<li>Helen Lin, Principal, At One Ventures</li>
 	<li>Terry Luciani, Vice President, Enterprise Innovation, MetLife</li>
 	<li>Jojo Malolos, CEO, Digital Equity Ventures and Data Analytics Ventures</li>
 	<li>Robert Mitchnick, Vice President, BlackRock</li>
 	<li>Tayo Oviosu, Founder &amp; CEO, Paga</li>
 	<li>Mark Pickens, Senior Director, Social Impact, Visa Inc.</li>
 	<li>Liliana Pozzo, Advisory Services Manager, IFC</li>
 	<li>Maria Puch Herreros de Tejada, Institutional Development Director, New Ventures Mexico</li>
 	<li>Amir Rizwan, Senior Advisor, Social Investment &amp; Innovation, Comic Relief</li>
 	<li>Rocio Robles, Partner, Tenet Consultores, S.C.</li>
 	<li>Shwetank Verma, Co-Founder and General Partner, Leo Capital</li>
 	<li>Graham Wright, Managing Director, MicroSave</li>
 	<li>Zia Zaman, Innovator</li>
 	<li>Gabriela Zapata Alvarez, Independent Consultant (Financial Inclusion)</li>
</ul>
###
Please direct media inquiries to:

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 MetLife Foundation </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 Branching Out: Financial Inclusion at the Margins 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

Outlets, <a href="https://www.rollingstone.com/music/music-news/small-business-live-benefit-1014967/" target="_blank" rel="noopener noreferrer">including Rolling Stone</a>, continued to cover <a href="https://www.accion.org/small-business-live" target="_blank" rel="noopener noreferrer">Small Business Live</a>, a virtual benefit concert on June 20 to aid small businesses in the U.S, with all proceeds going to the Accion Opportunity Fund.

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

June 11, 2020, New York, NY — <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” (Noisey), 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>
####
About Superfly:
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.

Press Contact:
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 

<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">Bustle Digital Group announced</a> that they are the founding media partner of <a href="https://www.accion.org/small-business-live" target="_blank" rel="noopener noreferrer">Small Business Live</a>, a philanthropic musical livestream supporting small businesses across the country that need our help the most.

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

<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.

Manila, Philippines, 28 May, 2020 – 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.
####

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

Apollo Agriculture believes it can attain profits by helping Kenya’s smallholder farmers maximize theirs.

That’s the mission of the Nairobi-based startup that raised $6 million in Series A funding led by Anthemis.

Founded in 2016, Apollo Agriculture offers a mobile-based product suit for farmers that includes working capital, data analysis for higher crop yields and options to purchase key inputs and equipment.

<a href="https://techcrunch.com/2020/05/19/kenyas-apollo-agriculture-raises-6m-series-a-led-by-anthemis/" target="_blank" rel="noopener noreferrer">Read more at TechCrunch.</a>

Kenya’s Apollo Agriculture raises $6M Series A led by Anthemis

Anthemis Exponential Ventures leads financing round with participation from Leaps by Bayer, Accion Venture Lab, and Flourish Ventures

Nairobi, Kenya, May 20, 2020 - Apollo Agriculture, the financing and products platform empowering small-scale farmers to maximize their profits, announced today that they have raised USD $6 million in Series A financing. The round was led by Anthemis Exponential Ventures, with participation from Leaps by Bayer, Flourish Ventures (a venture of The Omidyar Group), Sage Hill Capital, To Ventures Food, Breyer Labs, and existing investors Accion Venture Lab and Newid Capital, among others.

“We are incredibly excited to bring together a world-class group of investors, with expertise across financial services and agriculture, to help power Apollo’s growth in the coming years. Our mission is more important than ever in the context of COVID-19, when health risks, supply chain disruptions, and reduced mobility <a href="https://www.washingtonpost.com/world/africa/virus-choking-off-supply-of-what-africa-needs-most-food/2020/04/15/86518dbe-7eee-11ea-84c2-0792d8591911_story.html." target="_blank" rel="noopener noreferrer">threaten</a> food <a href="https://www.nytimes.com/2020/04/22/world/africa/coronavirus-hunger-crisis.html" target="_blank" rel="noopener noreferrer">security</a> for millions globally. Our digital model has enabled us to continue partnering with farmers to produce more food, despite the unprecedented disruptions of COVID-19” said Eli Pollak, Apollo’s CEO and co-founder.

Based in Nairobi, Apollo uses machine learning and automated operations technology to help small-scale farmers access everything they need to maximize their profitability, from financing and insurance, to farming products and optimized advice. The Apollo team brings together technology and operations experience from The Climate Corporation, Tesla, and One Acre Fund. The investment allows Apollo to continue rapidly scaling by partnering with more farmers, expanding its product offerings, and growing its team. Apollo has already partnered with about 25,000 farmers so far in 2020.

Benjamin Njenga, Apollo’s Chief Customer Officer and co-founder, described the opportunity, “Every farmer, everywhere, deserves the opportunity to farm profitably, and that is not the norm today. There are more than 500 million small-scale farmers globally, and average farm yields per acre across Africa are only 10-20% of those in North America. Apollo exists to change that. We partner with farmers to maximize their farm productivity and profitability.”

Vica Manos, Partner at Anthemis, said, “The Apollo Agriculture team is solving a massive gap in the agricultural space by helping small-scale farmers turn their daily labour into profitable businesses. We are very excited to back the Apollo team on their journey to change the lives of millions of farmers that have been overlooked by traditional financial services companies, by providing them with the right instruments, from optimized financing and farming tools to valuable farming advice. In light of the global pandemic, their mission is more urgent than ever.”
###
About Apollo Agriculture

Apollo is the commercial farming platform for small-scale farmers that helps farmers maximize their profits. We use agronomic machine learning, remote sensing, and mobile phones to deliver financing, high-quality farm products, and optimized advice that can more than double farm profitability, starting in Kenya. Our team brings together technology and operations experience from The Climate Corporation (acquired for USD ~$1 Billion), Tesla, and One Acre Fund. Learn more at <a href="http://www.apolloagriculture.com" target="_blank" rel="noopener noreferrer">www.apolloagriculture.com</a>.

About Anthemis Exponential Ventures

Anthemis Exponential Ventures is a pioneering investment partnership powered by Anthemis Group and Exponential Ventures, the disruptive venture capital arm of Momentum Metropolitan Holdings. Anthemis Exponential Ventures invests in and supports nascent businesses dedicated to financial wellness. With the aim of inspiring a culture of “profit with purpose” and creating a prosperous and inclusive global growth economy, Anthemis Exponential Ventures focuses its investments on fintech, insurtech and healthtech categories in Europe, the US and emerging markets.

Apollo Agriculture Raises $6 Million to Help Small-Scale Farmers Make More Money

In response to COVID-19, Pintek is growing partnerships with remote learning platforms, assessing customer needs, and fundraising to help teachers in need

May 12 2020, Jakarta, Indonesia – Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative, has invested in Pintek, an Indonesian fintech platform that provides credit to both students and education institutions to improve access to education and the quality of education in Indonesia. Pintek will use the funds to expand its technology and platform as the company evolves its approach to best meet the needs of underserved students and schools during COVID-19.

In Indonesia, access to financing is often limited for both students and schools. Private schools – which make up more than half of total secondary institutions and 90 percent of colleges and universities – are required to register as foundations and often lack the ability to provide adequate collateral to access long-term loans to improve facilities and hire staff. <a href="https://www.bps.go.id/pressrelease/2019/07/15/1629/persentase-penduduk-miskin-maret-2019-sebesar-9-41-persen.html" target="_blank" rel="noopener noreferrer">According to Indonesian government data</a> from 2017-2018, over 150,000 classrooms of the total schools in Indonesia are in a state of disrepair, and close to 25 percent of Indonesian schools do not have libraries. Pintek offers schools loans against their anticipated tuition revenue to support these needs.

Furthermore, low-middle income families often lack the cash flow to meet their educational financing needs: the average Indonesian family of four makes about <a href="http://repositori.kemdikbud.go.id/11021/" target="_blank" rel="noopener noreferrer">$222 per month, and tertiary education averages from $1,000 to $5,000 per year</a>. Pintek underwrites student loans and splits payments into more frequent and smaller amounts to make tuition fees more affordable. More than half of Pintek’s student loans are provided to first-time borrowers with no credit history. Through partnerships with payment processors and schools, Pintek is now reaching students in 26 of the nation’s 34 provinces.

Pintek is responding in innovative ways to support access to education during COVID-19. Pintek is conducting a survey to explore the impact of the pandemic on families and schools to inform their products and services. In response to preliminary results from the survey, Pintek has partnered with edtech platforms to provide schools with financing and access to remote learning platforms to help ease the transition to online learning. Pintek is also working to launch a fundraising campaign to help teachers in Indonesia who are currently unemployed due to COVID-19.

"Financial support is critical to enabling students to access education in Indonesia – and for schools to provide a high-quality education. Pintek’s innovative model supports both ends of the education spectrum to fill a gap in financing for students and schools in the country,” said Michael Schlein, President and CEO of global nonprofit Accion. “The company’s responsiveness to evolving customer needs in light of today’s pandemic can be a critical resource in supporting their financial health and recovery.”

“We are determined to continue supporting the Indonesian government’s mission for education, throughout and beyond the challenges of the current pandemic. With ongoing stakeholder engagement, from parents to education partners, we strive to provide the best financial products to suit their needs and ensure that quality education is maintained. We also want to assure parents and the wider education community that Pintek is here and always ready to assist any financial needs for education.” said Ioann Fainsilber, Co-Founder and Director of Pintek.

"There is a clear need for educational financing in Indonesia, and Pintek’s unique model, strong leadership team, and promising growth potential make them the ideal partner to address that need. We’ve been particularly impressed with their quick response to the pandemic, finding new ways to help customers during this difficult time. We’re pleased to add them to the Venture Lab portfolio,” said Vikas Raj, Managing Director of Accion Venture Lab.

So far, Pintek’s survey in response to COVID-19 has highlighted loss of income and transition to online learning as the primary concerns of parents. Over 90 percent of parents surveyed were concerned about their ability to cover the cost of their children’s education, and over 10 percent believe they will lose their current source of income within the next twelve months. The survey confirmed that Pintek is a viable solution for these parents, with over 80 percent expressing interest in Pintek loans to cover education costs. The survey also highlighted a real need to support Indonesian schools in their transition to online learning. Nearly half of the parents surveyed by Pintek were unsatisfied with the online learning program provided by schools, and over a third stated that schools should discount tuition fees given a perceived decrease in education quality during the online learning transition.

The COVID-19 pandemic has also had a deep impact on Indonesian teachers and their livelihoods: in West Java alone, nearly half of teachers have lost their jobs due to indefinite school closures. Pintek is working with the Indonesian Teachers’ Association (IGI), to launch a fundraising campaign, with all proceeds going to teachers economically affected by the COVID-19 pandemic.
###
About Pintek

<a href="https://pintek.id/">Pintek</a> is a financial technology company (Peer-to-Peer Lending) that has a mission to become the key driver in education transformation through innovation in financial services. Registered and supervised by OJK (Financial Service Authority) since 2018, Pintek engaged in providing financial access to all communities and educational institutions regarding the needs of education in Indonesia, in reducing the number of dropouts in the country and improving educational facilities for a better quality of teaching and learning.

About Accion Venture Lab

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">https://www.accion.org/venturelab</a>.

For more information please contact: 

Fajar Kurniawan for Pintek
<ul>
 	<li><a href="mailto:Fajar.kurniawan@pintek.id/">Fajar.kurniawan@pintek.id</a></li>
 	<li>+62 857 1459 7924</li>
</ul>
Katie Mounts for Accion Venture Lab
<ul>
 	<li><a href="mailto:kmounts@accion.org">kmounts@accion.org</a></li>
 	<li>+1 202-280-5859</li>
</ul>

Accion Venture Lab invests in fintech platform Pintek to improve access to quality education in Indonesia

There are a variety of lenders to research, including traditional banks large and small, online lenders, credit unions, <a href="https://www.federalreserve.gov/supervisionreg/minority-depository-institutions.htm" target="_blank" rel="nofollow noopener noreferrer">minority depository institutions</a>, and <a href="https://ofn.org/what-cdfi" target="_blank" rel="nofollow noopener noreferrer">community development financial institutions</a> (CDFIs). To start, determine what matters most to you, says Leach of Beneficial State Bank, which makes business loans of roughly $350,000 to $1 million on average. Efficient deposit services and online bill pay? A banker who you see around town who understands your business? A credit line? Help getting a PPP loan? Help tapping other SBA programs? Accion, a nonprofit lending network, offers a comprehensive <a href="https://us.accion.org/resource/business-banking-10-tips-choosing-right-bank/" target="_blank" rel="nofollow noopener noreferrer">tip sheet</a> on evaluating a lender.

<a href="https://www.bloomberg.com/news/articles/2020-05-12/not-all-small-business-lenders-are-the-same" target="_blank" rel="noopener noreferrer">Read more at Bloomberg Businessweek.</a>

Not All Small Business Lenders Are the Same

Having supported 15,000 Colombian entrepreneurs, Accion will extend reach to more Latin American countries and advance India expansion

Bogota, Colombia, May 7, 2020 – Accion has received a grant from FedEx to support the expansion of Ovante, a fully digital platform that aims to strengthen the management, financial and digital capabilities of microentrepreneurs, ultimately supporting their livelihoods, families, and communities. Ovante leverages Accion’s decades of experience providing financial skills training and education in Latin America and India, as well as principles of human-centered design, to offer practical tools that incentivize behavior change and help microentrepreneurs thrive in a competitive and digital world.

With support from FedEx, Accion Global Advisory Solutions piloted the platform in Colombia where a large portion of the population is self-employed or employed in the informal sector where many microenterprises operate. To date, it has reached 15,000 microentrepreneurs, more than 80% of whom are women. These additional funds will support the expansion of Ovante into other Latin American countries — beginning with Paraguay and El Salvador, and the development of a similar platform in India.

“It is more important than ever to ensure that microentrepreneurs have the skills they need to build successful microenterprises and support economic livelihoods,” said Michael Schlein, President and CEO of Accion. “Ovante’s digital format allows us to address this need while closing the digital literacy gap for users – more than 90% of whom are having a digital experience for the first time. We’re grateful for FedEx’s support and their shared commitment to empowering underserved entrepreneurs.”

“Our support of Accion’s Ovante program is one of many FedEx investments in the area of Global Entrepreneurship,” said Adrian Pomi, Director of Global Citizenship at FedEx. “Our objective in that area is to advance women and minority-owned small businesses globally, helping them access new markets and grow. We’re very pleased with the program’s progress and honored to play a role in helping these entrepreneurs achieve success.”

“By delivering relevant content at the right time through a user-friendly experience, we are seeing Ovante make a real difference in the lives of its users. After a successful launch in Colombia, we are excited to bring this model to new countries and regions, tailoring it to the specific needs of microentrepreneurs in each market,” said Liza Guzman, Vice President of Customer Strategy at Accion Global Advisory Solutions. The advisory services team at Accion combines decades of on-the-ground experience working with financially underserved individuals with insights into new technologies.

In December 2019, the Austrian nonprofit International Center for New Media honored Ovante with a 2019 World Summit Award, its initiative that promotes digital innovation with social impact.
###
About Accion

Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of—or poorly served by—the financial sector. For more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. More at <a href="http://www.accion.org/">www.accion.org.</a>

About FedEx

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $70 billion, the company offers integrated business solutions through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 475,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about how FedEx connects people and possibilities around the world, please visit <a href="https://www.fedex.com/en-us/about.html">about.fedex.com</a>.

Accion expands digital platform to support low income microentrepreneurs with help from FedEx

<img class="alignnone wp-image-21068" src="http://content.accion.org/wp-content/uploads/2020/05/MES-Quote_050820_PNG-300x157.png" alt="Michael Schlein quoted in The Economist" width="500" height="262" />

"The financial engine for half the world’s jobs is about to seize up,” argues Accion’s President and CEO Michael Schlein in <a href="https://www.economist.com/finance-and-economics/2020/05/05/for-microfinance-lenders-covid-19-is-an-existential-threat">this piece from The Economist</a>. “Decades of progress on reducing poverty and increasing financial inclusion—all of that is at risk,” Michael adds.

The piece highlights the “existential crisis” facing microlenders around the world, who are essential to the global economic recovery from today’s pandemic. It also features numerous Accion partners—BancoSol in Bolivia, Dvara Trust in India, Lulalend in South Africa, and Pintek in Indonesia—that are finding new ways to support underserved populations and small businesses around the world.

<a href="https://www.economist.com/finance-and-economics/2020/05/05/for-microfinance-lenders-covid-19-is-an-existential-threat">Read more.</a>

For microfinance lenders, COVID-19 is an existential threat

Latest news

Speakers

How can microfinance organizations use digital models to facilitate group loans as social distancing poses challenges to the high-touch model used in the past?

Webinar

Due to COVID-19, microfinance institutions are facing immense challenges connecting with their group loan customers. Social distancing and limited in-person gatherings pose challenges to the high-touch model that microfinance organizations have typically used to facilitate group loans. To continue supporting their customers during and after the pandemic, lenders will need to leverage digital technologies to facilitate group meetings and loan disbursements while incorporating the key tenets of the group lending methodology, social collateral and relationship-based lending. <a href="https://accion.zoom.us/webinar/register/WN_LS4iZuYGQi6o1yv9jNDMxg" target="_blank" rel="noopener noreferrer">Join us for a conversation on July 15</a> to learn more about the benefits and challenges of adopting a digital model, and the need for a human centered design approach in redesigning group loans.

This session will address questions such as:
<ul>
 	<li>Can group cohesion be replicated in a digital environment?</li>
 	<li>Can a digital group loan stay true to the principles of inclusion and empowerment?</li>
 	<li>Can social collateral work in a digital environment?</li>
 	<li>What will be the role of the brick and mortar branches moving forward?</li>
</ul>
Please note this webinar will be recorded and the recording will be made available after the webinar on Accion's website.

News & Events

Latest news

Upcoming events

Reimagining group lending for a digital world

View all

Sign up to receive emails