Press Release

Washington, DC, October 17, 2019 – Today, global nonprofit Accion awards the fifth Edward W. Claugus Award to Vijay Mahajan, a leading advocate for financial inclusion and rural development in India, in recognition of his pioneering role in building a financially inclusive world.

“For decades, Vijay Mahajan has been at the forefront of the inclusive finance movement in India, the epicenter of global innovation in this space. As a social entrepreneur and fierce advocate for the needs of the underserved, Vijay has helped millions of low-income families across India receive the high-quality financial services they need to realize their dreams, and he has built institutions that serve as demonstration models throughout the world. We are pleased to recognize his achievements with the Edward W. Claugus Award,” said Michael Schlein, President and CEO of Accion.

“For over three decades, I have believed that finance can be a force for good. This is what propelled me to establish India's first commercial microfinance company Basix-BSFL in 1996 and Basix Sub-K — now a leader in digital financial inclusion in India — in 2010. Widening access to financial services is the best way to help the disadvantaged bootstrap themselves up to higher incomes. I am delighted and grateful that Accion has conferred on me the Claugus Award, and I see it as a recognition for the work of all my colleagues in Basix and indeed all others working to build inclusive financial systems in the developing world,” said Vijay.

Vijay’s numerous roles and achievements have had a profound impact on businesses, families, and communities in India. He is the founder of the BASIX Social Enterprise Group, which provides high-quality financial services to the underserved across India. An expert in fighting rural poverty, employment, microfinance, financial inclusion, and social entrepreneurship, Vijay also serves as the Secretary and CEO of the Rajiv Gandhi Foundation. His former roles include chairing CGAP, a global partnership of more than 30 leading development organizations housed at the World Bank; founding the NGO Pradan; and serving on the Rangarajan Committee on Financial Inclusion as well as the Raghuram Rajan Committee on Financial Sector Reforms. Vijay is an alumnus of the Indian Institute of Management Ahmedabad, the Indian Institute of Technology Delhi, and the Woodrow Wilson School of Public and International Affairs at Princeton University.

The Claugus Award is named in honor of Accion benefactor Edward W. Claugus, a skilled investor who was passionate about social change. Claugus realized significant professional success and empathized with the people that Accion serves around the world: the farmers, women, and families who lack the necessary financial tools and services to build better lives. The Claugus Award recognizes leaders who have made important contributions to advancing financial inclusion and represents one portion of Accion’s programs funded thanks to The Edward W. Claugus Fund.
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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

Vijay Mahajan Receives Accion’s Edward W. Claugus Award for Financial Inclusion Leadership

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Lidya which was established in 2016 by Tunde Kehinde and Ercin Eksin was targeted at helping small and medium business enterprises open accounts, save money, build credit profiles, and access credit to grow their businesses and address private necessities.

The company aims to digitize and streamline the credit assessment process to make it easy for any SMEs across Africa to access the funding they need to grow their business.

Tunde Kehinde, co-founder of the firm said “During slowdowns, banks restrict themselves from taking risks while businesses still need to function and finance their operational expenses, Together with the long-term investors on our side, we are basically agnostic to business cycles,” said.

A recent report released by the Organisation for Economic Cooperation and Development (OECD) shows that Poland is among the countries with the highest loan rejection rates for small and medium enterprises.

<a href="https://businessday.ng/technology/article/lydia-eyes-1-1bn-to-revolutionise-msme-funding-in-eastern-europe/">Read more at Business Day Nigeria. </a>

Lydia eyes $1.1bn to revolutionise MSME funding in Eastern Europe

In an increasing trend where African technology companies are finding a global audience, Nigerian digital SME lending platform Lidya has expanded to Poland and the Czech Republic.
Having opened an office in New York, Lidya now has operations in Warsaw and Prague, it says, which is part of its aim to create 100-million jobs globally.

Lidya’s fintech platform lets small and medium-sized businesses (SMEs) register online for loans from $500 and get that credit within 24 hours. This process helps SMEs build a credit history for the first time.

The Nigerian lender had dispersed more than 10,000 loans to 2,000 businesses in its home market, as of July 2019. In its first year, Lidya issued $2 million of loans growing to $10 million in year two. It is on track to become the biggest digital lender in Nigeria by the end of the year, it says.

<a href="https://www.forbes.com/sites/tobyshapshak/2019/10/15/nigerian-sme-digital-lender-lidya-expands-to-europe/#41e6416d49b7">Read more at Forbes. </a>

Nigerian SME Digital Lender Lidya Expands to Europe

Fintech player BASIX Sub-K iTransactions Limited has raised Series C round of funding worth Rs. 75 crore from Denmark-based asset management company Maj Invest.

Hyderabad-based Sub-K plans to utilise the funds for product innovation and strengthening the IT platform to make the company a preferred fintech as well as a distribution partner for banks and financial institutions.

“We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest who shares our vision of creating a world-class vehicle for catalysing inclusive growth, along with our existing investors, Michael and Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI),” said Sasidhar Thumuluri, Managing Director and CEO, BASIX Sub-K.

<a href="https://www.thehindubusinessline.com/todays-paper/tp-money-banking/article29631311.ece">Read more at The Hindu Business Line. </a>

Sub-K raises Rs. 75 crore from Maj Invest in Series C round

BASIX Sub-K iTransactions Limited, a Hyderabad-based fintech company focussed on financial inclusion, has raised Series C round of Rs 75 crore from Maj Invest, a Denmark-based asset management company.

Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would position the company as a preferred fintech as well as a distribution partner for banks and financial institutions, it said in a statement on Wednesday.

<a href="https://yourstory.com/2019/10/funding-fintech-sub-k-denmark-maj-invest">Read more at YourStory.</a>

[Funding alert] Fintech company Sub-K raises Rs 75 Cr from Denmark's Maj Invest

BASIX Sub-K iTransactions has raised Rs 75 crore ($10.57 million) in its Series C funding round, while NeuroLeap raised an undisclosed sum from India’s leading business families. On the other hand, singer Sukhbir Singh invested in coworking space provider Nukleus.

Fintech firm BASIX Sub-K raises Series C  

Financial technology company BASIX Sub-K iTransactions Ltd has raised as much as Rs 75 crore ($10.57 million) from Denmark-based asset management firm Maj Invest, according to an announcement.

This marks the Series C funding round for the company.

The funds raised will be used by the company to facilitate its expansion plans across geographies and build its tech stack.

Having started its operations in 2010, BASIX Sub-K offers a slew of services such as loans, savings, and payments to over 3 million under-banked households, besides micro-enterprises across the country.

BASIX Sub-K raised its first external funding from Michael &amp; Susan Dell Foundation in 2012. Last year, it raised Rs 35 crore from global impact investment firm Accion and Nordic Microfinance Initiative (NMI).

<a href="https://www.dealstreetasia.com/stories/basix-sub-k-neuroleap-nukleus-157311/">Read more at DealStreetAsia.</a>

India Dealbook: BASIX Sub-K, NeuroLeap, Nukleus raise funding to expand ops

FinTechs in India have entered into different segments of financial services. While many have scaled up, some are still struggling to be profitable or make an impact.

ETBFSI spoke to <a class="hplink iframehref" href="https://bfsi.economictimes.indiatimes.com/tag/Paarul+Dudeja">Paarul Dudeja</a>, Director, <a class="hplink iframehref" href="https://bfsi.economictimes.indiatimes.com/tag/Accion">Accion</a> Venture Labs, on how she reads the current <a class="hplink iframehref" href="https://bfsi.economictimes.indiatimes.com/tag/FinTech">FinTech</a> space in India, how do they invest and what’s their exit strategy while investing in FinTechs. Edited Excerpts.

Q. How’s the current <a class="hplink iframehref" href="https://bfsi.economictimes.indiatimes.com/tag/Digital+lending">digital lending</a> environment ?
We are not seeing Lending 3.0 in India. We will reach there when concerns around data privacy, managing security &amp; addressing customers' needs will be addressed.

Lending 2.0 was more about having the digital component to lower the cost which enabled lenders to serve customers and provide access to financial services at a low cost. Lending 3.0 is all about caring for the customers.

Q. Have digital lenders solved the collections part of lending?
Many lenders have not been able to solve the collections peice, but there are FinTechs primarily focused on collections trying to create a structured and logical approach to collections.

I don’t think collections have been sorted; new-age NBFCs are trying to think from a perspective that now they have better tools to underwrite, with these tools they have to make sure customers coming into the funnel are of high quality so that they don't have to worry much about collections.

It’s an interesting way to look at it by new-age NBFCs saying "we understand we won’t get there to the collections part, let’s try to solve it at the beginning of the funnel."

Q. How do you view the Indian FinTech space?
Indian FinTech space is interesting because last quarter (June 2019) the number of FinTech deals that happened in India exceeded China for the first time. It’s good news and fantastic but at the same time what we’re realizing is that it’s all Me Too.

We’re not seeing any new innovation around here, so I would hope new crop of entrepreneurs are trying to tackle problems slightly in a different manner, maybe they’re going to go through specialised routes and try to address the areas that are still open.

Q. What’s your investment strategy in FinTech?
Accion is an impact fund, we look for a middle point of returns and impact. We have a two-phase screening process.

In the first phase, we look at the impact criteria, it’s only when the company meets the impact criteria we start looking at the financials which is the second phase. So if a FinTech is not an impact idea, we don't take it ahead. But FinTechs have to cross the second screen of financial returns as well when we go to the second stage.

We look at all multiple parameters like founder background, addressable market size, etc. As a seed-stage investor, to invest in a company it’s primarily looking at what the founder has done &amp; what the idea is, can we push them around to think through the idea of the founder.

Q. What’s your exit strategy?
As an impact player, the idea is to have an ecosystem build-out, for the entrepreneurs, for the impact, and other investors. We play with pretty much everyone in the ecosystem.

Since we come at seed stage, the exit strategy for us typically ends up being, look we’ve helped you with your governance, strategy and supported you to the growth phase proving your concept, by the time a FinTech is raising Series C or D, our role is sort of eliminated at that point or diminished &amp; we come out of the cap table at that point.

<a href="https://bfsi.economictimes.indiatimes.com/news/fintech/indian-fintechs-are-in-metoo-phase-paarul-dudeja-accion-venture-labs/71498022">Read more at The Economic Times.</a>

Indian Fintechs are in MeToo phase: Paarul Dudeja, Accion Venture Labs

Ten years ago, Rushd Averroës moved from Yemen to the UK to study. Keen to start settling into the country straightaway, one of his first steps was to try to set up a bank account. But, as he soon found out, getting access to finance wasn’t as easy as he had hoped.

“It was very hard,” says Mr Averroës. “Almost every traditional bank I went to didn’t let me open an account because they said I couldn’t prove my identity. Even though there were many ways to prove who I was, the banks only wanted to use the system they had been working with for years. This is where immigrants can feel excluded because a bank account is a basic human right.”

His difficulty in accessing traditional banking services is a common one among the world’s nearly 30 million refugees and asylum seekers. Their financial inclusion is being restricted by banking rules that prevent access to finance, not only opening a current account, but also getting a business loan. This therefore impacts how quickly new arrivals can start growing financial roots.

People can be unbanked but still financially savvy

Swati Mehta Dhawan, researcher and consultant on the financial inclusion of low-income households, has studied access to finance for refugees and asylum seekers in Germany, where immigration has significantly increased over the last few years, amid the arrival of nearly one million people, notably from Syria and Afghanistan.

“As people get into the system and integrate, they will end up performing a lot of financial firsts, like getting a rental contract, opening a bank account or registering a business,” she says. “They are bound to make mistakes because they don’t understand the system or the new language very well. While support for integration in the labour market was in place, we found that when it came to financial aspects, the support was not there.”

This gap within the context of immigration can, however, be filled by fintech solutions. In the past few years, companies such as Leaf, a virtual bank that allows refugees to save and transport assets securely across borders, and Now Money, a digital bank for migrants in the United Arab Emirates that helps them send remittances cheaply and easily, are <a href="https://www.raconteur.net/finance/financial-inclusion-banked">playing a role in banking the unbanked.</a>

US-based Accion Venture Lab, the seed-stage investment initiative of global non-profit organisation Accion, is supporting Leaf and has just launched a $23-million fund for inclusive fintech companies.

Vikas Raj, managing director of Accion Venture Lab, says: “From our perspective, the opportunity is twofold. There is more opportunity for fintechs working with migrants and refugees by using the same tools that others are already leveraging. Leaf, for example, is using a whole set of tools that didn’t exist ten years ago, including mobile money and blockchain. That would not have been possible before because not everybody had a mobile phone and blockchain was just an idea. We have these tools now.”

<a href="https://www.raconteur.net/finance/access-finance-immigration">Read more at Raconteur. </a>

Immigration: can fintech help with the transition?

Dvara KGFS has raised ₹70 crore in the final round of Series E funding, taking the total tally of funds raised under this round to ₹167 crore.

The latest round of funding came from Nordic Microfinance Initiative (NMI), an investment fund owned by the Norwegian and Danish governmental funds for developing countries.

Dvara KGFS raises ₹70 crore in final round of Series E funding

<a href="https://economictimes.indiatimes.com/topic/Dvara-KGFS" target="_blank" rel="noopener noreferrer">Dvara KGFS</a> on Wednesday announced that it had raised Rs 70 crore from <a href="https://economictimes.indiatimes.com/topic/Nordic-Microfinance" target="_blank" rel="noopener noreferrer">Nordic Microfinance</a> Initiative (NMI) in the final phase to the Series E round of equity infusion.

"We look forward to partner with NMI and tap into their significant experience in financial inclusion both in India and overseas," said <a href="https://economictimes.indiatimes.com/topic/Samir-Shah" target="_blank" rel="noopener noreferrer">Samir Shah</a>, Executive Vice-Chair and Group President of Dvara Trust. "The opportunity available for NBFCs in India is tremendous and the scope of financial inclusion is immense. At Dvara, our focus is vast because we do not look at only the untapped financial population but also the undertapped population in the country."

Dvara KGFS has a presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh, Odisha and Jharkhand. It is spread across 46 districts with 276 branches and more than 1 million enrolled customers. NMI is a public-private partnership owned by the Norwegian and Danish governmental funds for developing countries that invests in microfinance institutions in Asia and Africa.

Dvara KGFS raises Rs 70 crore from Nordic Microfinance Initiative

Earlier this month, US-based impact investor <a href="https://www.vccircle.com/accion-venture-lab-raising-new-fintech-focussed-fund/" target="_blank" rel="nofollow noopener noreferrer">Accion Venture Lab raised a $33-million</a> (Rs 238 crore) fund where it is mobilising $23 million for a co-investment vehicle with third-party investors and a $10-million investment by the global nonprofit investor Accion International. The firm aims to invest about 30% of its new fund in South and Southeast Asia including India, where it wants to tap into the huge underserved demand for financial services.

In an interview with VCCircle, Accion Venture Lab managing director Vikas Raj explains the firm’s investment thesis, how it helps entrepreneurs and its India activities. Edited excerpts:
<h4>What led to the idea of setting up Accion Venture Lab?</h4>
Venture Lab is a seed-stage investor in startups around the world that are using new technology and business models to expand access and improve quality and affordability of financial services for the underserved. There are three billion people around the world who do not have access to a full suite of financial services. Of these, 1.7 billion don’t have any kind of access—no account and no financial service provider in their village or their part of the town.

Accion Venture Lab was started after the realisation that in many developed and developing markets, the penetration of technology like internet and mobile have far outpaced the penetration of financial services. And there was an opportunity to exploit that delta which has been ignored by the financial system at large.

Many early-stage startups which use technology to driver innovation are not getting funding from mainstream institutional investors, and it is not surprising because they are too risky.

Also, they are trying to work in a sector where regulations are very opaque and where it is hard to make unit economics work because of small loans. It is fundamentally very expensive to identify and serve the customers.

We were built to find phenomenal entrepreneurs who were innovating this way and provide capital to them so that early-stage startups can test their models and get to the point where later-stage commercial and impact investors would find them attractive.

So, a big part of our model is to find such great companies, institutionalising them, helping them with core operating and strategic issues, getting involved with governance and readying them to raise further capital. We started investing about six-and-a-half years ago and we have had some success in supporting these companies.

<a href="https://www.vccircle.com/see-big-opportunity-in-india-to-drive-impact-and-returns-accion-venture-s-vikas-raj">Read more at VCCircle.</a>

See big opportunity in India to drive impact and returns: Accion Venture’s Vikas Raj

People who work but don’t receive a salary — Uber drivers, entrepreneurs, owners of very small businesses, freelancers — fall through the cracks of traditional financial services for obvious reasons.

They do not receive automatic paychecks that can be deposited into accounts that come with debit cards. Efforts to verify their employment sometimes fail. They have spotty cash flow, especially if the rent or another big bill comes due while a client payment is delayed.

A handful of fintechs emerged last year to meet the financial needs of this group, including Joust, Qwil, Steady and Salaryo. They have grown bit by bit, and venture capitalists are starting to pay attention to them.

Fintechs serving gig-economy workers raise funds, plot expansion

The Gulf’s economy — from oil production to tourism — is underpinned by expatriate workers, the majority of whom are not paid enough to open a regular bank account.

About 70 per cent of the population in the Middle East and north Africa do not have access to banking services, says Ian Dillon, co-founder of Now Money, a Dubai-based financial technology group.

Founded four years ago, the company aims to open up financial services for the low-income workers in the six-nation Gulf Cooperation Council: labourers, taxi drivers, cleaners and hotel staff who arrive largely from south Asia and Africa.

Now Money offers alternative for Gulf’s unbanked expats

What’s keeping three billion people from climbing out of poverty? Accion President and CEO Michael Schlein and New York restaurateur Roni Mazumdar talk with Billy Shore about the importance of financial inclusion and creating an economic system that works for everyone. “It’s really hard to imagine anyone working their way out of poverty without some of the most basic financial tools—a safe place to save, access to credit, efficient payments, insurance,” says Schlein. Accion provided capital that helped young entrepreneur Mazumdar save his first business after hurricane Sandy devastated the region. “People don’t realize how important it is to survive that first year… Within two weeks, I had the money to continue to operate,” he recounts.

Financial Inclusion: The Key to Overcoming Global Poverty

Tahira Dosani, the Managing Director of Accion Venture Lab stated that they invest in early-stage startups (with average cheque size of USD 500,000) that are leveraging technology or innovation to improve the reach, quality, and affordability of financial services for low-income and underserved individuals and small businesses.

Accion Venture Lab to invest in Pakistan’s market

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