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.

Press Release

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

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

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

News

<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

R5 responds to rapidly-evolving client needs with products and services to support financial health and resilience

April 28, 2020, Bogota, Colombia — Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative, has invested in R5, an innovative inclusive fintech that aims to address the financial needs of underserved consumers in Colombia – and ultimately improve their financial health and resilience.

Despite having a strong enabling environment for financial inclusion, Colombia still has a massive need for access to affordable, high-quality financial services. Fewer than half of Colombian adults have an account at a financial institution. R5 aims to address this need through financial products and services that help underserved consumers increase their income and assets, reduce their expenses and liabilities, and build their financial health and resilience. The company leverages vehicles as collateral to extend loans at lower rates and longer tenors to customers who might otherwise look to higher cost credit cards or informal lenders. R5 also offers vehicle insurance policies through a seamless digital process that leverages a unique machine learning risk model to provide better coverage at a lower price to low-income clients.

In addition, in response to the rapidly evolving needs of Colombia’s financially underserved amid today’s global pandemic, R5 has already:
<ul>
 	<li>Provided deferrals of monthly repayments to clients in need</li>
 	<li>Launched a new lending product for motorcycle delivery drivers</li>
 	<li>Begun working to expand its insurance offerings through a fully-digital, low-cost medical assistance service in partnership with a telemedicine provider</li>
 	<li>Developed tools and resources – like a credit calculator and a compilation of resources for bank borrowers – to support the financial health of Colombians</li>
</ul>
"Efforts to support the financial health and resilience of underserved clients have never been more urgent, and early stage companies are uniquely positioned to innovate in response to these rapidly evolving needs." said Michael Schlein, President and CEO of global nonprofit Accion. "With its focus on designing a holistic set of financial products that support financial health and resilience, R5 can make a difference for Colombia’s financially underserved consumers, who are acutely vulnerable to health and economic disruptions."

"R5 leverages technology and data science to offer cheaper insurance and loan products for low-income segments,” said Fernando Sucre, Founder and CEO of R5. “45% of adults in Colombia work in the informal economy and are particularly vulnerable to the effects of COVID-19 and the lockdowns. Lending by banks is already down by 72% since the crisis started, which will force informal workers to seek high-interest credit from loan sharks. We believe online asset-backed loans is a great alternative to help clients during this difficult period. We are very glad to partner with the Accion’s team of fintech specialists and look forward to benefiting from their broad expertise in financial services across multiple regions."

"Accion Venture Lab looks for promising new fintech innovations that respond to local needs. R5’s innovative approach leveraging new assets as collateral significantly expands access to credit for Colombia’s underserved, and the team’s quick responsiveness to the current environment demonstrates their commitment to their customers’ financial health and well-being. We’re pleased to add them to the Venture Lab portfolio," said Vikas Raj, Managing Director of Accion Venture Lab.
# # #
About R5

R5 is an online insurance and lending platform that uses assets (cars and motorcycle) as collateral to offer better interest rates, larger amounts and longer terms. Our low-income customers use the funds to refinance expensive debt, invest in their business or remodel their home. R5 is the leader in Colombia for online mandatory vehicle insurance. A risk-pricing model built using artificial intelligence and a fully-automated process allows R5 to offer the cheapest policy for approximately 50% of drivers.

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>.

Accion Venture Lab invests in Colombian fintech R5 to address financial needs of the underserved

Washington, DC, March 20, 2020 — Accion has been selected for the ImpactAssets 50 2020, marking the ninth consecutive time that Accion has been featured in this database from ImpactAssets.

The <a href="https://www.impactassets.org/publications_insights/impact50">ImpactAssets 50 (IA 50)</a> is the first publicly available, searchable resource of impact investing fund managers featuring a diversified listing of private capital fund managers that deliver social and environmental impact as well as financial returns. With a record number of applicants this year, the IA 50 selected firms that demonstrate a wide range of impact investing activities across geographies, sectors, and asset classes.

“Accion’s mission to support the world’s most vulnerable populations is more urgent than ever,” said Michael Schlein, President and CEO of Accion. “Leveraging the power of the capital markets through impact investments is the only way we can solve a problem that affects three billion financially underserved people around the world. We appreciate this acknowledgment of our efforts to advance financial inclusion from ImpactAssets 50.”

Accion’s impact investment initiatives seek to create and expand new ways to meet the financial needs of the three billion people worldwide underserved by the financial sector. Today, <a href="https://www.accion.org/how-we-work/invest">these initiatives</a> include Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative; Accion Frontier Investments and the recently-announced Accion Quona Inclusion Fund, managed by Quona Capital, focused on scale-up stage inclusive fintech companies; and Accion Global Investments, Accion’s investment initiative focused on established financial institutions and innovative financial service providers leveraging technology to support the underserved.

 

###

&nbsp;

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">http://www.accion.org</a>.

Global nonprofit Accion recognized by ImpactAssets 50 2020

<ul>
 	<li>Funding to expand the Shelf Life platform</li>
 	<li>Digitizing and financing inventory for community pharmacies in Africa</li>
 	<li>Increasing on-shelf availability of quality-assured medicines for patients</li>
</ul>
11 March 2020, Nigeria, Kenya, and Germany — Field Intelligence is today announcing the successful closing of its Series A funding round led by Blue Haven Initiative, with investors including Newtown Partners via the Imperial Venture Fund, Accion Venture Lab, and Sunu Capital. The US$3.6 million equity raise will fund the scale up of Shelf Life, the technology-enabled supply chain finance platform for pharmacies in Africa.

The annual pharmaceuticals market in Africa is valued at over $60 billion. For 80% of people in Africa their community pharmacy is the frontline of the health system and yet they routinely stock out of essential medicines, incur significant losses to expiry and struggle with substandard and falsified drugs. These inefficiencies cost the health system millions of dollars each year and limit access to quality care.

Field Intelligence has been a pioneer in pharmaceutical supply chain solutions in Africa. Its Shelf Life “Pay-As-You-Sell” subscription service for pharmaceutical products has grown rapidly since first debuting in Nigeria in mid 2017. The new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients.

Shelf Life’s pharmacy clients can subscribe to over a thousand quality-assured and price-stabilised drugs from 50 medical, health and wellness categories. Using Field Intelligence’s technology platform, Shelf Life forecasts, procures, delivers, manages, and finances each product the pharmacy has subscribed to.

Over 280 community pharmacies in Nigeria and Kenya have now subscribed to Shelf Life, making it one of the largest networks of pharmacies on the continent. It is making the business of community pharmacy less risky and lower-cost, while improving access to an expanded selection of higher-quality medicines.

Since inception, Shelf Life has maintained 96% stock availability for its clients, up from a pre-Shelf Life baseline of 60%. As an alternative to traditional inventory finance, Shelf Life costs pharmacies between 60 and 82% less than traditional loans - freeing these small retailers from prohibitively expensive capital.

Advisory support to this transaction was provided by CrossBoundary through USAID’s INVEST program funded by the USAID Southern and East Africa Regional Missions in support of the US Government’s Prosper Africa initiative.

Michael Moreland, Co-Founder and CEO, Field Intelligence, says, “We’re delighted to welcome new investors into the business. They share our vision for catalysing change in a huge and vitally-important sector. They bring deep fintech and logistics experience, which will be vital in helping us build a new generation of healthcare supply chains in Africa and beyond.”

Lauren Cochran, Managing Director, Blue Haven Initiative says, “Shelf Life is a proven platform to transform access to medicines through Africa’s private community pharmacy market. The design and development has been done on the ground in Nigeria and Kenya and there’s real experience in the team of what it takes to deliver at scale in African health systems.”

Llew Claasen, Managing Partner, Newtown Partners notes, “We’re excited about the potential for the Field Intelligence technology-first distributor business model to grow the pharmaceutical value chain in Sub-Saharan Africa, by supplying genuine pharmaceutical products, managing stock and providing working capital finance to community pharmacies.”

Michael Schlein, President and CEO, Accion, says, “Shelf Life is a powerful example of the innovative use of financial technologies to address supply chain challenges that hinder small businesses’ efficiency and growth – and ultimately affect their ability to deliver the products and services that communities need to thrive.”

Ashley Lewis, Senior Investment Officer for Africa at Accion Venture Lab, “Accion’s seed-stage inclusive fintech investment initiative, adds, “Its platform increases efficiency, decreases financing costs, and establishes strong rails for transformative payments and inventory services – ultimately improving access to medicines in community pharmacies.”

&nbsp;
###
&nbsp;

For media inquiries, please contact Matt Ward on <a href="mailto:matt.ward@field.partners">matt.ward@field.partners</a>.

<a href="https://twitter.com/ShelfxLife">@shelfxlife</a> <a href="https://twitter.com/fieldintel">@fieldintel</a> on Twitter.

About Field Intelligence

We are a social enterprise, building a new generation of healthcare supply chains in Africa. We develop enterprise platforms and manage logistics information for large-scale public health and community pharmacies. We use technology to amplify human resources and drive innovation. Our multinational team works out of our offices in Abuja, Berlin, Lagos, London and Nairobi. Field is managing commodities with a value of over $1 billion dollars across both the public and private sector.

<a href="http://www.fieldintelligence.co">www.fieldintelligence.co</a>

&nbsp;

About Blue Haven

Blue Haven Initiative is an innovative family office dedicated to putting wealth to work for competitive returns and positive social and environmental change.  In alignment with the goals of the broader family office, Blue Haven's Ventures team makes direct investments into mission-driven companies with rapid growth trajectories and strong potential for catalytic social change. The portfolio consists of sustainable and scalable businesses that target underserved consumers, build out fundamental market infrastructure, and develop economies. With a focus primarily on early stage, energy, fintech, logistics and human capital ventures in Sub Saharan Africa, Blue Haven's portfolio includes CrossBoundary Energy, M-KOPA, Paystack, Shortlist and Twiga Foods.

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>.

Investors back Field Intelligence on transforming healthcare supply chain

National leaders come together to scale U.S. microlending and advance financial inclusion

San Francisco, March 11, 2020 — Opportunity Fund, the country’s leading nonprofit small business lender, and the Accion U.S. Network, the U.S. affiliate of global nonprofit Accion that has led a nationwide network of community lenders since 2011, will join efforts to form Accion Opportunity Fund, effective immediately. Leveraging the strengths of both organizations, Accion Opportunity Fund will spearhead the development of a national microlending strategy to meet the credit needs of small businesses – developing new products, establishing new partnerships, promoting research and financial education, and leveraging digital technologies and data analytics to support mission-driven lending.
“Small businesses are the driving force behind America’s economy and around the world, but too often lack the capital and support they need to grow and succeed. For decades, Accion has worked alongside entrepreneurs, business leaders, lenders, and policymakers in the United States to address this need,” said Michael Schlein, President and CEO of Accion. “We are confident that combining our operations in the U.S. with Opportunity Fund is the right next step to scale these efforts and help more American entrepreneurs build a better future.”
The nation’s 30 million small business owners often lack access to affordable credit from responsible lenders offering attractive loans and services. Industry estimates suggest that there is an $87 billion annual market gap in loans less than $100,000 for Main Street entrepreneurs. Addressing this gap can ensure that small business owners can sustain their enterprises; drive job creation; and stimulate regional economies through increased wages, spending and tax revenue.
“Collaboration and partnership are key ingredients to better serving our customers,” said Luz Urrutia, CEO of Opportunity Fund and the newly-formed Accion Opportunity Fund. “Opportunity Fund and Accion share a common vision for an inclusive, healthy financial system that supports the nation’s small business owners. By coming together, we can accomplish what may have seemed impossible to some. This is the first national effort that can transform the small business lending and advising sectors and, with it, the lives of families running small businesses across the country. We are thrilled that building the future of American small business credit and advising services brings our two organizations together.”
Already longtime collaborators on small business research, advocacy, and networking efforts through the Responsible Business Lending Coalition, Opportunity Fund and the Accion U.S. Network will bring their resources together to scale microlending in the U.S. Opportunity Fund has the largest small business loan portfolio of any nonprofit Community Development Financial Institution in the country and a seamless digital integration with LendingClub, the country’s
largest online credit marketplace through which it lends to small businesses across the nation. The Accion U.S. Network brings a strong digital presence, experience with digital tools for financial education, and a track record of local partnership-building to support mission-driven lending in communities around the country. It also leverages the expertise of global nonprofit Accion, which brings nearly 60 years of experience helping financial services’ providers around the globe better meet the needs of underserved individuals and small businesses.
“Opportunity Fund and the Accion U.S. Network are longstanding partners, working together to conduct research, engage the industry, and advocate for the needs of underserved small businesses in the United States” said Gina Harman, CEO of Accion U.S. Network. “By leveraging each organization’s strengths, we can better advance our shared vision of a more inclusive financial system. We look forward to continuing to work with our industry partners to reimagine purpose-driven small business banking.”
Opportunity Fund remains as an independent Community Development Financial Institution (CDFI) focused on expanding its lending and advisory services in California and other markets in the US. Its management team and board of directors will also lead Accion Opportunity Fund – the leadership for the two organizations are identical. As part of the transition:

<ul class="ul1">
 	<li class="li3">Gina Harman, CEO of the Accion U.S. Network, joined Opportunity Fund’s management team </li>
 	<li class="li2">Michael Schlein, President and CEO of Accion, and board member of the Accion U.S. Network; Esteban Altschul, COO of Accion; Mickey Konson, Co-Founder and President at StreetShares, and board member of the Accion U.S. Network; and Solana Cozzo, Senior Vice President, Global Debit Product Management at MasterCard, and board member of the Accion U.S. Network – joined Opportunity Fund’s board of directors.</li>
</ul>
Accion Global Advisory Solutions — the advisory services team at Accion — will consult directly with Accion Opportunity Fund to develop a new national microlending strategy.
###
About Accion 
Accion is 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="http://www.accion.org">www.accion.org</a>.
About Opportunity Fund 
Opportunity Fund, the nation’s leading nonprofit small business lender, believes small dollar loans help hard-working entrepreneurs make lasting change in their own lives and build stronger communities by growing businesses and creating jobs. Opportunity Fund’s community of donors and investors is creating an inclusive financial system that empowers women, immigrant, and minority small business owners. Our strategy combines microloans for small business owners and New Markets Tax Credit investments in high-impact community infrastructure projects. Since 1994, Opportunity Fund has deployed more than $900 million and helped thousands of entrepreneurs invest in their families’ futures. The organization has committed to lending an additional $1.2 billion to small business owners across the country and investing $174 million in community real estate projects by 2023. <a href="http://www.opportunityfund.org">www.opportunityfund.org</a> 
&nbsp;
Media contacts 
Caitlin McShane for Opportunity Fund
<a href="mailto:caitlin@emcstrategies.com">caitlin@emcstrategies.com</a>
Katie Mounts for Accion
<a href="mailto:kmounts@accion.org">kmounts@accion.org</a>

Opportunity Fund and the Accion U.S. Network combine efforts to drive small business access to credit and advisory services in the U.S.

Tackling massive need for financial inclusion, Egypt-based FinTech startup Khazna offers app-based banking and financial technology to substitute the informal market among underbanked Egyptians

February 16, 2020 — Cairo, Egypt — Khazna, an Egypt-based startup that extends mobile financial services to the underbanked, has raised an undisclosed amount of seed funding from a group of investors led by Algebra Ventures, the leading technology venture capital firm in Egypt. Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative, has also participated in the round, marking its first investment in Egypt.

Khazna was founded in 2019 to provide mobile financial services to over 20 million underbanked Egyptians who are active smartphone users but have little access to formal financial services. The company’s core value proposition is to allow users to pay, save, borrow and insure conveniently with minimal face-to-face or phone interaction. In partnership with major banking and corporate partners, Khazna is launching products that provide alternatives to the informal market in Egypt. Its first offering is a salary cash advance product that is made available through Khazna’s corporate partners as a benefit to employees, helping individuals with limited access to credit to cover for unforeseen emergencies.

"Khazna is focused on bringing customer-centric services to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services. This wouldn't have been possible without the significant momentum created by the Central Bank of Egypt towards digitization and financial inclusion. The investment will be used to advance our financial inclusion-focused products and use cases to reach the product/market fit stage by leveraging new technologies, data, and analytical tools to serve the underbanked in Egypt." said Khazna’s co-founder and CEO, Omar Saleh.

“We’re seeing the rise of a new wave of Egyptian Fintech startups that are attracting interest from local and international investors. We’re excited to be leading this round with Khazna.” said Algebra Ventures’ Managing Partner, Tarek Assaad. “Omar is an exceptional entrepreneur and we believe that he and his team will grow Khazna to be one of the most transformative startups emerging from Egypt in the next few years.”

“Egypt has made strides in recent years toward greater financial inclusion, but millions of Egyptians still struggle to access the financial services they need to build better lives. Fintech startups like Khazna are uniquely positioned to develop better, faster, safer ways to meet the needs of the underserved,” said Accion’s President and CEO Michael Schlein. “Accion Venture Lab is excited to expand our reach into Egypt with this latest investment in Khazna, whose holistic digital banking app and strong founding team are a valuable addition to our portfolio,” added Ashley Lewis, Senior Investment Officer for Africa at Accion Venture Lab.
###
About Khazna

Khazna, is an Egypt-based fintech company offering convenient mobile financial services to the underbanked population to substitute the informal market.

About Algebra Ventures

Algebra Ventures is a $50-million Cairo-based venture capital fund that invests in early-stage technology companies in Egypt and the MENA region who are changing the way we live and do business. Its LPs include Cisco, the European Commission, EAEF, EBRD, IFC, and private family offices. Algebra has invested in 16 transformative technology companies in MENA, including HolidayMe, Trella, Elmenus, GoodsMart, and Halan.

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: 

Khazna:
<ul>
 	<li>Omar Saleh</li>
 	<li><a href="mailto:omar@khazna.app">omar@khazna.app</a></li>
</ul>
Algebra Ventures:
<ul>
 	<li>Sara Abdelazim</li>
 	<li><a href="mailto:sara@algebraventures.com">sara@algebraventures.com\</a></li>
</ul>
Accion Venture Lab:
<ul>
 	<li>Katie Mounts</li>
 	<li><a href="mailto:kmounts@accion.org">kmounts@accion.org</a></li>
</ul>

Khazna, an Egypt-based fintech startup, raises seed funding round led by  Algebra Ventures, with participation from Accion Venture Lab

Fund’s anchor investor is financial inclusion pioneer Accion

Washington, DC and Bangalore, India, March 04, 2020 — Quona Capital, a venture firm focused on financial inclusion in emerging markets, today announced the final close of the Accion Quona Inclusion Fund. The Fund closed with $203 million in commitments from an array of leading investors including global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions, significantly exceeding its $150 million target. Quona leverages a strategic relationship with Accion, a nonprofit financial inclusion pioneer, which is the Fund’s sponsor, general partner, and anchor investor.
Quona focuses on scale-up stage financial technology companies that are expanding access to financial services for underserved consumers and small businesses in Latin America, Africa, India and Southeast Asia. The Accion Frontier Inclusion Fund—the first fund managed by Quona and sponsored by Accion—pursued the same strategy and was deployed in a strong portfolio of investments with two exits to date—the sale of Coins.ph (a payments company in the Phillipines) to Go-Jek, and the IPO of IndiaMart, a B2B e-commerce company in India.
“Our fund performance, robust pipeline of inclusive fintechs, and growing LP interest are a ringing endorsement of our thesis about the power of emerging market venture capital,” said Monica Brand Engel, Quona Capital co-founder and partner. “This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry.”
Engel continued, “Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. Fintech for inclusion brings marginalized consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities.”
“Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals,” said Michael Schlein, President and CEO of Accion.
Quona got its start at Accion before becoming an independent venture firm in 2015. Its founding team—Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy— has decades of experience as investors and entrepreneurs in financial services and technology in both emerging and developed markets and is passionate about making a lasting impact through its investments. The broader Quona team hails from more than 10 countries and speaks 14 different languages, reflecting the diversity of the markets in which it works.
To date, the Fund has invested in:

<ul>
 	<li class="p1">Contabilizei's SaaS platform, which offers a streamlined, digitized tax process that assists with tax preparation and compliance automation for MSMEs in Brazil, crucial in a country with one of most complex tax filing processes in the world;</li>
 	<li class="p1">Finja, Pakistan’s zero-cost payment and financing platform, offering free, frictionless real-time payments and supply chain financing;</li>
 	<li class="p1">ZestMoney, India's market leader in digital consumer lending, providing digital, unsecured loans via online and offline channel partners and providing instant digital EMIs (equated monthly installments), giving customers with no credit history access to more affordable payment options;</li>
 	<li class="p1">Lulalend, a digital SME working capital lender that provides loans to South Africa's "missing middle" in credit, or those businesses too large to access microfinance and too small to secure large capital loans;</li>
 	<li class="p1">JULO, a digital consumer lender in Indonesia that leverages its proprietary credit scoring method to offer affordable, short-term uncollateralized loans to new-to-credit and low-income consumers;</li>
 	<li class="p1">Klar, a challenger bank increasing access to banking services for underserved Mexican consumers, 63% of whom are unbanked, through a platform that addresses two key pain points in the market: a lack of access to credit and a lack of incentives to use a card instead of cash;</li>
 	<li class="p1">Kovi, a Brazilian mobility startup, which helps ride-hailing and other on-demand app drivers in the region gain access to fairly-priced vehicle financing and tools to help maximize their income and manage their money;</li>
 	<li class="p1">Sunday, which offers end-to-end insurance products and services powered by its machine-learning risk prediction engines, serving customers as the “one-stop insurance shop” for healthcare, mobile gadgets, motor vehicle or travel insurance;</li>
 	<li class="p1">Sokowatch, a platform that puts the power of ecommerce into the hands of informal retailers in East Africa through last mile delivery, fit-for-purpose financing and data analytics.</li>
</ul>
With the close of this Fund, Quona Capital has $363 million in AUM.
###
About Quona Capital
Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets, and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. Quona has a global team covering all its markets, with team members in Washington DC, Bangalore, Cape Town, and Mexico City. For more information, visit <a href="https://quona.com/">quona.com</a>.
&nbsp;
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">http://www.accion.org</a>.
Media Contacts:
Shannon Austin for Quona Capital

<ul>
 	<li class="p1"><a href="mailto:Shannon@quona.com">Shannon@quona.com</a></li>
 	<li class="p1">+1 703.338.8813</li>
</ul>
Katie Mounts for Accion

<ul>
 	<li class="p1"><a href="mailto:kmounts@accion.org">kmounts@accion.org</a> </li>
 	<li class="p1">+1 202.280.5859</li>
</ul>

Quona Capital Closes Second Fund with $203 Million Aimed at Financial Inclusion in Emerging Markets

Chennai-based fintech startup Prayaan Capital leverages an innovative “tech and touch” model to meet the financial needs of underserved small businesses across India 

Chennai, India – February 13, 2020 -- Prayaan Capital Private Limited, a South India-based NBFC that lends to micro, small, and medium-sized enterprises (MSMEs) in India, today announced the closure of a USD $1.2 million seed investment round led by Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative.

While access to credit for entrepreneurs in India is beginning to improve, there is still an estimated MSME credit gap of $400 billion, according to the IFC. Prayaan Capital works to meet this need through an innovative business model that leverages Brick &amp; Mortar branches and both back-end &amp; customer-facing digital tools in order to help small businesses digitize their operations and gain access to credit.

“With credit needs that are too small for traditional financial institutions and too large for microfinance lenders, many of India’s entrepreneurs remain unable to access the credit they need to sustain and grow their businesses. Accion Venture Lab exists to help inclusive fintech startups like Prayaan Capital leverage technology to meet this need,” said Accion President and CEO Michael Schlein. “With its innovative approach and strong, experienced team, Prayaan Capital is a welcome addition to our portfolio. The company not only helps entrepreneurs gain access to credit, but also helps accelerate the digital transformation of their businesses, leading to greater efficiency and growth,” said Tahira Dosani, Managing Director of Accion Venture Lab.

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.

Founded by two seasoned bankers, Madhan Mohan and Akash Chelvam, Prayaan Capital has strategically positioned its base in South India, which has a plethora of small scale manufacturers and unorganized tier 3 &amp; 4 traders, all of whom are potential consumers of their products. With six operational branches in Tamil Nadu, Prayaan has already disbursed INR80 million to a varied customer base of small-scale entrepreneurs. Prayaan will use this new influx of capital to invest in technology and expand their operations.

Speaking on this milestone Madhan Mohan, MD &amp; CEO of Prayaan Capital Private Limited, said, “We have a vision to make a difference for India’s MSMEs  by providing a holistic financial journey that addresses all of their business needs and brings them into the formal financial ecosystem. We are excited to collaborate with Accion Venture Lab, which brings insights from its work with fintechs working to reach the underserved across four continents. We take Venture Lab’s investment as a sign of their confidence in our potential for continued growth and impact. We always keep our focus aligned to our customers and join each one on their financial journeys. Our aspiration is to be a ‘neighborhood lender’ to which these small businesses go for credit and other financial products. This latest milestone is the tip of the iceberg, and we expect continued growth and impact thanks to our innovative technology platform and value-add services.”
###
About Prayaan

Prayaan Capital Private Limited was incorporated in December 2018, and was granted the NBFC Certificate of Registration in June 2019 for conducting business as a non-deposit-taking NBFC. The company has its Registered Office &amp; Corporate Office in Chennai and its target segment is MSMEs in the manufacturing and services sector. Their target customers include small to medium-sized stores, traders, and small manufacturing units. It offers small business loans from USD $1,500 to USD $30,000 and focuses on micro and small businesses, often referred to as the “missing middle.” This segment is not serviced by formal financial institutions, neither microfinance companies due to their small ticket size or by banks due to their need for documentation and higher ticket size.

About Accion

Accion is 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>.

&nbsp;

Connect with Prayaan Capital at <a href="https://www.prayaancapital.com/">www.prayaancapital.com</a> or on <a href="https://www.linkedin.com/company/prayaancapital/about/">Linkedin</a>, <a href="https://www.facebook.com/Prayaan-Capital-317832065516681/">Facebook</a>, <a href="https://www.instagram.com/prayaan.capital/">Instagram</a> and <a href="https://twitter.com/prayaancapital?lang=en">Twitter</a>

For Media, contact: Akash Chelvam, Media Head, +91 9820186402

<a href="mailto:Akash.chelvam@prayaancapital.com">Akash.chelvam@prayaancapital.com</a>

For Investors, contact: Madhan Mohan, Managing Director

<a href="mailto:Madhan.mohan@prayaancapital.com">Madhan.mohan@prayaancapital.com</a>

&nbsp;

&nbsp;

Prayaan Capital raises seed funding from Accion Venture Lab to support digitization and credit access for India’s MSMEs

Michael Schlein

In this podcast, Accion president and CEO Michael Schlein explains why he’s bullish on fintech start-ups and shares how his organisation is leveraging investments in tech-led micro-finance innovation to reach the more than 2-billion people who are currently invisible and/or poorly served by the global financial system.

Read more at <a href="https://www.businesslive.co.za/bd/companies/financial-services/2020-01-30-podcast-making-the-case-for-global-financial-inclusion/">Business Day</a>.

PODCAST | Making the case for global financial inclusion

Neobank startup Joust is rolling out a new banking app to help freelancers and self-employed people manage their businesses, the company <a href="https://www.prweb.com/releases/joust_launches_a_fresh_new_banking_app_for_freelancers_self_employed_workers/prweb16862400.htm" target="_blank" rel="noopener noreferrer">announced</a> on Wednesday (Jan. 29).

The app was designed using input from customers and features an analytical dashboard, Joust Visa debit card management, invoice creation, payments and more. Additional features will be introduced throughout 2020.

Joust Chief Executive Officer and Co-Founder Lamine Zarrad said the Joust app first launched in beta, where the startup “dug deep” to tap into customer feedback.

He added that customers of Joust are “risk-takers who want one place to easily manage their finances.” Feedback indicated that people wanted a “modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments.”

The new features complement PayArmour, Joust’s invoice-guaranteeing product that covers unpaid client invoices. Joust accounts are also FDIC-insured and are combined with a merchant account.

Read more at <a href="https://www.pymnts.com/news/b2b-payments/2020/neobank-joust-targets-freelancers-with-new-app/">PYMNTS</a>.

Neobank Joust Targets Freelancers With New App

Latin America’s banner year for venture capital investing was driven by eight- and nine-figure deals, particularly for fintech investments. SoftBank alone invested more than $1 billion from its $5 billion fund for the region, including in Rappi, a Colombia-based delivery startup, and Clip, a Mexican payments provider initially backed by Accion. Argentina-based digital lender Ualá has raised nearly $200 million, including from Tencent Holdings and SoftBank. Brazil’s neo-bank unicorn NuBank raised $400 million.

Read more at <a href="https://impactalpha.com/flexible-financing-gives-venture-capital-a-run-for-the-money-in-latin-america/">ImpactAlpha</a>.

News & Events

Latest news

Sign up to receive emails