The <a href="https://www.elespectador.com/economia/colombia-lidera-entorno-para-la-inclusion-financiera-regional-articulo-888988">article</a> (in Spanish) notes that Colombia -- along with Peru, Uruguay and Mexico -- lead the <a href="https://centerforfinancialinclusion.org/global-microscope-2019/">Global Microscope 2019</a> rankings this year. Supported by CFI and the Bill &amp; Melinda Gates Foundation, an updated Microscope is published every year by the <a href="https://www.eiu.com/n/">Economist Intelligence Unit</a>. It assesses the enabling regulatory environment for financial inclusion in 55 countries worldwide.

<a href="https://events.iadb.org/calendar/event/20252?lang=en">FOROMIC</a> is hosted annually by the Inter-American Development Bank (IDB).

In El Espectador: CFI, Mayada El-Zoghbi Mentioned in Microscope Coverage

Colombia

Latin America and The Caribbean

Enabling Environment

Policy, Regulation and Government Initiatives

News

Following the <a href="/id2020-summit-2019">ID2020 Summit</a> in September, Eric Noggle, Senior Research Director, talks to Good ID about the intersection between good digital ID and broader socio-political change. Read more in <a href="https://www.good-id.org/en/articles/everything-connected-making-good-id-matter/">Everything Is Connected: Making Good ID Matter</a>.

Eric Noggle, Senior Research Director, on Making the "Good ID" Movement Matter

Open Society Foundations

IDs for Inclusion

The event, “<a href="https://www.unsgsa.org/resources/news/unsgsa-queen-maxima-world-leaders-participate-unga/">Financial Inclusion for Development: Building on 10 Years of Progress</a>,” included the participation of António Guterres, UN Secretary-General; David Malpass, President of the World Bank; Melinda Gates, Co-Chair of the Bill &amp; Melinda Gates Foundation; Dan Schulman, President and CEO of PayPal; and Ajay Banga, President and CEO of Mastercard.

Watch Mayada ask Queen Maxima about measuring financial inclusion's progress within the framework of the SDGs, and how financial inclusion contributes to achieving the SDGs by 2030. Queen Maxima is the <a href="https://www.unsgsa.org/">United Nations Secretary General's Special Advocate for Inclusive Finance for Development</a>.

More video coverage of the event can be found <a href="http://webtv.un.org/search/financial-inclusion-for-development-building-on-10-years-of-progress/6089500721001/?term=finance%20for%20development&amp;lan=english&amp;sort=date">here</a>.

&nbsp;

CFI Managing Director Asks Queen Maxima About Financial Inclusion's Role in the Sustainable Development Goals

Financial Inclusion Week 2019

Financial Inclusion Strategy

Trends

Bansal, the <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign">Smart Campaign</a>'s Senior Director in South and Southeast Asia, notes that the problem over-indebtedness is more severe in the island country than elsewhere.

She also points out that the government's decision to write off business loans of up to 100,000 rupees falls short.

"One-off measures will not do, says Ms Bansal: Sri Lanka needs properly enforced rules that prevent over-indebtedness and ensure fair treatment of borrowers."

<strong>Read the <a href="https://www.economist.com/finance-and-economics/2019/08/15/microfinance-is-driving-many-sri-lankan-borrowers-to-despair">full article</a> (soft paywall).</strong>

In The Economist: Hema Bansal on Over-Indebtedness in Sri Lanka

The Smart Campaign

South Asia

Sri Lanka

Consumer Protection

Over-indebtedness

Barres's questions that Libra's developers should consider when innovating for the new cryptocurrency are:
<ul>
 	<li>What would data privacy agreements look like if we wanted them to be understandable, fair and with an option to opt out?</li>
 	<li>How would algorithms that did not discriminate be set up?</li>
 	<li>How might fully transparent, low-cost and high-quality products and services that truly solve problems be brought to bear?</li>
</ul>
Read the <a href="https://www.euromoney.com/article/b1g0hvpnhqmyg0/cryptocurrency-facebook39s-libra-is-this-how-we-get-to-responsible-fintech">full article in Euromoney</a>.

In Euromoney: Smart Campaign's Isabelle Barres Poses Questions About Libra

Appropriate Product Design and Delivery

Responsible Digital Finance

The <a href="https://www.centerforfinancialinclusion.org/about/what-we-do/the-smart-campaign/">Smart Campaign</a>'s senior director discussed the motivation behind the survey and forthcoming report with <a href="https://www.newtimes.co.rw/"><em>The New Times</em></a>, a leading Rwandan news provider.

“We want all stakeholders to understand the actual experiences and concerns of the clients they are serving, protecting or advocating for, because there hasn't been a comprehensive survey underpinning the conduct of this digital financial service before,” <a href="https://content.centerforfinancialinclusion.org/people/alexandra-rizzi/">Rizzi</a> said.

Fraud was a "major problem" for about 40 percent of respondents (with 10 percent falling victim themselves), and while nearly 90 percent trust mobile money services, that trust extends to specific services, namely person-to-person (P2P) transfers. There are approximately 11 million mobile money users in Rwanda.

The report will be available for download on this site in the coming weeks. The results were discussed at a workshop of regulators in the Rwandan capital Kigali in March and will be discussed at the <a href="https://sptf.info/annual-meetings/2019-summit-inclusive-digital-future">Inclusive Digital Future Summit</a> in Nairobi in June 2019.

Read the<a href="https://www.newtimes.co.rw/business/mobile-money-services-enjoy-public-confidence-fraud-remains-threat-survey-reveals"> full article</a> and learn more about the <a href="http://smartcampaign.org/tools-a-resources/1075">Client Voices Project</a>.

&nbsp;

&nbsp;

In The New Times: Smart Campaign's Alex Rizzi Interviewed About Client Voices Project Survey in Rwanda

Rwanda

Sub-Saharan Africa

Client Treatment

Fraud

This <a href="https://soundcloud.com/user-273615244/frt-episode-28-digital-customer-journey">episode</a> of the "FRT" podcast focuses on how digital customer journeys are enabling financial institutions to reach underserved segments in a sustainable manner. IIF’s Conan French host Rhyne and Amin Khairy to discuss the upcoming CFI-IIF paper “Charting the Customer Journey in the Digital Age.”

Rhyne discusses the persistent challenges for digital inclusion and the importance of having a “tech-touch” balance at certain stages of the customer journey.

They also discuss the potential gain in operational efficiencies for financial institutions and the positive impact digitization has on unbanked customers and provide real-life examples of digital customer journeys in various stages: pre-onboarding, onboarding and continued use.

"We're finding that the countries that are making it easy to onboard are those with a good national ID program," Rhyne said. "Having a very clear and simple to use national ID that's easily connected electronically is probably the most important thing."

Rhyne also notes that understanding the unique financial lives of lower income segments is crucial to digitization and different from transitioning banked populations from analog to digital.

Browse more <a href="https://www.iif.com/Innovation/FRT-Podcast">FRT podcast episodes</a>.

&nbsp;

IIF Podcast Features Elisabeth Rhyne Discussing the Digital Customer Journey

Human Centered Design

In the March 14 <a href="https://www.raconteur.net/finance/financial-inclusion-banked">piece</a>, Rhyne’s insights are part of a broad survey of the global financial inclusion landscape -- from barriers to financial inclusion in the developing world, to its benefits and the tools that are helping to integrate marginalized populations into the “financial mainstream.”
<p style="text-align: left;">“In the developing world there is an issue of absolute low incomes,” Rhyne said in the feature, which appeared in the <a href="https://www.raconteur.net/future-money-2019"><em>Future of Money</em></a>, a 20-page insert published in <a href="http://www.thetimes.co.uk">The Times (UK)</a> in association with <a href="https://europe.money2020.com/">Money 20/20</a>. “In regards to how much in deposits people would be providing, how large a credit they might want, these are below the threshold of feasibility for banks using traditional branch-based, teller-based models. So you couldn’t put a branch out in a rural area and expect it to be profitable.”</p>
Rhyne uses the example of hyperinflation in Latin America to illustrate why potential customers don't have bank accounts, and concludes the article by noting that digital payments “are going to be essential” over the next decade.

<a href="https://www.raconteur.net/">Raconteur</a> is a publisher of “special-interest content and research” whose special reports are inserted into the printed version of The Times (UK). Read the full article <a href="https://www.raconteur.net/finance/financial-inclusion-banked">here</a>.

Raconteur Features Elisabeth Rhyne in “Challenges in Banking the Unbanked”

Credit

Digital Financial Services

Fintechs

Mobile Banking

Saving

Extensive coverage of the "You Deserve to Know" (#YouDeserveToKnow) campaign in the national Ghanian media features quotes from <a href="https://www.centerforfinancialinclusion.org/bio/alexandra-rizzi">Alex Rizzi</a>, Director of the Smart Campaign.

"This series aims to equip clients with the knowledge they deserve to know to make the best financial decisions for themselves,” Rizzi stated in a <a href="https://www.pulse.com.gh/lifestyle/events/consumer-protection-global-consumer-advocate-launches-you-deserve-to-know-campaign/72tlsjv">Pulse</a> article. Coverage of the campaign also appeared in <a href="https://www.graphic.com.gh/news/general-news/financial-literacy-campaign-launched.html">Graphic Online</a> and <a href="https://citinewsroom.com/2019/02/26/global-consumer-advocate-launches-youdeservetoknow-campaign/">Citi Newsroom</a>.

The campaign focuses on improving the financial enabling environment by educating the public in two topic areas, transparency and fraud.

Listeners in Ghana can tune in to <a href="https://www.facebook.com/adom106.3/">Adom 106.3 FM</a> on Thursdays, 5:30 pm local time, to hear the programs. The episodes include drama and expert interviews on the topics. <a href="https://radio.modernghana.com/station/adom1063fm">Live streaming</a> of Adom 106.3 FM is also available.

The "You Deserve to Know" campaign is in collaboration with <a href="http://www.fiforumafrica.org/">Financial Inclusion Forum Africa</a>.

This Smart Campaign video below provides an introduction.

Smart Campaign's "You Deserve to Know" Radio Campaign Featured in Ghanaian Media

Ghana

Transparency

In this 20-minute episode, Traynor and Anton-Diaz discuss the sobering findings of "Digital Finance and Data Security," and what happens when the systems that are focused on expanding financial inclusion are poorly designed and executed. They also talk through what new companies need to take into account as they break into the market.

Listen and read Hathaway's accompanying post on the <a href="https://www.centerforfinancialinclusion.org/good-intentions-bad-security-podcast-episode-delves-into-cfi-research-on-data-security-in-digital-finance">CFI Blog</a>.  Below, download the CFI research that inspired this episode.

Podcast Focuses on CFI Data Security Report

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 <strong>Rappi, a</strong> Colombia-based delivery startup, and <strong>Clip</strong>, 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 <strong>NuBank</strong> 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>.

Flexible financing gives venture capital a run for the money in Latin America

Back in August 2019, we <a href="https://techstartups.com/2019/08/12/fintech-startup-joust-raises-2-6-million-seed-round-nations-first-business-banking-platform-freelancers-entrepreneurs-self-employed-workers/">wrote </a>about <a href="https://joust.com" target="_blank" rel="nofollow noopener noreferrer">Joust</a> when the fintech startup raised $2.6 million seed round for the nation’s first banking platform for freelancers, entrepreneurs and the self-employed workers. Today, Joust announced the launch of a new banking app for freelancers &amp; self employed workers.

The new app has a modern, intuitive re-design, and a slate of new, consumer-driven features — with additional features releasing throughout 2020. Based on customer feedback, these new features include an analytical dashboard, Joust Visa debit card management, invoice creation/payments, and more. Joust will continue to release a host of new app features throughout 2020.

In addition to these new features, the Joust app will continue to boast its invoice-guaranteeing product, PayArmour™, which funds unpaid client invoices, and its FDIC-insured bank account combined with a merchant account.

Founded in 2017 by Lamine Zarrad and George Kurtyka, Joust is the nation’s first all-inclusive banking platform for independent professionals. It serves freelancers, contractors, and self-employed workers in all 50 states. Joust helps its users handle invoices and payments and provides protection against late or missed payments. The round was led by PTB Ventures and also included Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion; Financial Venture Studio; and Techstars. The funds will support Joust as it expands its platform to serve the growing freelance workforce segment.

“We are thrilled to announce our new app. Since our beta launch, we have kept a steady eye on our users and really dug deep into our product feedback,” says Joust’s CEO and Co-Founder, Lamine Zarrad. “Our users are risk-takers who want one place to easily manage their finances — so they can have the time and space to focus on their passions. They wanted a modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments. Basically, they want one business platform that helps them from point A to Z. Our new app does that and will continue to do so throughout the year.”

Currently, the U.S. has 57 million freelancers, and by 2027, more than 50% of the country’s workforce is expected to freelance in some capacity (Upwork &amp; Freelancers Union, 2019). This rapid increase in independent workers has given rise to a range of new financial needs — including managing clients, accepting a range of payments (e.g. credit card payments), and mitigating the risk of irregular income. The Joust app was created to solve these workers’ often overlooked financial and banking needs.

The new app design is clean, intuitive and aspirational, giving users the flexibility and ability to navigate easily from one function to the next. The customizable dashboard includes bank account analytics, client management, invoice features, and bill pay services. Launched in 2019, the Joust Visa debit card can also be managed within the app.

Read more at <a href="https://techstartups.com/2020/01/28/fintech-startup-joust-launches-a-new-banking-app-for-freelancers-and-self-employed-workers/">TechStartups</a>.

Fintech startup Joust launches a new banking app for freelancers and self employed workers

Accion CEO Michael Schlein explains why he's bullish on fintech startups and shares how his organisation is leveraging investments in tech-led microfinance innovation to reach the more than two billion people who are currently invisible to and/or poorly served by the global financial system.

Listen at <a href="https://www.africantechroundup.com/accion-michael-schlein/">African Tech Roundup</a>.

Accion's Michael Schlein on Financial Inclusion, Fintech & Impact Investment Sceptics

<p class="first_paragraph">Catalyst Fund, a Boston-based accelerator for early-stage technology start-ups, has raised $15 million with its long-term backer JP Morgan and UK Aid to back 30 fintech start-ups founded across South Africa, Kenya, Nigeria, India and Mexico over the next three years.</p>
The US and UK-backed accelerator offers mentorship and non-equity funding to fintechs tackling financial inclusion in emerging markets. With fresh funding, ten fintech start-ups from across all five countries will be selected each year to take part in the fund’s programme.

The announcement came alongside this week’s UK-Africa Investment Summit, which was hosted by the UK Prime Minister Boris Johnson.

Read more at <a href="https://www.fintechfutures.com/2020/01/catalyst-fund-raises-15m-from-jpmorgan-and-uk-aid-for-emerging-market-fintechs/">Fintech Futures</a>.

Catalyst Fund raises $15m from JP Morgan and UK Aid for emerging market fintechs

<p id="speakable-summary">The Catalyst Fund has gained $15 million in new support from JP Morgan and UK Aid and will back 30 fintech startups in Africa, Asia, and Latin America over the next three years.</p>
The Boston based accelerator provides mentorship and non-equity funding to early-stage tech ventures focused on driving financial inclusion in emerging and frontier markets.

That means connecting people who may not have access to basic financial services — like a bank account, credit or lending options — to those products.

<a href="https://catalyst-fund.org/">Catalyst Fund</a> will choose an annual cohort of 10 fintech startups in five designated countries: Kenya, Nigeria, South Africa, India and Mexico. Those selected will gain grant-funds and go through a six-month accelerator program. The details of that and how to apply are<a href="https://catalyst-fund.org/accelerator"> found here</a>.

“We’re offering grants of up to $100,000 to early-stage companies, plus venture building support…and really…putting these companies on a path to product market fit,” Catalyst Fund Director <a href="https://bfaglobal.com/member/maelis-carraro/">Maelis Carraro</a> told TechCrunch.

Program participants gain exposure to the fund’s <a href="https://catalyst-fund.org/circles">investor networks</a> and investor advisory committee, that include <a href="https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/">Accion </a>and <a href="https://techcrunch.com/2019/09/23/hear-about-investing-in-african-tech-at-disrupt-sf-with-marieme-diop-wale-ayeni-and-sheel-mohnot/">500 Startups. </a>With the $15 million Catalyst Fund will also make some additions to its network of global partners that support the accelerator program. Names will be forthcoming, but Carraro, was able to disclose that India’s <a href="https://www.crunchbase.com/organization/yes-bank">Yes Bank </a>and University of Cambridge are among them.

Read more at <a href="https://techcrunch.com/2020/01/19/catalyst-fund-gets-15m-from-jp-morgan-uk-aid-to-back-30-em-fintech-startups/">TechCrunch</a>.

&nbsp;

Catalyst Fund gets $15M from JP Morgan, UK Aid to back 30 EM fintech startups

<div>
<div>Aye Finance on Thursday said one of its early investors, Accion has solid its stake in the Indian fintech company to A91 Partners.</div>
<div></div>
<div>Read more at <a href="https://www.businessinsider.in/business/news/accion-sells-stake-in-aye-finance-to-a91-partners/articleshow/73298710.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">Business Insider India</a>.

</div>
<div></div>
</div>

Accion sells stake in Aye Finance to A91 Partners

<p class="selectionShareable">Accion, a US-based non-profit organisation, has sold its stake in Aye Finance to Indian investment firm A91 Partners.</p>
<p class="selectionShareable">A91 is a venture capital firm founded by ex-Sequoia executives VT Bharadwaj, Abhay Pandey, Gautam Mago and Kaushik Anand in November 2018. The firm has been focusing on startups in consumer, financial services, technology and healthcare sectors in India.</p>
<p class="selectionShareable">The first fund of $351Mn was raised in 2019 and its portfolio includes Mumbai-based make-up brand Sugar Cosmetics, Hector Beverages which owns popular drink brand Paper Boat and Atomberg Technologies. A91 Partners is focused on making mid-stage investments, in Series B and C deals ranging between $10 Mn and $30 Mn.</p>
<p class="selectionShareable">“Over the last 2 years, Aye has grown from INR 500 Cr to over INR 1500 Cr of AUM using technology as a backbone to scale the business,” said Kaushik Anand, Partner, A91 Partners.</p>
Read more at<a href="https://inc42.com/buzz/aye-finance-investor-accion-sells-its-stake-to-a91-partners/"> Inc42</a>.

&nbsp;

Aye Finance Investor Accion Sells Its Stake To A91 Partners

<div class="FirstEle">

Venture capital firm A91 Partners has invested about $20 million in small-business lender Aye Finance through a secondary sale of shares, acquiring the stake of Accion, two people aware of the matter said.

</div>
<div class="skipable">

A91 and Aye Finance separately confirmed the investment to <em>Mint</em>, but did not comment on the deal size.

Started by Sanjay Sharma in 2014, Aye Finance typically infuses <span class="webrupee">₹</span>1-2 lakh into businesses with an annual turnover of <span class="webrupee">₹</span>10-30 lakh. It underwrites the risks in these loans with a unique cluster-based model, wherein it evaluates all the people in a particular field, say, automobile workers or textile workers, and correlates behavioural tendencies.

So far, Aye has raised nearly $70 million in primary capital from investors such as SAIF Partners, Falcon Edge Capital, Accion and Capital G. It is preparing for another equity fundraise and is scouting for a banker to run the process, said the people cited above.

</div>
Read more at <a href="https://www.livemint.com/companies/start-ups/a91-invests-in-small-business-lender-aye-finance-11579112997187.html">LiveMint</a>.

&nbsp;

A91  invests  in  small-business  lender  Aye Finance

<div>Gurugram-based Fintech lending firm Aye Finance on Thursday announced that Accion, one of its early investors, has sold its stake in the startup to Mumbai-based A91 Partners, which launched its first fund only in 2019.</div>
<div></div>
<div>Accion, the global non-profit organisation that has a commitment to create a financially inclusive world, has made its impact in microfinance and fintech impact investing for more than 50 years. It first invested in Aye through its seed-stage fintech investment initiative Accion Venture Lab in early 2015. It also co-led Aye’s first institutional investment round when the startup had just begun its lending operations.

Read more at <a href="https://yourstory.com/2020/01/aye-finance-accion-exit-a91-partners-investor">YourStory</a>.</div>
&nbsp;

<p id="speakable-summary">2019 brought more global attention to Africa’s tech scene than perhaps any previous year.</p>
A high-profile IPO, visits by both Jacks (Ma and Dorsey) and big Chinese startup investment energized that.

The last 12 months served as a grande finale to 10 years that saw triple-digit increases in startup formation and VC on the continent.

Here’s an overview of the 2019 market events that captured attention and capped off a decade of rapid growth in African tech.

Read more at <a href="https://techcrunch.com/2019/12/30/2019-africa-roundup-jumia-ipos-china-goes-digital-nigeria-becomes-fintech-capital/">TechCrunch</a>.

2019 Africa Roundup: Jumia IPOs, China goes digital, Nigeria becomes fintech capital

Fintech remains one of the hottest tech verticals in Africa. This year saw African fintech startups based on the continent raise over $53-million in 25 deals (in disclosed deals).

Fintech deals accounted for about 18% of the almost $290-million netted in 88 disclosed deals reported by Ventureburn in 2019.

The biggest chunk this year went to the mobility and logistics vertical and distribution platforms, which together netted about 41% of disclosed deal value in 2019 (see this <a href="https://ventureburn.com/2019/12/deals-african-startups-2019/" target="_blank" rel="noopener noreferrer">story</a>).

When it comes to fintech, Sub-Sahara Africa is the favoured region for some of the world’s top startups looking to tackle financial inclusion, if the names of those listed as part of the <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> initiative is anything to go by (see this <a href="https://ventureburn.com/2019/06/inclusive-fintech-50-list/" target="_blank" rel="noopener noreferrer">story</a>).

Read more at <a href="https://ventureburn.com/2019/12/10-ways-africas-fintech-sector-boomed-in-2019/">Ventureburn</a>.

10 ways Africa’s fintech sector boomed in 2019

<div>Drawn from our comprehensive coverage of India’s entrepreneurship ecosystem, we present around a 100 quotes from investors on sector opportunities for Indian startups (see Part I of the compilation here). How are data and deep tech creating new opportunities? What will it take to boost India’s design and production capacity in hardware? What looming gaps can digital health entrepreneurs fill?</div>
<div></div>
<div>
<div>"There is strong potential for inclusive fintech startups to reach historically underserved communities while generating returns." - Vikas Raj, Accion Venture Lab

Read more at <a href="https://yourstory.com/2019/12/quotes-2019-investors-india-fintech-health-edu-agri">YourStory</a>.</div>
</div>

[Year in Review 2019] Top quotes by investors on startup opportunities in fintech, health, education, deep tech

Gurugram, India-based insurance technology (Insurtech) firm <a href="https://toffeeinsurance.com/">Toffee Insurance</a> revealed on December 17 that it had secured $5.5 million via a Series A investment round led by IVM Intersurer, Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.

Toffee says it will use the capital raised to further expand its product offering, enhance merchant and customer experience, improve technology infrastructure and distribution efficiency.

Read more at <a href="https://www.crowdfundinsider.com/2019/12/155437-insurtech-gurugram-india-based-insurance-technology-firm-toffee-insurance-secures-5-5-million-via-series-a-round/">Crowdfund Insider</a>.

Insurtech: Gurugram, India-based Insurance Technology Firm Toffee Insurance Secures $5.5 Million via Series A Round

While Africa’s venture capital (VC) sector remains small, there might be something to smile about for tech startups that operate on the continent.

More than 20 new VC funds that aim to invest in African tech startups were launched this year. The total capital that will be available to startups from these funds runs into hundreds of millions of dollars.

The new funds range from a €1-billion Africa fund launched by the German government in June, to <a href="https://www.omidyar.com/">Omidyar Network</a>‘s new $300-million evergreen venture fund that will back impact fintech startups.

The full list of funds aimed at African startups from all regions (see below this for region-specific funds), includes:
<ul>
 	<li>A new $23-million fund launched in September by <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab">Accion Venture Lab</a>, the seed investment initiative of US-based non-profit <a href="https://www.accion.org/">Accion</a>, aimed at fintech startups that focus on financial inclusion (see this <a href="https://ventureburn.com/2019/09/accion-venture-lab-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>A $40-million fund launched in August by Australia-based global impact firm <a href="http://www.thepalladiumgroup.com/">Palladium</a> to invest in agribusiness value chains and off-grid clean energy ventures in Ghana, Kenya and Nigeria (see this <a href="https://ventureburn.com/2019/08/palladium-impact-fund-focus/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>A €1-billion Africa fund launched by the German government in June. The fund will support African startups and small businesses, as well as German and European companies. It’s not yet clear when the fund will make its first investments or which startup verticals it will target (see this <a href="https://ventureburn.com/2019/06/german-government-launches-e1bn-africa-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>Berlin-based company builder <a href="http://www.ampionventures.com/">Ampion Ventures</a>announced in March that it’s looking to provide African tech startups with “up to six-digit” funding (in dollars) (see this <a href="https://ventureburn.com/2019/03/ampion-ventures-african-startups-funding/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>In March, philanthropic investment firm <a href="https://www.omidyar.com/">Omidyar Network</a> announced it had has spun out its financial inclusion initiative unit to launch <a href="http://flourishventures.com/">Flourish</a>, a $300-million evergreen venture fund that will back impact fintech startups (see this <a href="https://ventureburn.com/2019/03/flourish-omidyar-fintech-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>French impact investment group Investisseurs &amp; Partenaires (<a href="http://www.ietp.com/en">I&amp;P</a>) says its new fund is on track to raise between €80-million and €90-million after it made a second closing of €25-million in February (see this <a href="https://ventureburn.com/2019/02/ip-ipae-2-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>Ingressive Capital, a $5-million venture fund focused on early-stage African startups, announced in February that it is looking to invest tickets sizes of up to $100 000 in tech startups from Sub-Saharan Africa, with a possibility of making $250 000 in follow-on investments (see this <a href="https://ventureburn.com/2019/02/ingressive-capital-saharan-african-tech/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>In January, Silicon Valley based venture capital (VC) fund <a href="https://partechpartners.com/" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">Partech</a> announced that it had completed a raise for its Africa Fund, with the fund closing at €125-million, more than double the size of its first closing a year ago at €57-million ($70-million). It claims it has raised the largest VC fund dedicated to tech startups in Africa (see this <a href="https://ventureburn.com/2019/02/partech-raises-125m-africa-fund/" target="_blank" rel="noopener noreferrer">story</a> as well as this <a href="https://ventureburn.com/2019/12/partech-africa-fund-2019-deals/" target="_blank" rel="noopener noreferrer">one</a> on the deals it made in 2019).</li>
 	<li>Emerging markets startup competition <a href="https://www.seedstarsworld.com/" target="_blank" rel="noopener noreferrer">Seedstars</a>in April announced that it would launch a $100-million fund to invest in African startups in collaboration with Paris based <a href="https://www.firstgrowthventures.com/" target="_blank" rel="noopener noreferrer">First Growth Ventures</a>. The fund will make early-stage minority investments from $250 000 to $5-million in the most promising and innovative ventures across sectors and countries. While the fund was expected to make its first investments by the end of this 2019, no announcement had been made as of time of publication (see this <a href="https://ventureburn.com/2019/04/seedstars-100m-africa-fund/" target="_blank" rel="noopener noreferrer">story</a> and this <a href="https://ventureburn.com/2019/05/heres-what-you-should-know-about-seedstars-100-million-fund-for-african-startups-qa/" target="_blank" rel="noopener noreferrer">Q&amp;A</a>).</li>
</ul>
Read more at <a href="https://ventureburn.com/2019/12/african-startups-new-funds-2019/">Ventureburn</a>.

African tech startups can tap millions of dollars from new funds launched in 2019 [List]

Insurance Technology (insur-tech) firm Toffee Insurance has raised $5.5 million Series A funding led by IVM Intersurer along with Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.

This is Toffee Insurance’s second consecutive raise from four of the five key investors after their initial funding round of $1.5 million in 2018.

In an interaction with Moneycontrol, Rohan Kumar, CEO and co-founder of Toffee Insurance said the first round of funds was proof of concept.

Read more at <a href="https://www.moneycontrol.com/news/business/companies/toffee-insurance-raises-series-a-funding-of-5-5-million-4741911.html">Money Control</a>.

Toffee Insurance raises Series A funding of $5.5 million

Digital platform Toffee Insurance on Wednesday said it has raised $5.5 million (Rs 39 crore) in its Series A round of funding led by IVM Intersurer, a vehicle of South African investment firm Yellowwoods.

Existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital also participated in the funding round, said Toffee Insurance in a statement.

Venture capital firm Flourish Ventures, which was established this year and is funded by Omidyar Network founder Pierre Omidyar, also pooled in capital, it added.

Toffee Insurance, which is operated by Gurugram-based Toffcover Insurance Marketing Pvt. Ltd, aims to use the funds to make insurance more accessible and strengthen its product technology, customer experience and lateral distribution.

Read more at <a href="https://www.vccircle.com/south-african-investor-yellowwoods-leads-series-a-funding-in-toffee-insurance">VCCircle</a>.

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