FinancialInclusionChallenge

Here's to the #financialinclusionchallengers reimagining inclusive financial services 🚀 #financialinclusion #Financialexclusion #finclusion #VentureCapital #VC #ESG #founders #financialinclusionchallenge #innovation #entrepreneurs 

🕚Here’s a flashback of a FinTech reimagining inclusive financial services. 💸 In Q1 2024 Komunal Indonesia raised $5.5m to drive #financialinclusion in Indonesia through the digitalization of rural banks. The Series A funding round was led by Sumitomo Corporation Equity Asia, with participation from JAFCO Asia, Skystar Capital, Sovereign's Capital, and Gobi Partners. 🔑 The general urban population remains widely unfamiliar with rural bank’s deposit product. 🔑Komunal provides financial services to the #underbanked population through its unique partnership with 376 rural banks across Indonesia. 💭 “KOMUNAL empowers rural banks with a one-stop banking-as-a-Service (BaaS) platform which will be instrumental in expanding the availability of credit to small and medium-sized enterprises (SMEs), and ultimately unlocking the economic potential of Indonesia’s rural areas.” - Alan T., representative of Sumitomo Corporation Equity Asia. 🗞️By Technode https://lnkd.in/gGDcRTFf 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Rico Tedyono I Hendry Lieviant I Devin Marco I Team Komunal … #fintech #funding #financialservices #venturecapital #underserved #asia #financialexclusion #Indonesia

Mexico headquartered Stori recently raised $212 million to promote #financialinclusion 🔑 According to Mexico’s financial regulatory authority, Condusef, just over 50% of the population uses some form of financial service. 🔑 Stori is a fast-growing financial technology company, on a mission to democratize credit access for 400 million underbanked LatAm consumers. Stori currently serves over 3 million clients. 🔑 The new funding will help improve and expand its product range, aiming to solidify its market position in Mexico. 💸 Total of $212 million: $105 million in equity led by Notable Capital and BAI Capital with participation from ACE Redpoint Ventures, GIC, General Catalyst, Goodwater, Lightspeed Ventures, and Tresalia. The sum of $107 million was a new debt facility provided by Goldman Sachs and Davidson Kempner Capital Management. 🗞️By The Paypers https://lnkd.in/ejgGzf4x 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Bin Chen I Marlene Garayzar I Sherman He I Nick Chen I Guangyu (GY) L. I Team Stori … #fintech #funding #financialservices #venturecapital #fund #mexico #LatAm #underserved #underbanked #financialexclusion

🕚Here’s a flashback of a FinTech reimagining inclusive financial services 💸 In Q4 2023, Saudi FinTech Hakbah هكبه raised $5.1 million to promote #financialinclusion in the kingdom. The series A funding round was led by venture capital firm VentureSouq, with participation from M-Capital, Bunat Ventures, Global Ventures and Aditum Investment Management. 🔑 About 70 per cent of Saudi citizens do not have an emergency savings fund. 🔑 Social savings is an informal “money pool”, in which family, friends and colleagues contribute regularly to a collective fund that allows them to take turns to borrow what has been saved by the group. It is an ancient savings system that is popular in Saudi Arabia, India, China, Africa and Latin America, particularly for #underbanked or #unbanked communities. 🔑 The social savings app will use the proceeds for product development and growth. 🗞️By The National News https://lnkd.in/g9XuX5XU 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Naif AbuSaida I Waiel Eid I Samir Gupta I Ahmad AbuSaida I Lavesh Panjwani I Leena Almarshdi I Toqa Mohamed I Team Hakbah … #fintech #funding #financialservices #venturecapital #fund #SaudiArabia

Northern Arc Capital recently secured $80m to enhance #financialinclusion in India. 🔑 With a multi-channel strategy that encompasses lending, placement, and fund management, Northern Arc intensifies the availability of credit, particularly focusing on MSME Financing, MFI, Consumer Financing, Vehicle Financing, Affordable Housing Financing, and Agricultural Finance. 🔑Northern Arc operates as a pivotal entity within the Indian financial landscape, facilitating over INR 1.5 trillion in credit through its advanced technological platform. 🔑 The funds from IFC will be strategically used to broaden Northern Arc’s outreach to end customers, thereby amplifying the social impact by enhancing credit access across its targeted sectors. 💭 “This investment from IFC is a strong endorsement from a large global multilateral to our mission of enabling credit to the #underserved and #unserved people in India.” - Northern Arc’s CEO, Ashish Mehrotra 💸$80m from the IFC - International Finance Corporation, a member of The World Bank Group. The firm has previously raised debt funding from Proparco and FMO - Dutch entrepreneurial development bank; and backed by equity investors including Sumitomo Mitsui Banking Corporation – SMBC Group, LeapFrog Investments, 360 ONE, Accion, Affirma Capital, Dvara Holdings, Eight Roads, among others. 🗞️By FinTech Global https://lnkd.in/eGbCUnzN 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀P S Jayakumar I Kshama I Ashish I Saurabh I Pardhasaradhi I Atul I Gaurav I Gaurav I Bhavdeep I Team Northern Arc … #fintech #funding #financialservices #venturecapital #fund #india #credit

Immigrant banking platform MAJORITY recently raised $20M 🔑The increase of immigrants to the United States presents an opportunity for start-ups to tailor financial services to this population. 🔑Majority provides checking accounts and debit cards, retail discounts, and international calling and money transfer services tailored specifically for the 50 million immigrants currently living in the USA. 🔑The platform currently generates $40 million in annual recurring revenue (ARR) and receives $200 million in new deposits per month, according to figures from April 2024. 🔑 The capital will be used to “push towards profitability” and further expand the product by developing its global immigrant-focused offering. 💸$12.5 million in equity and $7.5 million in debt, with backing from fintech founders including Victor Jacobsson, Hjalmar Winbladh, Magnus CW Nilsson, Jacob de Geer, and follow-on capital from venture capital firms Avid Ventures, Valar Ventures LLC, and Heartcore Capital. 🗞️By Techcrunch https://lnkd.in/ekbS6rb4 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Magnus Larsson I Jonas Lörnell I Jonathan Frisk I Johan Dahlqvist I Team Majority … #financialinclusion #financialexclusion #fintech #funding #venturecapital #financialservices #vc #UnitedStates

Accion recently launched its $152.5 million Accion Digital Transformation Fund (ADTx) to enhance #financialinclusion 💭 “With global poverty on the rise for the first time in decades, Accion is on a mission to bring cheaper, customer-friendly financial solutions to the nearly two billion people who are failed by the financial system.” - Michael Schlein, president and CEO of Accion 🔑 Managed by Accion Impact Management, ADTx is specifically tailored to assist microfinance institutions and similar entities across regions such as #Africa, #SouthAsia #SoutheastAsia, and #LatinAmerica. 🔑 Investment amounts are anticipated to fall between $12 million and $15 million, with additional financial backing from the fund’s limited partners. 💭 “Through capital, active board participation, shareholder engagement, and strategic support we seek to drive the digital transformation agenda of these companies, enabling them to better serve small businesses." - Njord Andrewes, ADTx managing partner 💸 Fund limited partners include British International Investment, FMO - Dutch entrepreneurial development bank; IDB Invest; IFC - International Finance Corporation; Mastercard; Swedfund International; and OeEB Oesterreichische Entwicklungsbank AG - The Development Bank of Austria. 🗞️By Accion https://lnkd.in/eenhB8sm 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Michael Schlein I Brandie Conforti I John Fischer I Karthik Venkataraman I Livingston Parsons I Nataša Goronja I Victoria White I Abhishek Agrawal I Team Accion … #fintech #funding #financialservices #underserved #underbanked #unbanked

Egypt’s Bokra recently closed $4.6 million pre-seed funding to democratise the investment landscape in the #MiddleEast and #NorthAfrica region. 🔑 In #Morocco and #Egypt approximately 71% and 67% of the population, respectively are reported to be #unbanked. 🔑 Founded in 2023, Bokra’s fractional ownership model across various types of assets aims to democratise access to wealth-building opportunities that were previously available only to investors with significant capital. 🔑The new funding will be used to launch Bokra’s mobile application, enhancing the spectrum of investment vehicles on offer, and further broadening the company’s operational footprint throughout #MENA regions. 💭 “The fintech deep-rooted dedication is to not only foster #financialinclusion but also to enhance investment literacy throughout the MENA region.” - Ayman Elsawy, the founder of Bokra 💸The round was led by DisrupTech Ventures and SS Capital, with participation from several other undisclosed investors. 🗞️By Innovation Village https://lnkd.in/gGpYNtNv 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Ayman Elsawy I Amr El-Feky I KARIM WAHBY I Mohamad Ghanaym I Mohamed Fadel I Hagar Nawar I Nesma Tamer I Ahmed Nabil I Mahmoud Tahseen Qmar I Mohamed El Sayed Okasha I Team Bokra … #fintech #funding #financialservices #venturecapital #fund #underserved #vc #raise #innovation #technology

Salmon Group Ltd recently raised capital to drive #financialinclusion in the Philippines. 🔑 Philippines’ adult population remains #underserved by existing banks, especially in access to modern technology-centric credit products. According to the Bangko Sentral ng Pilipinas (BSP), only 25% have access to formal credit. 🔑 Founded in 2022, Salmon is a FinTech using AI-enabled technology and a proprietary credit engine to offer market-disruptive consumer loans, such as Salmon Credit, Salmon Instalment and Salmon Cash Loans. 🔑 The capital will enable Salmon to develop new credit products and a lifestyle banking offering, which Salmon plans to launch Q3/Q4 of 2024. 💸 $25 million Series A extension round (Series A-1) led by IFC - International Finance Corporation, with participation from Northstar Group and other local and international investors. 🗞️by Gloria Mathias IBS Intelligence https://lnkd.in/dFNha4S5 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀 Raffy Montemayor I George Chesakov I Derrick Low I Chee-Yann Wong I Franchette Chingcuanco-Cardona I Jean-Marc Arbogast I Yevhen Plotytsya I Marjorie Torres I Team Salmon … #fintech #funding #financialservices #venturecapital #fund #Philippines

Indonesia fintech wagely recently raised a venture round to help the #unbanked across #southeastasia 🔑 75% of Asian workers live paycheck to paycheck. 🔑’Wagely provides businesses with an earned-wage access (EWA) solution that enables employees to access their pay after each workday, helping workers to bridge financial gaps between paycheques.’ 🔑 Wagely dispersed over $25 million in salaries and served nearly 500,000 workers in #Indonesia and #Bangladesh in 2023. 🔑 ‘Founded in 2020, the start-up plans to use the new funds to expand its core offerings as it aims to boost employee #financialwellness in its primary markets.’ 💭 “Capria Ventures sees a huge opportunity for Wagely to apply #GenerativeAI across multiple use cases, such as automated document processing and local language conversational interfaces for workers to make better financial decisions.” - Dave Richards, a Managing Partner at Capria Ventures 💸 $23m in mix of equity and debt venture round financing, with the equity portion led by Capria Ventures. The Fintech is backed by leading investors including Blauwpark Partners, 1982 Ventures, Resolution Ventures, Integra Partners, East Ventures, Asian Development Bank (ADB), Global Founders Capital, Trihill Capital, Central Capital Ventura, among others. 🗞️By Cameron Emanual-Burns FinTech Futures https://lnkd.in/e8uyGsrw 👏 For the #FinancialInclusionChallengers reimagining inclusive financial services 🚀Tobias Fischer I Kevin Hausburg I Sasanadi Ruka I Peter Lukito Ferdian I Munawar Uddin I Noor Elahi I Navid Sarwar I Christiaan Kaptein I Alwyn Rusli I Jinesh Patel I Jay Lim I Team wagely … #fintech #funding #financialservices #underserved #financialinclusion #venturecapital #indonesia #asia #financialwellbeing #venture