Impact-driven startups developing digital financial inclusion solutions for migrants have been selected by Village Capital to participate in the Financial Solutions for Migrants program. The program, which is funded by the Impact-Linked Fund for Gender Inclusive Fintech, will provide a combination of intensive in-person and virtual investment readiness training and connect the 32 startups to Village Capital’s wider investor and mentor community. The selected startups will be working to further develop and refine their products and solutions to fit the needs of different migrant communities, including migrant women and refugees. The startups are from Africa, Asia, and the Middle East.
The startups selected from Africa are Exuus, Finhazi, Fleri, HerVest, Kotani Pay, Payclide, Patapia, PayingTone, Regxta, Susu, and Tumia. The selected startups from Asia are Bandhu, Chalo Network, Fatakpay, Lucy, Mother Finance, Mitrata, Rahat, We Are Caring, Vitto Micro-finance.AI, ZADA Solutions Pte Ltd, and YuvaPay. The selected startups from the Middle East are Aseel and Mushaweh.
The Financial Solutions for Migrants program aims to make healthcare accessible and affordable for Africans, provide credit to thin-file individuals in India, and help entrepreneurial women to start and grow their businesses in Singapore. It also aims to provide affordable credit to migrant households for covering their migration costs and initial stay at the destination.
The program is managed by the Impact-Linked Finance Fund and supported by the Swiss Agency for Development and Cooperation, and the Austrian Development Agency, the operational unit of Austrian Development Cooperation. The startups will be provided with investment readiness training and access to Village Capital’s wider investor and mentor community.
The selected startups will work to refine their products and solutions to fit the needs of different migrant communities, including migrant women and refugees. The program will provide the startups with the opportunity to expand their businesses and gain more visibility. The startups will also have access to various networks that will help them grow and develop their businesses further.
The Financial Solutions for Migrants program will provide the selected startups with a chance to develop digital financial inclusion solutions that are tailored to the needs of migrant communities across Africa, Asia, and the Middle East. The program is expected to help the startups grow their businesses and make a positive impact on the lives of migrant communities.
Source: africamoneydefisummit.com
