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12 startups to increase financial inclusion during Fincluders Bootcamp 2017

Today marks the start of the Fincluders Bootcamp 2017, a two-week investment readiness and coaching program held in Luxembourg and Frankfurt am Main, aimed at nurturing innovative young financial technology companies with ideas for increasing financial inclusion in many countries worldwide, from farmers in Kenya to merchants in Jordan.
(Featured Image: Fincluders’ Startup Challenge in Amman in Marc 2017 / Image Credit © Fincluders Bootcamp)
Fincluders Bootcamp, a unique investment readiness program.

Financial technology is highly relevant to advance financial inclusion and provide access to responsible finance. The Fincluders Startup Competitions held in Berlin, Germany and Amman, Jordan by the leading micro and small enterprise funds EFSE and SANAD are testimony to the range and maturity of concepts and ideas that are evolving globally to close significant finance gaps. Building on this success, the EFSE and SANAD, through their Technical Assistance Facilities, have invited those promising fintechs who are developing inclusive financial services to underserved groups across the target countries of the two funds to the Fincluders Bootcamp 2017. The Fincluders Bootcamp 2017 is a unique investment readiness program designed for such young fintechs and is held in partnership with Finance in Motion, Village Capital and the Luxembourg House of Financial Technology (LHoFT Foundation).

The bootcamp will provide 12 selected startups with intensive mentoring, coaching and peer to peer learning. It will take place in Luxembourg and Frankfurt am Main, Germany. The bootcamp will also offer targeted networking and exposure visits that support the startups in their development. As fintechs are part of a dynamic financial sector and often cooperating with traditional banks and microfinance institutions, the bootcamp will provide a good platform for partnering financial institutions of EFSE and SANAD to meet and exchange with fintechs to discuss potential for cooperation in the EFSE and SANAD countries to advance financial inclusion.

Elvira Lefting, Managing Director at Finance in Motion commented: “EFSE and SANAD have been at the forefront of embracing financial technology as an important conduit to provide affordable and accessible finance to micro and small enterprises. It has been rewarding to see that there is a long list of strong fintechs dedicated to enabling financial inclusion. As Advisor to the EFSE and SANAD we aim with this Fincluders Bootcamp to give the necessary push and support for promising initiatives to develop into scalable and sustainable businesses to advance financial inclusion. Thanks go out to LHoFT Foundation and Village Capital for designing a strong Bootcamp.”

“The Fincluders Financial Inclusion Bootcamp kicks off today in Luxembourg. Luxembourg is the microfinance centre for Europe and it makes sense to capitalise on this by having 12 really incredible startups from all over the world spend the week in the Grand Duchy learning as well as discussing the latest challenges of Financial Inclusion and networking with the Luxembourg finance community, before moving on to Frankfurt and Techquartier for another week of enlightening experience. We are thrilled to be working with Finance and Motion, the EFSE and SANAD Funds and Village Capital to execute this epic programmed and are excited by the potential impact. We very much appreciate the support we have received within Luxembourg from all the inclusive finance stakeholders, the ADA (Aide au développement Autonome), the Ministry of Finance and others to make this a reality.” – Nasir Zubairi, CEO of the LHoFT Foundation

Ben Younkman, Manager New Initiatives at Village Capital added: “Village Capital is excited to work with FIM and LHoFT as we expand our work across Europe. Access to financial services is a basic human need, and the entrepreneurs in the Fincluders boot camp have identified truly innovative models to expand financial inclusion across Eastern Europe and the Middle East. We’re excited to bring our insights from working with over 700 startups to the challenges the Fincluders participants face, and help them scale their ventures and their impact.”

The 12 qualified startups:
TARFIN

Turkey – Provides underbanked farmers with competitive point-of- sale financing for farm inputs.

See more at tarfin.com

QUOTANDA

Spain/Mexico – Lending-as- a-service platform for schools, providing access to student finance options.

See more at quotanda.com

AGROCENTA

Ghana – Online trade hub connecting farmers and buyers and on-demand logistics service.

See more at agrocenta.com

MONEYFELLOWS

Egypt – Lending and saving with friends and family through the use of social reputation.

See more at moneyfellows.com

POSROCKET

Jordan – Affordable cloud point-of- sale platform for small business owners.

See more at posrocket.com

SESO

South Africa – Blockchain technology to provide digital land registries and land transactions.

See more at seso.global

FARMDRIVE

Kenya – Credit-scoring for smallholder farmers, based on a range of data including agricultural.

See more at farmdrive.co.ke

OPTIONAI

Georgia – Chatbot giving personal finance advice for millennials, improving spending decisions.

See more at optio.ai

CIRCLE.MONEY

Croatia – Multilateral compensations platform settling claims of SMEs.

See more at circle.money

KREDICO

Turkey – Individual and business credit scoring using multiple data sources.

See more at kredico.com

PAYMOB

Egypt – Financial infrastructure and mobile money solutions for merchants and consumers.

See more at paymobsolutions.com

KIRAPLUS

Turkey – Payments platform facilitating property rent management.

See more at kiraplus.com


About EFSE Development Facility

The Development Facility of the European Fund for Southeast Europe (EFSE DF) was created in 2006 to support the fund’s development finance mandate. It deploys effective, targeted and innovative technical assistance to maximise the impact and extent of the Fund’s development finance mandate in target countries. The services of the facility encompass capacity building and training, financial sector support and applied research with the aim to strengthen the internal capacities and operations of the fund’s partner lending institutions. The facility operates independently from the fund in a fiduciary arrangement under Luxembourg law. The Development Facility Committee, comprising members nominated by KfW Development Bank, the Swiss Agency for Development and Cooperation, the development bank of Austria OeEB, and the Dutch development bank FMO, is responsible for assessing and approving all project proposals and providing strategic guidance to the facility. The facility is the initiator of the Fincluders start up competition and bootcamp. The EFSE DF co-sponsors the Fincluders Bootcamp

See more at efse.lu

About Sanad Technical Assistance Facility

The Technical Assistance Facility (TAF) supports SANAD’s mission by providing partner institutions with the hands-on support they need to optimize product offerings, tap new customer segments, adapt to alternative lending technologies, and develop new initiatives. The facility co-sponsors the Fincluders Bootcamp.

See more at sanad.lu

About Finance in Motion

One of the world’s leading impact investment advisors, Finance in Motion focuses exclusively on for-profit funds promoting sustainable economic, social and environmental progress in low- and medium-income countries. With more than EUR 1.8 billion in assets under management, the company leverages development aid through public-private partnerships. In line with the goals of its funds, Finance in Motion promotes long-term relationships and helps partners develop their business. Backed by 15 local offices spread through the more than 20 countries it serves, Finance in Motion advises the following development finance vehicles: the European Fund for Southeast Europe (EFSE), which finances micro-, small and medium enterprises (MSME finance); the Green for Growth Fund (GGF), which targets reduction of energy use and CO2 emissions; the SANAD Fund for MSME in the Middle East and North Africa; and the eco.business Fund, whose goal is the preservation of biodiversity and the sustainable.

See more at finance-in-motion.com

About the LHoFT Foundation

The LHoFT Foundation is a public – private sector initiative that drives technology innovation for Luxembourg’s Financial Services industry, connecting the domestic and international FinTech community to develop solutions that shape the world of tomorrow. This initiative is supported by the Ministry of Finance, Ministry of Economy, and Ministry of State, as well as 13 private partners. The LHoFT co-sponsors the Fincluders Bootcamp.

See more at lhoft.com

About Village Capital

Village Capital is a venture capital firm that finds, trains, and invests in early-stage ventures solving major global problems in agriculture, education, energy, financial inclusion, and health. The firm implements the Fincluders Bootcamp on behalf of the EFSE DF, the Sanad TAF and the LHoFT.

See more at vilcap.com