Microfinance giant Accion has launched a new Venture Lab, which will invest in startups worldwide that promote financial inclusion. The first five investments from the $10 million seed fund include Mexican health care loan outfit Salud Facil and Hong Kong credit assessment firm DemystData.
“Start-ups and new entrants are poised to drive innovation and reinvent the ways in which we reach the global underserved. Each of our new investments offers the promise of transforming ‘business as usual’ and of expanding broader financial services for the base of the socioeconomic pyramid,” said Accion's Paul Breloff in a press release.
Participating companies receive between $100,000 and $500,000 of capital in exchange for convertible debt or equity. Accion has aggressively promoted startups in industrializing nations and the global south and has a long record of IPOs.