Washington, DC. (22nd August, 2023) — Village Capital has announced the closing of the Financial Solutions for Migrants program, an accelerator that supported impact-driven startups developing digital financial inclusion solutions for migrants, with a specific focus on migrant women in Africa, Asia and the Middle East.
The program which was funded by the Impact-Linked Fund for Gender Inclusive Fintech (ILF for GIF), 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, supported 31 startups to further develop and refine their products and solutions to fit the needs of different migrant communities including migrant women and refugees, through a combination of virtual investment readiness training, and an immersive in-person summit held in Istanbul, Turkey on the week that marked World Refugee Day. The summit presented a poignant moment for the startups to showcase their efforts and contributions in addressing the challenges faced by migrants and refugees.
Reflecting on the momentous occasion, program alumni Solape Akinpelu, co-founder of HerVest took to social media to share her experience, “Localising solutions is hard. Scaling it is harder. When you find partners/organisations that understand the warts of your growth journey and help to navigate, it’s always epic and that’s what Village Capital did as we wrapped up the Financial Solutions for Migrants and Women Program in Istanbul, Turkiye this week.”
HerVest joined over 30 phenomenal startups across Africa, Asia, and MENA, who during the Istanbul summit delved deeply into impact assessment and management, engaged in peer ranking, and joined panel discussions with investors who shared insights on ways the startups could further scale and develop their solutions.
Sam Badoo, a proud immigrant and founder of Fleri a cross-border health marketplace for global migrants and alumni of the program also shared his sentiments stating, “Today is #WorldRefugeeDay and perhaps the most meaningful one I’ve ever commemorated. I also happen to find myself in #Türkiye for this year’s celebration and there could not be a more important country to fight for a better life for refugees. It’s inspiring to see how other companies like Fleri are solving a myriad of problems specific to the state of migrants and specifically refugees around the world.”
“As we conclude this program, we are humbled by the progress made by the startups developing financial solutions in this space,” shared Alicia Sonrson, Village Capital’s MENA Region Lead. “We recognize that there is still a significant amount of work to be done to create a more inclusive and supportive environment for migrants around the world.”
Visit the program page to learn more about the program and the 31 startups that are driving financial inclusion of migrants.
For more information, reach out to Eva Waweru at Village Capital ([email protected]).
About Village Capital
Village Capital is reinventing the system to back the entrepreneurs of the future. Known for its groundbreaking approaches to supporting founders who are building solutions to emergent social, economic, and environmental challenges, VilCap unlocks critical social and financial capital for early-stage companies to maximize business and impact growth.
Since 2009, Village Capital has supported over 1,400 startups that have raised over $5 billion in investment capital. It has made more than 150 investments through its various affiliated funds, including Vilcap Investments, which has invested in 110 peer-selected companies. Over 20,000 entrepreneurs have improved their investment readiness through its network of entrepreneur support organizations and its platform, Abaca. Learn more at www.vilcap.com and follow @villagecapital.
About the Swiss Agency for Development and Cooperation (SDC)
The Swiss Agency for Development and Cooperation (SDC) is the agency for international cooperation of the Federal Department of Foreign Affairs (FDFA). The SDC is responsible for the overall coordination with other federal authorities of development cooperation and cooperation with Eastern Europe as well as for humanitarian aid delivered by the Swiss Confederation. Learn more at https://www.eda.admin.ch/deza/en/home/sdc/portrait.html
About the Impact-Linked Finance Fund (ILFF)
The Impact-Linked Finance Fund (ILFF) provides finance to high-impact enterprises and directly rewards these for positive outcomes generated through their business activities. It was established by Roots of Impact and iGravity in order to pool their know-how and activities for implementing scalable Impact-Linked Funds.
The Fund, set up as a Dutch foundation, is acting as a capital provider and knowledge hub for the practice of Impact-Linked Finance. We also advocate for embedding impact-related principles and terms in other areas of business, policy and finance.
About the Austrian Development Agency
Combating poverty, ensuring peace and preserving the environment: These are the three major concerns of the Austrian Development Agency (ADA), the operational unit of Austrian Development Cooperation. ADA currently funds projects and programs with a total volume of more than 640 million euros to improve living conditions in developing countries. Together with the Federal Ministry for European and International Affairs, partner countries, public institutions, civil society organizations and businesses, ADA seeks to ensure that sustainable development works to the benefit of all people in Africa, Asia, Southeast and Eastern Europe.
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