The MetLife Foundation is backing Accion’s fintech incubator with $5.4 million in funding.
Most of the funding will focus on Latin America; Eastern Europe and Asia are also included in the three-year initiative. “We’ve found that customers in Latin American cities aren’t getting access to the tools they need,” Accion’s María Camila Gómez tells ImpactAlpha.
“A lot of institutions launch products, and people enroll, but then after a few months, the customers don’t use them anymore.” Accion will select six projects in Mexico, Chile and Argentina.
“New fintechs are agile and have state-of-the-art tools and need support. But we also want to help good financial institutions that are dealing with heavy regulations and need help building and merging with digital resources,” Gómez says.
The initiative will roll out in Eastern Europe and Asia in partnership with Microfinance Centre and DAWN Microfinance, respectively.