- Cellulant’s Series C raise is the largest investment in an African fintech firm.
- Julo connects borrowers to short-term, unsecured cash loans using an algorithm it developed to assess customers’ credit-worthiness.
- Income sharing agreement Lumni has serviced almost 10,000 agreements in Colombia, Mexico, Peru, Chile and the U.S.
- Funding round… KSR and French Partners, a co-investment platform based in Geneva, invested an undisclosed amount in the pre-series A round.
- Central bank priority... The Monetary Authority of Singapore has made “financial inclusion” a top priority for the city-state’s fintech investment scene.
- Capital gap… More than 2.9 million small- and medium-sized enterprises is Southeast Asia and Australia face a credit gap of more than $187 billion.
- Some gaps are closing... the global share of adults with a bank account at a financial institution or through a mobile money service grew seven percentage points to 69% since 2014.
Gaps persist: Women remain nine percentage points less likely than men to have a bank account in emerging markets.
- Is this impact?… Lack of standardized credit scoring and reporting has limited access to credit and debt for low- and middle-income Chinese. Baidu is a part of the World Bank’s Universal Financial Access 2020 initiative.
- TPG in Asia… The deal is the Rise Fund’s first China-based investment and the first for Chang Sun, the former Warburg Pincus executive who joined TPG as managing partner in China last year.