“A weakening of remittance flows can have a serious impact on the ability of families to get health care, education or proper nutrition,” says the World Bank’s Rita Ramalho. To blame, says the bank: low oil prices and weak economic growth in energy-rich Gulf countries, Europe and Russia, which took a toll on flows to South
Istanbul-based Iyzico was launched in 2012 to help merchants take advantage of Turkey’s large online customer base. It has since expanded across the Middle East, where it was the first international payments platform to integrate businesses from Iran. It plans to use the funds to expand further into new Middle Eastern markets and to Europe. With more than
Shivani Siroya is expanding Tala’s smartphone-enabled micro-loans to South Asia and Latin America, backed by IVP, one of Silicon Valley’s oldest and biggest venture firms. IVP led Tala’s recent $30 million financing round, citing the global proliferation of cheap smartphones and the $2.1 trillion unmet need for credit. Tala tracks 10,000 data points, including financial transactions and
Touted as a path to financial inclusion, mobile money directly touches at least 11 of the 17 Sustainable Development Goals, says GSMA, a global association of mobile phone operators, in its 10-year State of the Industry Report on Mobile Money. “A decade from now, everyone, including the world’s poor, should be able to send money to
The Chennai-based online credit management venture CreditMantri is close to closing a $7.6 million Series B round from its existing investors. Accion’s investment is through its Frontier Inclusion Fund, reflecting CreditMantri’s graduation from Accion’s Venture Lab, which helped seed the company’s $2.5 million raise in 2015. Elevar Equity, IDG Ventures India and Newid Capital also participated.
The World Bank is backing projects in Pakistan to build access to credit and digital payment infrastructure for households and small businesses. The move is part of the government’s 2015 National Financial Inclusion Strategy. Only 10 percent of Pakistani households have a bank account; one-third of adults are borrowers, but only three percent get credit
Globally, more than $580 billion is remitted by migrants to their home countries, 75 percent to developing countries. Alibaba Group’s acquisition of MoneyGram — the second-largest money transfer service worldwide — may help bring the expensive transfers world into the era of mobile and online money. The acquisition gives Alibaba’s online payments processor, Ant Financial, access to MoneyGram’s 200-plus international