Dealflow | March 22, 2018

Omidyar Network backs ZineOne to boost financial inclusion in India

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ImpactAlpha, Mar. 30, 2018 – India would seem poised for a boom in digital financial services, but adoption has been spotty, even among younger consumers.

“A big factor is lack of self-confidence,” Omidyar Network’s Smita Aggarwal told ImpactAlpha. “[People] feel finance is more complex than just chatting or messaging and they’re afraid of doing something wrong.” 

Omidyar Network led a $2.5 million Series A financing for ZineOne, a data analytics and software firm, as part of its mission to foster digital services as a path to greater financial inclusion and better consumer services.

The company aggregates customer usage data from online and mobile platforms and helps companies offer personalized recommendations in real time.

ZineOne’s mission is to “make life better for end customers,” Aggarwal says. “We look at their tools as a way to give more power to consumers, so consumers can make better decisions. Currently, the power equation is highly skewed towards providers.”

Read Omidyar Networks’ account of why they invested.