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PayPal and Vilcap to support 40 fintech startups around the world

The online payments platform and the impact accelerator and fund manager are taking their fintech startup partnership to Africa for this first time.

They’ll also run new rounds of their peer-reviewed accelerator program in Latin America, India and the U.S. to enroll 40 startups through four cohorts over the next two years (see the U.S. cohort). Since 2014, PayPal and Village Capital have supported 70 startups, which have gone on to raise $28 million in investment.

Ant Financial, the financial services arm of Chinese internet giant Alibaba, and other strategic investors are all over the $17 billion fintech space amid intensifying competition in emerging markets.

Vilcap bonus: CEO Ross Baird and Access Ventures’ Bryce Butler discuss the effects of student and home debt on entrepreneurship in the US.

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