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Guadalajara Startup Kueski Scores Largest Fintech Investment in Mexico History With $35 Million
Guadalajara microloan startup Kueski announced a massive funding series over the weekend, bringing in $35 million with the potential to increase that to $100 million. The Series A round was led by Richmond Global Ventures, Rise Capital, the CrunchFund and Variv Capital. It also included Victory Park Capital, Angel Ventures Mexico, Core Ventures Group and Auria Capital.
- Categories
- Investing
- Region
- Latin America
- Tags
- fintech, lending, microfinance
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India’s Microfinance Industry Puts Crisis Behind It, Thanks to Regulations, Diligent Borrowers
The aroma of flaming gingelly oil wafted through the air as 16 women employees of Thrissurbased Global Chips & Foods braced themselves for another long day at work. A black wooden board, hung on a recently white-washed wall, listed out their day's chores: 20 kilograms of tapioca chips and 20 kgs potato chips.
- Categories
- Uncategorized
- Region
- South Asia
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WeChat Proprietor Tencent Seeks $2 Billion Loan for FinTech Expansion
The Chinese internet giant Tencent Holdings Ltd, most famous for its WeChat messaging app, is reported to be soliciting a loan that could run as high as two billion dollars in order to deepen its interests in the FinTech sector.
- Categories
- Technology
- Region
- South Asia
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Viewpoint: Much Hangs on Mobile Money in East Africa
From his shack in Kangemi, a slum at the western edge of Nairobi, Gilbert Onduko sells bare essentials to his neighbours. A blackboard above the hatch lists prices for ugali(maize cooked into a sort of porridge), farina (similar to semolina) and cooking oil. On the roof of the shack is a small solar panel, about the size of a tea tray, which powers two lights inside and a mobile phone. Since he got it, about a month before your correspondent visited, Mr Onduko has been able to keep his shop open until midnight rather than just in the daytime. He has also cut down his kerosene bill by 100 shillings (about $1) a day—a hefty saving in a Nairobi slum. “And now my phone is always charged,” he grins.
- Categories
- Technology
- Region
- Sub-Saharan Africa
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Pay-It-Forward Model Shows Potential for Microfinance in Developing Nations
Ten years ago, microfinance was celebrated with the Nobel Peace Prize for its potential to break people out of poverty. Today, the microfinance industry has grown to hundreds of institutions serving more than 150 million borrowers in the developing world, but is widely criticized for exploiting the world’s poor and, ultimately, making poverty worse.
- Categories
- Uncategorized
- Tags
- lending, microfinance
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India’s Prime Minister Launches ‘Stand Up India’ to Promote Financial Inclusion
Giving a push to government's financial inclusion programme, Prime Minister Narendra Modi today launched the Stand-up India scheme under which 1.25 lakh bank branches will provide loans up to Rs 1 crore to SC/ST and women entrepreneurs.
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- Uncategorized
- Region
- South Asia
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IFC to Lend $150M to Shriram Transport Finance
International Finance Corporation (IFC), the private sector lending arm of the World Bank, has agreed to invest $150 million in Shriram Transport Finance Company Ltd (STFCL) in the form of senior debt to help the firm provide more finance to micro, small and medium enterprises (MSMEs).
- Categories
- Uncategorized
- Region
- South Asia
- Tags
- lending
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Indian Microfinance Self-Regulator Acts to Ward Off Danger of Over-Indebtedness Crisis
The Andhra Pradesh microfinance crisis that put the entire sector on the verge of collapse is still fresh in everybody's mind and MFIN is no exception. Before the crisis, the sector was known for 100% growth year after year while borrowers took loans beyond their capacity to repay leading to the undoing of many of the leading micro lenders.
- Categories
- Uncategorized
- Region
- South Asia
- Tags
- lending, microfinance