JP Morgan, Gates, Dell give $9.5 million for India’s Financial Inclusion Lab
American philanthropic investors are now coming in to further push India’s digitisation drive and financial inclusion.
JP Morgan, along with Bill and Melinda Gates Foundation and Michael and Susan Dell Foundation, are together investing $9.5 million to set up a Financial Inclusion Lab to help fintech focused on catering to the bottom of the pyramid scale up operations amidst expectations of big bang initiatives by the government to deepen inclusion.
In its largest philanthropic commitment made outside of US, JP Morgan will provide up to $7 million over the next four years towards this initiative. The balance will be supported by Michael and Susan Dell Foundation and Bill & Melinda Gates Foundation.