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Unlocking the Unbanked: How cyber ID data can advance financial inclusion and ecommerce in emerging markets
Our financial systems rely on digital information footprints – credit data, banking histories, etc. – to determine whether a person is trustworthy. But many poor people live in a cash economy with no digital record of their financial history, preventing them from transacting with many companies. According to Stephen Ullford, cyber ID data offers one way to bridge this cash-digital divide and expand financial access to the unbanked.
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PRESS RELEASE: Omidyar Network leads Series B funding in Cignifi
Cignifi, which has developed a platform to provide credit and marketing scores for people using mobile phone behavior data, has closed a Series B funding round led by existing investor Omidyar Network.
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Incofin floats ProPulse Fund to back microfinance cos, targets institutions
Incofin has backed microfinance firms such as Annapurna, Fusion and Grameen Koota in India.
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- South Asia
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Big Three Credit Rating Agency Courts Impact Investing at Right Moment
NEW YORK — It’s not without rhyme or reason that a credit rating agency like Moody’s Investors Service suddenly takes an interest in the impact investing field. For Mark Tulay, founder and CEO of Sustainability Risk Advisors and Sustainability ROI, this institution has good reasons to do so. “Credit raters see that climate change could, or likely will, lead to an environmental crisis that will create the next economic crisis,” said Tulay at the TBLI CONFERENCE USA 2014.
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The Smartphone Does It Again: Building Credit Scores For Microentrepreneurs
In 2010, when Shivani Siroya started developing an idea for a new microfinance model, predatory lending practices were changing the way people saw microfinance.
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Scoring for Access: Emerging evidence on the impact of credit scoring on SME lending
In developing countries, small and medium enterprises (SMEs) are an important source of innovation and employment. But in 2010, available credit for these SMEs fell about one trillion dollars short of demand. Credit scoring can help financial institutions meet this demand, and Innovations for Poverty Action has studied several credit scoring innovations that can promote SME growth.
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PRESS RELEASE: Accion Venture Lab Invests in RevolutionCredit
Accion, a pioneer and leader in financial inclusion, today announced an investment in the financial capability and behavioral-credit insight company RevolutionCredit, through Accion Venture Lab, a $10 million initiative dedicated to providing seed capital and management support to financial inclusion start-ups.
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InVenture raises $1.2-million to help serve emerging markets’ underbanked
InVenture is a credit score for anyone with a mobile phone. In order to expand its phone-based personal finance software, InSight, which generates financial identities and credit scores for the underbanked in South Asia and Africa, the startup has recently raised US$1.2-million.
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- Technology