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Mobile Lender InVenture Raises $10 Million
InVenture Capital Corp., a provider of small loans by cellphones, has raised $10 million in Series A funding, Yuliya Chernova reports for Dow Jones VentureWire. The company has a mobile app that can be downloaded by users, who then can request a loan. Once the user has granted the app access to their device, the company’s algorithm evaluates the activity on their mobile money accounts, such as how much they deposit and withdraw, the timeliness of their utility bill payments, and thousands of other nuggets of information such as social media, demographic, and communications patterns, to make a loan decision in minutes. The company currently operates in Kenya and Tanzania. Data Collective led the Series A round, which includedLowercase Capital, Collaborative Fund, Female Founders Fund and individual investors.
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Five Key Findings From the 2015 Financial and Digital Inclusion Project Report & Scorecard
Convenient access to banking infrastructure is something many people around the world take for granted. Yet while the number of people outside the formal financial system has substantially decreased in recent years, 2 billion adults still do not have an account with a formal financial institution or mobile money provider.
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Mobile wallets like Paytm and Mobikwik are tying up with kirana stores in rural India
Mobile wallet and payment services such as Paytm and Mobikwik are tying up with kirana stores in semi-urban and rural areas as they seek to grow in regions underserved by banks.
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- Uncategorized
- Region
- South Asia
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Startups innovate to make payments faster in India – but e-wallets face Ashley-Madison-like threats
People are slowly moving towards using digital and electronic payment modes, but payment startups face challenges such as customer awareness, fears about security, and concerns about product or service delivery.
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- Uncategorized
- Region
- South Asia
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Mobile Money Gets Boost as Central Bank of Nigeria Loosens Restriction on Telcos
With the review of the mobile money guidelines, which allows for the participation of the telecommunication companies, the adoption of this form of banking is expected to get a significant boost.
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- Uncategorized
- Region
- Sub-Saharan Africa
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Buying with bitcoins in India
With the increasing ease of using them for purchases through mobile apps, bitcoins are quickly transitioning from being trading units to shopping currency.
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- Uncategorized
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- South Asia
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- digital payments
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PRESS RELEASE: Colombia’s Credifamilia to Extend US$240 million in Mortgage Loans to Low-Income Homebuyers
New Business Call to Action member’s loans will build 20,000 homes by 2020.
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- Uncategorized
- Region
- Latin America
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- lending
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Study Set to Harmonize Mobile Money Transfer Fees in East Africa
The central banks of four East African countries are conducting a study that will set the baseline for money transfer fees across the region.
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- Uncategorized
- Region
- Sub-Saharan Africa
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