PayPal is teaming up with venture development organisation Village Capital to back fintech entrepreneurs working to boost access to financial services for low-wealth people and businesses.
PayPal already works with Village Capital – which finds, trains and funds entrepreneurs working to solve global challenges – but the new deal will see the pair work more closely to operate three fintech programmes – in Latin America, the US and India – this year.
The programmes will help approximately 40 fintech start-up ventures as they seek to increase financial participation, generate jobs and enable households and small businesses.
For its part, PayPal will make its employees in each market available to share their skills and expertise with the startups by serving as speakers, ongoing programme advisors and one-on-one mentors.
Village Capital has already picked 10 Mexican firms to support, with events in the country’s capital set to begin in April. Meanwhile, US startups will get the chance to win support at a showcase event at SXSW in March.
Franz Paasche, VP, corporate affairs, PayPal, says: “Through our expanded relationship with Village Capital, we’re pleased to help build a more supportive ecosystem for FinTech social impact entrepreneurs, which we see as critical to our vision of improving the financial health of underserved individuals and businesses around the world.”
First appeared in Finextra.com