Investments in underfunded space, especially for SME lending, are important for increasing financial inclusion. And managing director of Creditease’s FinTech Value Chain Fund, Anju Patwardhan, understands this. For that reason, she is interested in funding companies that are using tech to bring financing to an increasing number of people. Here are three companies the Fund is helping to do just that:
- Fair – based in Los Angeles, this company allows individuals to lease a car through a mobile app. Customers pay a monthly subscription and can lease a car anytime or return a car anytime they like. Clients can choose the car they like online or at a participating dealer.
- Branch – active in Africa, Branch lends to individuals and small businesses via a mobile app. Customers can get a loan and build a credit history through Branch. Creditworthiness is evaluated based on a customers’ mobile and bank histories. The company is helping to spread the use of technology (especially phones and the internet) to the microfinance industry. The company plans to expand its operations into India soon.
- Ellevest – aiming to empower women financially and shrink the gender gap in money and investing, Ellevest is a roboadvisory business that also offers investment funding. Ellevest’s roboadvisor seeks to assess investors (both women and men) in terms of financial situations and financial goals as well as recommend a personalized investment portfolio. Ellevest also focus on creating positive social change by advancing women entrepreneurship around the world.