US-based online payment company PayPal and venture development organisation Village Capital launched a partnership yesterday that will support entrepreneurs developing financial technology.
In particular, the firms will look to help startups aiming to widen access to financial services for low-wealth individuals, families and small businesses, and intend to provide support through three venture development schemes together with local partners in Latin America, the US and India.
The partnership expects to help some 40 fintech startups over the next two years, with local PayPal employees acting as speakers, advisors and one-on-one mentors to them. The top two startups selected by peers in each local program will receive “at least $50,000 of investment capital”.
Franz Paasche, PayPal’s vice-president of corporate affairs, said: “At PayPal, we believe that affordable, convenient and secure financial services should be a right for everyone, and not a privilege for the affluent.
“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.”
The first program is due to start next month in Mexico City with support from investment management firm BlackRock and Mexico-based financial services firm Crédito Real.