THE PROBLEM
1.4 billion people without access to formal credit have deadlocked progress in informal markets.
There are no savings.
People cannot afford unexpected expenses, while merchants cannot grow their businesses.
In low and lower-middle income countries, 84% cannot afford unexpected expenses, 88% would struggle finding a loan in 30 days.
There is no credit.
Financial institutions cannot help due to lacking credit scores & collateral affecting those who need it most.
500+ million people globally are not eligible for any form of formal credit.
THE OPPORTUNITY
$1.6+ trillion received in remittances is yet to be leveraged for lasting impact, because it's:
Expensive.
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Up to 12% paid on average to send & collect $200.
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An additional cut often taken through “invisible” FX fees.
Inconvenient.
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May require up to a day of travel to collect.
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Unreliable, and prone to malfeasance & criminal action.
Unproductive.
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Majority disbursed in cash circumventing deposits.
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No contribution to credit scores at local banks.
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