Village Capital, a Washington, DC-based venture development organization, and PayPal Holdings, Inc. (Nasdaq:PYPL), a global technology platform and payments provider, expanded their global relationship to support entrepreneurs focused on democratizing access to financial services for low-wealth individuals, families and small businesses.
Together, with the support of local ecosystem partners, they will operate three venture development programs in 2016, supporting emerging FinTech innovators in Latin America, the United States and India.
Founded in 2009 and led by Ross Baird, Executive Director, Village Capital supports early-stage entrepreneurs developing critical agriculture, education, energy, financial services and health solutions for underserved populations worldwide. To date, its programs have supported over 500 entrepreneurs with individualized mentorship, access to investor and partner networks and support. At the end of each program, participating entrepreneurs evaluate each other across six indicators of investment readiness and direct at least $50k of investment capital to the two, peer-selected entrepreneurs.
The collaboration with PayPal will support approximately 40 additional fintech startups make progress toward increasing financial participation for underserved populations. Over the next two years, these ventures are expected to generate jobs and enable households and small businesses in communities worldwide. PayPal employees in each market will offer their skills and expertise to the participating ventures by serving as speakers, ongoing program advisors and one-on-one mentors.
The first program will launch in April with events in Mexico City. Village Capital Fintech: Mexico 2016 will be convened with additional support from U.S.-based investment management firm BlackRock and local engagement from Mexico-based financial services provider Crédito Real.
Village Capital has identified 10 early-stage ventures from across Mexico that will participate in the venture development program.
To begin recruitment for the Village Capital FinTech: US 2016 program, PayPal and Village Capital will also host the 2016 FinTech Entrepreneur Showcase on March 12 during SXSW, providing an opportunity for FinTech entrepreneurs from across the United States to demonstrate their solutions. Ten candidates will present their ventures to an invitation-only group of investors, community leaders and potential partners. They’ll receive feedback from a panel of sector leaders including PayPal, The Case Foundation, Kapor Center for Social Impact and Student Loan Genius, a Village Capital graduate and portfolio company.