Binance Charity and Mercy Corps Ventures Collaborate to Support Inclusive Fintech Startups With a $1 Million Donation

Binance Charity and Mercy Corps Ventures Collaborate to Support Inclusive Fintech Startups With a $1 Million Donation

DeFi News
April 20, 2023 by Editor's Desk
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Binance Charity, the charitable arm of Binance, has partnered with Mercy Corps Ventures (MCV), the impact investing division of the global humanitarian organization Mercy Corps, to donate $1 million as an investment capital for up to five high-impact startups that are using responsible fintech and Web3 solutions to drive financial inclusion and resilience for underserved
Binance Charity and Mercy Corps Ventures Join Forces to Support Inclusive Fintech Startups With a $1 Million Partnership

Binance Charity, the charitable arm of Binance, has partnered with Mercy Corps Ventures (MCV), the impact investing division of the global humanitarian organization Mercy Corps, to donate $1 million as an investment capital for up to five high-impact startups that are using responsible fintech and Web3 solutions to drive financial inclusion and resilience for underserved and low-income groups.

The collaboration between Binance and MCV intends to provide critical support to startups in emerging markets by granting them access to capital, technical assistance, and business development support.

Empowering Innovative Digital Solutions for Financial Inclusion

The partnership between Binance and MCV aims to promote financial inclusion by supporting their mission of empowering innovative digital solutions. The partnership is the perfect embodiment of their goal to use blockchain technology to transform lives and create more opportunities for underserved populations.

Scott Onder, the Chief Investment Officer at Mercy Corps, expressed his excitement about the partnership, saying that “Mercy Corps Ventures’ mission is to catalyze an ecosystem of venture-led solutions to strengthen the resilience of individuals and communities in frontier markets. Together with Binance Charity, we’re excited to further this mission and support innovative entrepreneurs to solve the world’s most pressing problems by responsibly deploying technology.”

Providing Technical Assistance and Business Development Support

The partnership between Binance Charity and Mercy Corps Ventures aims to further foster greater financial inclusion and drive positive change in emerging markets through responsible and innovative digital solutions. MCV has invested in 43 early-stage ventures, supporting them to scale and raise over $396.7 million in follow-on capital. Their portfolio centers around resilience-building solutions in adaptive agriculture and food systems, inclusive fintech, and climate-smart technologies, so that those living in frontier markets can withstand disruption and plan for the future.

The $1 million donation from Binance Charity will specifically support the seed and early-stage venture capital fund of MCV. Additionally, MCV manages the Crypto For Good Fund, which provides grant funding to mission-driven social enterprises leveraging Web3 technology to solve the world’s pressing problems.

MCV received 200 applicants from 50 different countries for this year’s Crypto For Good Fund, and it was open to organizations from Africa, South and Southeast Asia, Latin America, the Caribbean, the Middle East, Pacific Islands, and Western Balkans. Priority focus areas include access to credit for unbanked users, nature-based solutions for climate resilience, humanitarian aid delivery, transparent supply chains, and crypto-enabled wallets for underserved users.

Successful applicants will receive funding along with mentorship opportunities, impact measurement advisory, access to partnership opportunities, knowledge exchange, and brand exposure.

Final Thoughts

The partnership between Binance Charity and Mercy Corps Ventures is a significant step towards promoting financial inclusion in emerging markets through responsible and innovative digital solutions. By empowering startups with technical assistance and business development support, they are fostering greater financial resilience and driving positive change in frontier markets.