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Thursday, June 13, 2024

Binance Charity and Mercy Corps Ventures Have Announced a $1 Million Partnership To Support Inclusive Fintech Startups


Binance Charity and Mercy Corps Ventures have partnered to provide up to $1 million in investment capital for high-impact startups utilizing responsible fintech and Web3 solutions to drive financial inclusion and resilience for underserved and low-income groups.

Binance Charity, the philanthropic arm of Binance, the world’s largest cryptocurrency exchange platform, will fund Mercy Corps Ventures (MCV), the impact investing arm of the global development agency Mercy Corps. The funding will serve as investment capital for up to five high-impact startups using responsible fintech and Web3 solutions to drive financial inclusion and resilience for underserved and low-income groups.

The partnership aims to provide critical support to startups in emerging markets by granting them access to capital, technical assistance, and business development support. The funding from Binance Charity will specifically support the seed and early-stage venture capital fund of MCV.

Mercy Corps Ventures’ mission is to catalyze an ecosystem of venture-led solutions to strengthen the resilience of individuals and communities in frontier markets. To date, MCV has invested in 43 early-stage ventures, supporting them to scale and raise over $396.7 million in follow-on capital. Their portfolio is 49% female-founded and 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 partnership between Binance Charity and MCV aims to foster greater financial inclusion and drive positive change in emerging markets through reliable and innovative digital solutions. Chief Investment Officer at Mercy Corps, Scott Onder, said, “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.”

In addition to the $1 million donation, 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. The fund is 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, mentorship opportunities, impact measurement advisory, access to partnership opportunities, knowledge exchange, and brand exposure. This year’s Fund has received 200 applicants from 50 different countries.

Head of Binance Charity, Helen Hai, said, “We’re thrilled to partner with Mercy Corps Ventures to support their mission of promoting financial inclusion through innovative digital solutions. The partnership perfectly embodies our goal of using blockchain technology to transform lives and create more opportunities for underserved populations.”

Binance Charity is a non-profit organization dedicated to unlocking Web3 as a powerful tool for social change. Its mission is to enable Web3 as a driver of social transformation by making its education and research accessible to all and advancing global solutions for local humanitarian impact. To date, Binance Charity has supported over 2 million end beneficiaries through various projects.

The partnership between Binance Charity and MCV highlights the potential of responsible fintech and Web3 solutions to drive financial inclusion and resilience for underserved and low-income groups in emerging markets.

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