The eBay Foundation and Village Capital are running a three-month fintech accelerator for startups developing alternative technologies for serving low-income households and individuals.
According to a 2013 FDIC study, more than a quarter of US households are unbanked or underbanked, with limited or no access to traditional financial services.
During three intensive workshops over three months, Village Capital will provide 12 shortlisted companies with business development training, mentorship from local business leaders and investors, and face-to-face interaction with potential customers.
The programme will conclude with a Venture Forum on 23 July in San Francisco, during which each participating company will have the opportunity to present their business plans to a group of angel investors and venture capitalists, potential partners, customers, and community members.
Upon completion, the top two startups will be rewarded with a $100,000 funding pot to take their ideas to the next level.
“We believe in the power of technology to provide new solutions that help the underbanked achieve the full benefits of financial inclusion,” says Amy Millington, President of eBay Foundation. “Village Capital has been an outstanding partner in our effort to strengthen the entrepreneurial ecosystem in the US.”