Canadian FinTech company’s Financial Empowerment Fund has its first investment recipient; taking applications for new ventures
RemitBee, an online money transfer and currency exchange startup’s Financial Empowerment Fund, is currently accepting applications for new ventures.
The Financial Empowerment Fund was established to support entrepreneurs and fintech startups that are financially empowering people through their products or services. In essence, the investments will be made as an extension of Remitbee’s own vision and mission. Through the investment fund, RemitBee seeks to improve upon insufficient access to resources, financial exclusivity and lack of tech infrastructure found across the globe.
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“There are thousands of entrepreneurs and startups around the world who are looked past by traditional venture capital funds. Oftentimes these startups are creating meaningful impact in their local community and do not have the means to scale up. We are offering these companies the technical knowledge as well as financial backing to provide maximum value,” RemitBee CEO and Co-Founder Yogi Yoganathan said. “Our mission is to make a difference. Whether it’s through RemitBee or through the Financial Empowerment Fund, we can help individuals and now businesses lead change in their lives and communities. I cannot be more excited about this.”
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The company recently made its first investment with Sri Lankan-based FinTech platform Moneta. It made the investment during a time of great economic uncertainty in the country where inflation is at record levels. Moneta builds modern credit infrastructure to help underestimated Sri Lankans to access credit facilities using alternate credit scoring methods.
Startup companies can apply for an investment through the Financial Empowerment Fund directly on the RemitBee website. The simple application consists of nine questions for the Fund’s team to review and then move on to the next step of the funding process.
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