Digital Financial Services Lab (DFS Lab) announced on Tuesday it is set to invest $250,000 in four separate fintech startups that are building products that help low-income consumers in developing markets. The startups are Inclusive (based in Ghana), Pula (based in Kenya), Pezesha, (based in Kenya), and Teller, (based in the United States).
According to DFS Labs, each of the startups was selected for financing after presenting their products at its Fintech Bootcamp in Sri Lanka earlier this year. Finalists representing nine companies from six countries, Canada, Ghana, India, Nigeria, Kenya, and the U.S. went through a 1-week bootcamp program to refine their solutions and present them to DFS Lab’s board of experts.
“We are excited to have the opportunity to invest in companies that are focusing on consumers in emerging markets. Expanding access to digital financial services – especially for unbanked populations – can transform people’s lives by providing them with money management tools that most of us take for granted. The companies we are investing in are creating cutting edge solutions that enable the delivery of financial services to low income people around the world — we look forward to working with them.”
Since its launch in 2015, DFS Lab has invested more than $600,000 in 8 startups. The organization added that more than $1 million is available for future funding.