PayPal Holdings, Inc. announced its investment in the Southeast Asia Women’s Economic Empowerment Fund (SWEEF) by Sweef Capital and Quona Opportunity Fund. This collaboration aims to propel women’s participation in global economics and finance.
This strategic move is a part of PayPal’s pledge to support financial inclusivity and empower women and girls. The company had previously committed $108 million towards this cause under the UN Generation Equality Forum in 2021.
According to the announcement, the new investments mark the beginning of PayPal’s additional $100 million funding into ventures either led by or centered around women.
Gabrielle Rabinovitch, the Acting CFO of PayPal, stressed the significant impact of women’s economic empowerment on global economies. She highlighted that these investments would open new avenues, ensuring women’s progress in global financial domains.
Sweef Capital, based in Singapore, strives to amplify the potential of women across Southeast Asia. They focus on markets that typically lack attention in this region. Their investment approach prioritizes sustainability, education quality, and economic growth. Notably, they channel their investments towards women-centric enterprises and those upholding gender equality.
Jennifer Buckley, the Managing Director of Sweef Capital, appreciates PayPal’s vision aligning with theirs, emphasizing the future promise in gender-smart investments.
Additionally, Quona Opportunity Fund, an arm of Quona Capital, supports transformative fintech startups in emerging markets. They’ve consistently championed financial inclusivity since their foundation in 2015. Monica Brand Engel, a leader at Quona Capital, pointed out the significance of PayPal’s endorsement in accelerating the digitization of payments, which fundamentally enhances financial stability in emerging economies.
Apart from these, PayPal has been progressively fulfilling its $108 million commitment through various strategic alliances. One notable example is their collaboration with the Cherie Blair Foundation for Women, where PayPal aims to mentor and support one million women entrepreneurs by 2030.
Moreover, PayPal has granted funds to Opportunity International, a non-profit from the US with a rich history of uplifting impoverished women. By offering capital, market access, and unique training, they tackle systemic poverty, aiding women in establishing their small businesses.
With PayPal’s partnership, Opportunity International aims to broaden the reach of its Women THRIVE Program, which empowers women from India, Guatemala, Ghana, and The Philippines. Atul Tandon, CEO of Opportunity International, reinforced that their joint venture with PayPal would ensure over 600,000 women globally gain financial services access, helping them establish a stable economic foundation.
In summary, PayPal’s investments signal a robust commitment towards global women’s economic empowerment, promising brighter prospects for women around the world.