The objective of the project is to help incumbent financial intermediaries (such as banks, microfinance institutions, cooperatives) as well as non-conventional ones (i.e. e-commerce, gig-economy companies, etc.) to deliver improved digital financial services to their clients. To this end, the project will finance NovoPayment, an innovative fintech startup with a Banking as a Service (BaaS) model. NovoPayment's BaaS platform allows financial service providers to digitize their products in a very short time, helping to improve user experience and productivity in transaction processing. It also allows the end customers remote access to payments and financial products offered by regulated and non-regulated financial service providers, to cover rural areas and small towns, reducing the need for them to approach a physical branch. The Follow On investment will help expansion of the BaaS solutions to additional providers of inclusive financial services.
Project Detail
Country
Regional
Project Number
RG-Q0127
Approval Date
-
Project Status
Preparation
Project Type
Equity
Sector
FINANCIAL MARKETS
Subsector
FINANCIAL INCLUSION
Lending Instrument
Multilateral Investment Fund Instrument
Lending Instrument Code
MIF
Modality
-
Facility Type
-
Environmental Classification
-
Total Cost
-
Country Counterpart Financing
-
Original Amount Approved
USD 1,000,000.00