A little over six months ago, five startups based and working in the Philippines were onboarded into ING and UNICEF’s first ever Fintech for Impact cohort.
These companies were chosen through a competitive process for this opportunity because they are building innovative open source solutions with potential to provide families and youth in the Philippines with better financial stability and opportunity.
In addition to investment, the cohort has also received individualized support from UNICEF mentors to strengthen their business strategies – as well as in how to “work in the open” – how to set up, grow, license and sustain their open source technology or content solutions. They have also met with experts at ING, which is providing access to the core business skills of their staff to support the growth of the startups.
In addition, Manila-based startup accelerator IdeaSpace is providing wrap-around support to the cohort, to monitor progress, needs, and challenges – and match the startups with the many mentors and resources they have available in their network.
Working throughout the pandemic and shifting lockdowns, as well as facing numerous weather events, the startups have had to find new ways of working and engaging with users on the ground, while accelerating the development of their solutions given the clearer need and urgency for social protection and financial stability.