SAN DIEGO, Oct. 20, 2020 /PRNewswire/ -- DreamStart Labs, an award-winning provider of digital banking technology for emerging markets, is pleased to announce its selection to the Inclusive Fintech 50. The Inclusive Fintech 50, announced today, recognizes 50 top technology startups driving financial inclusion for billions of underserved people around the world.
Founded by former Silicon Valley executives, DreamStart Labs offers innovative financial solutions for people in developing countries, 80 percent of whom are women. The company's flagship DreamSave app helps previously unbanked people across Africa, Asia, and Latin America save money, build credit history, access loans, and achieve financial goals.
Inclusive Fintech 50 winners are chosen by an independent panel of 35 experts from leading venture capital, technology, and financial services firms. The list recognizes the most promising technology startups providing innovative credit, insurance, savings, and other critical financial services to unbanked, marginalized, and vulnerable populations. DreamStart Labs was selected from hundreds of eligible fintech startups based on four criteria: Market Traction, Scale Potential, Innovation, and Inclusiveness.
"Visa is excited to see a new generation of high-potential startups like DreamStart Labs bringing innovative financial technology to 3 billion underserved people around the world," said Mark Pickens, Senior Director, Social Impact at Visa, Inc., a founding sponsor of the IF50. "The Inclusive FinTech 50 recognizes promising early-stage companies with scale potential seeking to make a difference in the world, and we are proud to be part of that process."
"Our passion is to help underserved people in developing markets achieve their dreams of a better life," said Wes Wasson, CEO of DreamStart Labs. "We're honored to join the Inclusive Fintech 50 with such an amazing list of like-minded startups working hard to make the world a better place."
About the DreamSave App For over half the world, the dream of financial independence often seems out of reach. Traditional banks can be expensive and inflexible – and if you're a woman living in poor rural village, they may not be available at all.
DreamSave is an innovative mobile app that helps people in the developing world create and manage "digital savings groups", which act as informal community banks. When a member needs money to expand her small business, send her kids to school, or buy medicine, she requests a short-term loan from her group. Unlike traditional bank loans, all interest payments are invested directly back into the group, so when one member's small business grows, everyone benefits. Collectively, these groups manage billions of dollars each year in some of the world's fastest-growing economies.
About DreamStart Labs DreamStart Labs (www.dreamstartlabs.com) is a social impact technology startup that helps people in the developing world achieve their dreams of a better life. The company offers award-winning digital banking solutions for underserved people in emerging markets, 80 percent of whom are women. Founded by former Silicon Valley executives, the company is headquartered in California and has operations in multiple countries across Africa, Asia, and Latin America.