Ripple Facilitates Mercy Corps Investment in 42 Startups Spanning 23 Countries

Ripple pumped a $10 million contribution into Mercy Corps Ventures in October 2020 through its Impact initiative.

Mercy Corps Ventures recently disclosed that Ripple had played a pivotal role in helping them invest in an extensive list of 42 portfolio companies spanning 23 countries worldwide. The disclosure underscores Ripple’s expanding impact in the tech and finance industries as it works to bring financial inclusion to everyone.

Scott Onder, the Chief Investment Officer (CIO) of Mercy Corps Ventures, revealed the development in an interview session with the Ripple team. According to Onder, the majority of the companies it has invested in with Ripple’s support were founded by females, highlighting the venture capital firm’s dedication to promoting female-founded businesses.

Since 2020, Ripple has supported and collaborated with Mercy Corps Ventures to expand financial inclusion in emerging markets.

In our #RippleImpact Partner Spotlight, we interview @MCSocialVenture CIO Scott Onder on the impact made over the past 3 years.https://t.co/WzmLyCymPr

— Ripple (@Ripple) March 22, 2023

Onder further noted that these investments have considerably impacted the companies in question, as they have collectively reached a noteworthy customer base of 15.5 million individuals with valuable products and services. The firms have also attracted $396 million in subsequent financing.

Notably, Mercy Corps Ventures made inroads into Kenya via a pilot program in collaboration with ACRE Africa and Ethersic. The initiative aimed to harness the power of smart contract functionality to offer weather index insurance to over 12,000 farmers.

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Looking ahead, Onder outlined the organization’s objectives for 2023, which include supporting the development of business resilience in companies with diverse teams. Additionally, Mercy Corps Ventures plans to integrate a climate-focused approach to help these businesses withstand future pressures.

Onder emphasized the importance of cryptocurrency and blockchain solutions in tackling pressing issues, including enhancing financial inclusion for the unbanked, responding to humanitarian crises, and mitigating climate change. He further revealed that Mercy Corps Ventures aims to harness these innovative technologies to address these challenges, and Ripple has been instrumental in supporting this vision.

Following the promotion and investments into blockchain solutions, Onder disclosed that blockchain had provided significant results in enhancing climate resilience, especially in sub-Saharan Africa.

Ripple Impact Initiative

Mercy Corps Ventures is the impact investing arm of Mercy Corps, a global NGO focused on humanitarian aid. Ripple’s collaboration with the organization started in October 2020 when the Silicon Valley firm made a contribution worth $10 million to Mercy Corps Ventures. 

The contribution was part of Ripple’s Impact initiative. Through the initiative, Ripple plans to establish partnerships with organizations and companies across the globe to create a “more equitable, sustainable, and inclusive economy.” 

The firm has collaborated with numerous entrepreneurs, NGOs, and foundations, boasting up to $150 million in donations to organizations across over 80 countries since 2018. These efforts have persisted despite its long-lasting legal battle with the U.S. SEC.

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