Meet These Social Entrepreneurs On Stage at SOCAP23
By expanding opportunities for financial inclusion, social entrepreneurs are helping to create a global economy that works for all. In the SOCAP23 Entrepreneur Program, this includes innovations that support youths entering the job market in Africa, remove barriers to health and life insurance, and help people avoid predatory financial fees.
With their business models and sustainable solutions for financial inclusion, the SOCAP23 Entrepreneur Program cohort members are tackling social and environmental challenges around the globe. In the months leading up to SOCAP23, these innovators participate in six months of virtual programming, learn from one another, and get access to investor connections. The entrepreneurs selected this year — meet them in our lookbook — will share their solutions to pressing social, cultural, and environmental issues at SOCAP23 when they will pitch their ideas on the main stage.
Below we share more about five entrepreneurs making a difference in economic development and financial inclusion. Register for SOCAP23 to hear more from them and others in the Entrepreneur Program bringing innovative solutions around the globe to scale.
Titilayo Taiwo, TERAWORK
Africa
With a mission to create economic opportunities through sustainable talent supply, TERAWORK provides a self-service online freelance marketplace that connects Africa-vetted talent with the global workforce while helping local and global businesses thrive by giving them a platform to hire and manage talent. TERAWORK seeks to create a world where every African talented youth can work, earn a decent income without geographical barriers, and live a good life, and where every business can find skilled workers.
The TERAWORK platform prioritizes support for African currencies to broaden the inclusion of African freelance workers and make it easier for African businesses to pay for freelance services.
If you had to sum up the impact you create in the world in a one-sentence tagline, what would it be?
Plugging African talent into the global workforce.
What is your call to action for the SOCAP community?
Help youths in Africa access and compete in the global job market and earn income to live a better life.
What, specifically, are you looking for in terms of funding?
We are looking for $250,000 in grant capital to generate more demand for our freelancers through our tested, repeatable customer acquisition models and to train 100 women on in-demand tech skills. We are looking to connect with foundations and institutional investors that are impact-driven.
Danny Feldman, FRSH
North America
FRSH provides access to banking solutions, health insurance, and more built for and by the justice-impacted community. By connecting formerly incarcerated people and others with these products and services, FRSH helps its customers build financial stability and avoid predatory fees and practices.
If you had to sum up the impact you create in the world in a one-sentence tagline, what would it be?
Through its services, FRSH helps its customers avoid $2.2 billion annually in predatory fees from paycheck cashing. This puts money back into their communities rather than in predatory lenders’ hands.
What is your call to action for the SOCAP community?
Make banking and health care accessible for everyone, no matter what happened in your past.
What, specifically, are you looking for in terms of funding?
We are raising $750,000 at a $10 million post-money valuation (with $650,000 still available) to get us to 10,000 app users. That is projected to generate $115,000 in monthly interchange fees, 50% gross margin, and $75,000 EBITDA, and increase the value of the company to $25 million.
Rafaela Cavalcanti, CloQ
Latin America
CloQ developed an alternative credit score model that connects low-income entrepreneurs with nano-credit and allows them to build a credit history. As a B2B2C platform, CloQ combines tech innovation with the principles of microcredit to reach underserved or exploited customers. Its credit model evaluates customers based on behavior and reliability instead of only financial data.
If you had to sum up the impact you create in the world in a one-sentence tagline, what would it be?
Including the low-income and underbanked in the financial system while diminishing financial shocks through nano-credit.
What is your call to action for the SOCAP community?
Simplify financial inclusion.
What, specifically, are you looking for in terms of funding?
First, we are looking for $800,000 to invest mainly in the credit score model development. At this moment, we are at a 9% nominal default rate. We are already competitive with this number, but we want to reach the national average default rate of traditional banking.
Second, we are looking for at least a $200,000 grant from foundations or philanthropic investors. This funding will be used to create a white-label platform of our app for microcredit providers that cannot reach more users due to archaic systems.
Atilana Piñon, Retorna
Latin America and Caribbean
Retorna offers immigrants quick, safe, and cost-effective online international transfers with the best exchange rates. Due to conventional banking procedures, immigrants often lack a financial history that prevents them from accessing financial services. As a result, they typically must use money transfer agencies that charge high fees and unfair exchange rates. Retorna provides affordable and accessible financial services that meet the unique needs of immigrants, starting when they need to send money to their loved ones.
If you had to sum up the impact you create in the world in a one-sentence tagline, what would it be?
Empowering immigrants. Our theory of change empowers immigrants, reduces poverty and inequality, and promotes financial inclusion. We serve a client base where 50% are unbanked and benefit from our fee savings.
What is your call to action for the SOCAP community?
Together, let’s promote financial inclusion and empower immigrants by providing them with fee savings and accessible financial services, creating a more equitable society for all.
What, specifically, are you looking for in terms of funding?
We are seeking an $800,000 investment to expand our money transfer and banking services throughout Latin America. Additionally, we welcome grants to help reduce transaction fees for low-income communities and to provide microloans to immigrant entrepreneurs who need capital to start or grow their businesses.
Vincent Njuguna Kiarie, Moto Hope Capital
Africa
Moto Hope Capital (MHC) provides affordable financing to unbanked entrepreneurs, women, youths, and other underserved people. MHC also offers non-financial support to small and medium enterprises through business development training. While addressing eight of the Sustainable Development Goals, MHC drives social and environmental impact for its beneficiaries.
If you had to sum up the impact you create in the world in a one-sentence tagline, what would it be?
Building financially inclusive communities in Kenya and helping to protect the planet through affordable financing and training.
What is your call to action for the SOCAP community?
Unlock financial and non-financial support to create jobs, reduce poverty, and address the adverse effects of climate change.
What, specifically, are you looking for in terms of funding?
Grant capital of $1 million to scale and serve more beneficiaries and counties in Kenya within five years.
