Uulala Selected For Finance Forward US 2019
Uulala, a blockchain-based fintech company focused on empowering the underbanked by helping them save money, control their finances across borders and build a blockchain-based credit score have been chosen to participate in the Village Capital Financial Forward US Program 2019.
The program created by Village Capital and its allies seeks to support fintech founders with market-based solutions that help to tackle financial health challenges in the United States with investment advice, exposure to investors, intensive feedback and connections within the sector.
The program values building a safe, diverse, and inclusive space with the organizers stating that they are very intentional about the entrepreneurs as well as the Advisory Board, investors, and mentors that are invited to participate. The top two ventures peer-selected during the program will receive $75,000 each in grant capital.
As a growing fintech company focused on making a global social impact by providing financial services to those previously left out of the formal financial system Uulala is proud to work with the team at Village Capital to further optimize the expansion plans and propel their organization into the global space.
Uulala plans to fill the gap left by traditional banks who have failed to provide services that are accessible to all demographics. A survey conducted by CreditCard.com in mid-2017 found that 65 percent of those polled said they lie awake at night fretting over money worries and in the US alone according to the 2017 FDIC National Survey approximately 25.2% of households remained underbanked. Interestingly enough the key findings and solution gaps coming out of the Village Capital Finance Forward LATAM cohort defining Mexico’s three greatest financial inclusion challenges: Credit Scoring, Identity, Channel Access. The credit models are outdated and are non-inclusive, the identity portability and verification process need upgrades and channel access to financial services needs to move beyond the convenient store in low-income neighborhoods.
Uulala’s mass payout solution and full-service application for payees, which includes low-cost banking services, the ability for users to build their credit, micro-credit offers, and financial literacy programs, has the potential to completely change the banking landscape across the US.
Their new relationship with Village Capital will add to Uulala’s growing repertoire of global partnerships with socially conscious organizations that seek to impact the lives of the underserved.
