Milaap, more than 800,000$ for projects focused on India
Co-founded by Sourabh Sharma, CEO, Anoj Viswanathan, Chairman, and Mayukh Choudhury, Milaap Social Entrepreneurship is an online lending platform for borrowers living in rural and semi-urban areas outside the formal banking system who need money for their small businesses, vocational training, or other critical assets. To date, the company has raised over US$800,000 in loans for people in 10 states in India, for a range of needs such as improved school infrastructure, job training linked to youth, seed capital for small businesses, access to clean water and sanitation, and lighting guidance for families.
Other p2plending models
"We have been seeing the growth of p2plending initiatives with various orientations for several years. Milaap follows in the footsteps of its segment leader Kiva which already works all over the world. Its distribution systems are very similar, based on agreements with local NGOs that are in charge of generating requests and doing a minimum validation of the operation. Kiva has already demonstrated a good track record and has exceeded €200 million in funding," he says. Diego Gutierrez alternative financing expert of ABRA INVEST.
"They are also being used to finance young people's studies, an issue of great social concern to all of us. For example, Comunitae reached an agreement with the Public University of Valencia for alumni to finance the fees of new students, or like Vittana that makes it possible for young people all over the world to obtain student loans directly from lenders," says Diego Gutierrez.