Ripple, the U.S.-based currency exchange and remittance network, is donating $10 million to Mercy Corps, a humanitarian aid non-profit, to “expand financial inclusion and increase economic empowerment globally.”
Ripple, through a non-profit unit, works with non-government organizations, universities and industry partners to “bring the 1.7 billion unbanked adults into a modernized, global financial system that leverages the promise of financial technology,” the company said in its release.
Mercy Corps will partner with RippleWorks in several countries to support development of fintech solutions involving blockchain and digital assets.
Ripple said the $10 million would also be used to support the launch of FinX, an initiative by Mercy Corps and its ventures arm to develop a financial set-up that doesn’t marginalize those without access to traditional banking.
According to the announcement, Ripple has also been working with the ventures arm of Mercy Corps to develop pilots and invest in fintech startups in developing countries, including some in Latin America.