SERV’D, a fin-tech platform, which seeks to bring the unorganised workforce in the ambit of the organised sector and financially empower them, has received funding worth $100,000 from the Digital Financial Service Lab (DFS Lab), a fintech incubator fully backed by the Bill and Melinda Gates Foundation. SERV’D had participated in a bootcamp organised by the DFS Lab, a global initiative that seeks to bring together promising entreprenuers working towards digital inclusion of the least served communities among developing economies.
The 7-day bootcamp, attended by 20 organisations from 10 countries, provided them an opportunity to benefit from hands-on advice, mentorship and strategic counsel from industry stalwarts, as well as the chance to be awarded a share of $2 million of total investment and a further six months of intensive mentorship.
The DFS Lab did an extensive search for startups around the world. Out of the 700 applicants, 225 were evaluated and SERV’D is among four organisations that have received a grant from DFS labs.
“We are honoured to be among the four organisations chosen by DFS to receive this grant of USD 100000. The funds will be utilized to develop tech for new roles as well as drive activation for the existing product,” said Jatin Agarwal, Co-founder, SERV’D.
DFS Lab Director, Dr Jake Kendall said, “Digital financial services have the power to transform developing country economies, profitably and at scale. We are looking for breakthrough ideas with the potential to bring low income households from the cash economy into the digital financial realm and give them tools to improve their lives”.
“The entrepreneurs were a very diverse and talented group from all over the world. Their different skills, perspectives and levels of experience produced valuable insights and led to dynamic, highly productive collaborations. We are very proud to be able to play a part in helping them reach their full potential. We are looking at funding the next multi-million dollar and potentially the next billion dollar startup in this space,” added Kendall.