Coming back after the summer we have had a chance to take an in depth look at the first 60 FinTech companies with a social cause that have joined the ecosystem.

Following are seven interesting facts that were uncovered:


  • More than 50% of Social FinTech companies in the world are located in Africa. The second and third most common areas in Social FinTech are North America and South America.


  • «Microfinance & Loans» is considered the most common field in the Social FinTech sector followed by «Online Banking» and «Payment & Transfers».


  • 2015 was the most recurrent year in which Social FinTech companies were founded. This year, there was an increase of approximately 150 percent of companies founded than the previous year.


  • One of the oldest Social FinTech companies, BancoSol, was founded in 1992. It originally started as a non-profit institution to support the development of microenterprises of Bolivia in 1984. In 1986, through becoming structured as an NGO (Non-Government Organization), it became possible to start credit intermediation activities. Consequently, in 1992, the NGO had a portfolio of 17,000 clients located in the cities of La Paz, Cochabamba, El Alto and Santa Cruz. Finally, later that year, this NGO transformed into a microfinance bank which became known as Banco Solidario SA, also known as BancoSol, with a loan portfolio of over 4 million dollars. Currently, the company has a loan portfolio of over 982 million dollars.


  • A majority of successful Social FinTech companies today tend to have a range of 11 to 50 employees.


  • Currently, two billion people in the world remain unbanked. In other words, ¼ of the world’s population does not have access to the services of a bank.  An increasing amount of Social FinTech companies are beginning to target this population looking into tapping into this large market of underbanked people while offering their clients a better chance to overcome poverty.


  • In 2013, there was an estimate of 2.7 billion dollars involved in crowdfunding, an 81 percent increase from 2011. Thus, crowdfunding is becoming more popular as more social start-up companies have a higher chance of becoming invested by the public.


By James Tejera