Poverty and Social Protection | Pakistan, Ghana | Test & Transition
- The development problem. Cash transfers are a cost-effective, evidence-based means of enabling vulnerable people to meet basic needs in emergencies and to escape poverty. Yet identifying who should be paid, and integrating across the dozens of payment networks required to reach them, remains a slow, manual, risky process.
- The innovation. Segovia is a modern enterprise software company with a first-of-its-kind technology product to improve cash transfer services, aiming to increase the money received by poor beneficiaries by 20-30% by reducing diversions, transfer costs and inefficiencies.
- GIF’s investment. GIF’s $750,000 equity investment as part of Segovia’s Series A round will enable Segovia to accelerate deployment of their technology across multiple development partners.
- Why we invested.
- Experienced team. Segovia’s management team include the founders of cash transfer program GiveDirectly and top IT talent from Yahoo, IBM and Facebook. The company has also attracted an impressive roster of investors including Reid Hoffman (co-founder of LinkedIn) and Arif Naqvi (founder and CEO of Abraaj group). GIF joined this roster of investors to support Segovia’s focus on the social benefit of its innovation as it scales and matures as a company.
- Potential for impact at scale. Given the evidence of impact of cash transfers and the large scale of the cash transfer industry (an estimated $100-$130 billion in 2015), Segovia’s impact at scale can be substantial and global if they gain even a small proportion of this market.