impactMarket
impactMarket is an educational, crypto lending and Universal Basic Income (UBI) protocol for underserved communities.
Website: https://www.impactmarket.com/
HQ: Braga, Portugal
Active Markets: Global
Problem Addressed
Efforts to address global poverty are failing to meet eradication goals set by the United Nations. The World Bank estimates that one in ten people in 2020 were considered to live in extreme poverty. Financial inclusion, the World Bank points out, is a key enabler of extreme poverty reduction.
Project Description
impactMarket is an application-layer protocol that enables underserved people to access financial solutions. It uses Web3 tech to provide accessible financial solutions such as UBI, the crypto wallet Libera, and Learn and Earn, helping financially unserved and underserved people globally. The protocol crowdsources funds to distribute through their impact tools. They offer microcredit services reducing collateral needs and interest rates that act as a barriers to traditional credit for underserved communities.
Progress to date
Since it was founded, impactMarket has distributed about $3 million to beneficiaries around the world. These funds provided basic needs, raw materials, livestock, and tools for long-term financial opportunities. The project raised $2.1 million in 2022 to develop the protocol. impactMarket’s “Stories” blog features community members sharing their experiences and the positive impact the project has had on their lives.
Business Data
Status: Active
Constituency Served: Historically excluded groups, underbanked individuals.
Networks: Celo
Known Investors: Mark Olszewski, Albert Wenger, Celo, Coinbase, Electric Capital, Davoa Capital, Eutopia Foundation, Flori Ventures, Dioga Mónica, Valora Investimentos
Additional References: N/A
Business Model
impactMarket sustains their offerings through donations.
Traction
As of April 2024, Impact Market reported supporting over 45,000 people through UBI in about 30 different countries. impactMarket’s microcredit pilot lent 90,000 Celo Dollars (stablecoins) to 200 individual borrowers.