FinTech

#FinclusiveWeek: Purpose-Driven Leaders Come Together from Across Sectors to Make More than $72M in Commitments to Inclusive Growth at Inaugural Summit

Four philanthropic funders including Mastercard committed more than $72 million in funding to advance equitable and sustainable economic growth. The announcements will be made on Monday, October 21st at the inaugural Global Inclusive Growth Summit. Programming from the summit can be viewed via live stream at globalinclusivegrowthsummit.com.  More information about individual speakers is available here.

This fact sheet highlights the partnerships and commitments being made and provides additional information from each organization.

Mastercard/Aspen Institute Partnership: With the goal of making significant progress toward solving one of the most pressing and complex challenges of our time, the Aspen Institute and the Mastercard Center for Inclusive Growth announced the creation of the Aspen Partnership for an Inclusive Economy. The multi-year Mastercard-Aspen Institute partnership will combine the ideas, talents and resources of the public, private and nonprofit sectors to address income and information inequality through the lens of inclusive growth.

The partnership – anchored by a $26 million investment from Mastercard – will lead to the development of bold new proposals from experts across Aspen Institute programs and networks and the mobilization of leaders across sectors to advance integrated strategies for inclusive growth. The Center will serve as the founding partner of the partnership and leverage the assets of Mastercard – people, data insights, technology and a global network – to ensure that the digital economy works for everyone, everywhere.

Inclusive Growth Toolkit: The Mastercard Center for Inclusive Growth is unveiling a groundbreaking suite of tools that will provide local leaders with timely data-driven insights on the current state of and potential for inclusive growth in their communities. The initial design of the toolkit is focused on driving sustainable growth for the 37+ million people living in the 8700+ QOZs throughout the United States.

The Inclusive Growth Toolkit includes:

The Inclusive Growth Score – an interactive online map where users can view measures of inclusion and growth and then download a PDF Scorecard for any of the QOZs at the census tract level.

A deep-dive analytics consultancy service that provides community leaders with customized insights to inform policy decisions, prospectus development and impact investor discussions.

Mastercard Partnership with the Rockefeller Foundation and Benefits Data Trust:The Rockefeller Foundation and Mastercard announced they are awarding transformative grants to Benefits Data Trust (BDT) totaling $7.5 million to improve health and economic mobility for at least 5 million low-income people in the United States, by streamlining access to food, healthcare, housing and other essential benefits. Over the course of the 5-year project, BDT will scale its impact using a combination of digital products, machine learning, policy, research and new partnerships to deliver at least $2.5 billion in benefits. The Rockefeller Foundation is supporting BDT with a $5 million grant and Mastercard is providing $2.5 million.

Mastercard and USAID Expand Partnership:Mastercard announces partnerships with the United States Agency for International Development (USAID) and CARE USA which will create new models and tools to financially include women, micro-entrepreneurs and smallholder farmers across the world. The announcement will:

Expand Mastercard’s commitment to the U.S. Government’s Women’s Global Development and Prosperity Initiative (W-GDP), the first whole-of-government effort to advance global women’s economic empowerment;

Launch a new partnership with Mastercard and CARE USA, with a grant of $5.26 million;

Introduce a new partnership with Mastercard and USAID’s Bureau for Food Security designed to leverage digital platforms for smallholder farmers.

Outside Partner Commitments:

JPMorgan Chase Awards $33 Million to Promote Inclusive Growth through Neighborhood Development Projects: JPMorgan Chase has awarded $33 million to support neighborhood development projects and promote inclusive growth across seven communities in the U.S., as part of the firm’s sixth Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) competition among community development financial institution (CDFI) collaboratives. The PRO Neighborhoods competition aims to spark collaboration among community organizations to tackle local challenges such as blight, resident or small business displacement, or barriers to economic mobility. To date, PRO Neighborhoods has hosted six competitions, awarding more than $131 million to over 95 CDFIs and community development organizations across the United States.

Additionally, JPMorgan Chase opened a request for proposals for its refreshed competition, which includes support for a broader spectrum of solutions to help solve social and economic challenges facing communities across the U.S. The request for proposals is open now and closes on January 15, 2020.

Imperative 21: The imperative of the 21st century is to redesign our economic system to create value for all and for the long-term. Imperative 21 is a business-led cross-sector coalition with the ambition to meet this moment by aligning incentives and shifting culture so capitalism works for the benefit of all stakeholders. The six founding partners include B Lab (certifier of B Corporations), The B Team, Chief Executives for Corporate Purpose (CECP), Coalition for Inclusive Capitalism, Conscious Capitalism, and JUST Capital — each with expertise and credibility in one or more of the areas critical to systems change, culture shift, and business leadership. Together, and with others, they will support business and finance leaders who are ready to turn bold promises of a new corporate purpose into meaningful actions to lead for the long-term, measure what matters, and manage with stakeholder governance.