Progcap (Desiderata Impact Ventures Private Limited) has been awarded the "Product Innovation of the Year" by the International Finance Corporation, World Bank Group at the Global SME Finance Awards 2018 for its work on Last Mile retailer financing.
The awards jury commended Progcap for its innovative approach in reaching out to the underserved customers and on its unique model to build a scalable SME franchise.
Matthew Gamser, CEO of the SME Finance Forum, said, "The Global SME Finance awards celebrate the best in class financial institutions and fintechs that have achieved remarkable results in their SME product or service offerings. Our winners are diverse, but they all share a strong commitment to helping small businesses in their markets with their dedication and innovative practices. The winners are an inspiration to us and their peers."
Progcap is a mission driven, inclusive financial technology firm, working to unlock the transformational impact of millions of micro and small enterprises in the last mile by providing them affordable, customized finance and digitizing their supply chains. Through its Last Mile Retailer Finance facility (LMRF), Progcap provides the last mile retailers in semi-urban and rural areas access to flexible, collateral free working capital.
In its official release, Progcap thanked the IFC and the SME finance forum for this recognition at the global stage - "The SME financing landscape contains some of the most innovative organizations in the world today and we are delighted to be awarded amongst this supremely talented global peer group.
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