Austin-based venture fund, MPower Ventures, recently committed USD 100 million to be directed at seed investments for start-up companies that provide financial services to the unbanked and underserved. The founders of the pre-paid debit card corporation Netspend, Roy Sosa and Bertrand Sosa, in collaboration with the owner of nutritional products manufacturer Grupo Omnilife, Jorge Vergara Madrigal, personally contributed all of the capital for the new initiative.
MPower Ventures will invest first in MPower Labs, which was created specifically to assist MPower Ventures’ companies through research, business and product development concerning the global unbanked financial market. No further specifications on where future investments will be made is available, but MPower Ventures past investments have been directed towards the underserved market worldwide, specifically through international payments, mobile payments and retail financial services.
MPower Ventures was founded in 2006 by the Sosa brothers Bertrand and Roy, and currently managed by the both the Sosa’s and Jorge Vergara Madrigal. As a venture capital fund it looks to invest in start-ups that create products and offer services to the unbanked and underserved markets. MPower Ventures co-hosted the RISE Conference in March 2008 for emerging entrepreneurs in the Austin-area. Financial information on MPower Ventures could not be found.
By Sarah Knapp, Research Assistant
Additional Resources:
MPower Ventures: Press Release
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