The US-based nonprofit World Vision International and its microfinance subsidiary VisionFund recently entered an agreement with the US-based financial software development company DreamStart Labs with the goal of enrolling 3 million people in 130,000 new savings groups over six years using DreamStart’s mobile app DreamSave. The organizations will focus on building savings groups that include women and other “previously unbanked and excluded people in rural communities” in 25 countries.
DreamSave’s offerings include support in running group meetings, a digital ledger, a system for building credit history, and links to external services such as loans and insurance. DreamStart will make VisionFund its “preferred financial service provider” for these external services. DreamStart was founded in 2016 and is based in the city of San Diego, California.
Launched in 2003, VisionFund is a nonprofit network of microfinance institutions (MFIs) operating in 25 countries across Africa, Asia, Europe and Latin America. These MFIs offers a range of products and services to underserved groups including loans, savings and insurance. For the fiscal year 2022, VisionFund reported total assets of USD 585 million.
Founded in 1950 and headquartered in the state of Washington, World Vision International is a Christian nonprofit aimed at reducing and alleviating poverty in middle- and low-income countries. For the fiscal year 2022, it reported revenue of USD 3.2 billion.
By James Stevenson, Research Associate
Sources and Additional Resources
VisionFund press release
https://www.visionfund.org/newsroom/visionfund-and-world-vision-sign-global-mou-dreamstart-labs
DreamStart Labs homepage
https://www.dreamstartlabs.com/
DreamSave on the Google Play store
https://play.google.com/store/apps/details?id=com.dreamstartlabs.dreamsave
LinkedIn profile on DreamStart Labs
https://www.linkedin.com/company/dreamstart-labs
VisionFund homepage
https://www.visionfund.org/
VisionFund Annual Report, 2022
https://www.visionfund.org/sites/default/files/2023-05/VisionFund%20FY22%20Annual%20Report%20Final%20as%20of%20May%2016%202023.pdf
World Vision homepage
https://www.wvi.org/
World Vision Financial Statements, 2022
https://www.wvi.org/sites/default/files/2023-05/F_434500H-1A_WorldVisionInternational_FS.pdf
World Vision Annual Report, 2022
https://www.wvi.org/sites/default/files/2023-05/WVI%20Global%20Annual%20Report%202022-elec.pdf
Previous MicroCapital article on VisionFund
https://www.microcapital.org/microcapital-brief-woori-bank-of-south-korea-acquires-visionfund-cambodia-from-microfinance-subsidiary-of-us-based-world-vision/
Previous MicroCapital article on World Vision
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-foundation-loans-1m-to-visionfund-senegal-for-microfinance-lending/
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