DreamStart Labs Wins "Most Influential Article of 2022" Award from Readers of NextBillion
Savings-Led Digital Finance Could Reduce Risk for Unbanked Billions
SAN DIEGO, Jan. 5, 2023 /PRNewswire/ -- DreamStart Labs, an award-winning provider of fintech solutions for emerging markets, is pleased to announce it has been named a winner in the prestigious "Most Influential Articles of 2022" Reader's Choice awards from NextBillion. Each December, the readers of NextBillion select the top three articles that had the biggest impact on innovation in emerging markets the previous year. For 2022, an article by DreamStart Labs was voted the second most influential of the year, alongside winning authors from Harvard University and the Bill and Melinda Gates Foundation.
The winning article, titled "Savings-Led Digital Finance: The Dawn of a New Era?", was co-authored by Philip Acton, head of banking strategy and Finn Tiedemann, credit analyst at DreamStart Labs. It examines the booming $300 billion digital lending market in developing countries, highlighting a new generation of "savings-led" digital finance apps that use advanced data analytics to determine the savings capacity of clients as a proxy for their ability to repay loans. Unlike "instant credit" apps, which can lead to over-indebtedness for vulnerable clients, these savings-led solutions start by helping users build good habits for saving money. The article features statistical insights drawn from clients using the company's DreamSave app across Africa, Asia, and Latin America.
The award was one of several DreamStart Labs won this past year, including being named "Most Empowering Digital Banking Technology" at the 2022 World Finance Awards. The company's DreamSave app also won four awards at the recent World Changing Ideas competition hosted by Fast Company magazine, including "Best Developing World Technology".
"Our passion is to help unbanked people achieve their dreams of a better life," said Wes Wasson, CEO of DreamStart Labs. "We're fortunate to have innovative thought-leaders like Philip and Finn on our team, uncovering exciting new data insights that have the potential to change the game for millions of people around the world."
About the DreamSave App
DreamSave is an innovative mobile app that helps people in the emerging markets create "digital savings groups", which act as informal community banks. When a member needs money to expand her small business, send her kids to school, or buy medicine, she requests a short-term loan from her group. As groups meet, DreamSave generates data-driven credit scores that can be used to offer micro-loans and micro-equity to qualifying members. Collectively, these groups manage billions of dollars each year in some of the world's fastest-growing economies.
About DreamStart Labs
DreamStart Labs (www.dreamstartlabs.com) is a social impact fintech startup that helps people in the developing world achieve their dreams of a better life. The company offers award-winning digital banking solutions for underserved people in emerging markets, 80 percent of whom are women. Founded by former Silicon Valley executives, the company is headquartered in California and has operations in multiple countries across Africa, Asia, and Latin America. DreamStart Labs is a member of the Inclusive Fintech 50, honoring the top 50 startups driving financial inclusion for 3 billion underserved people worldwide.
Media Contact: Wes Wasson, 619-320-8256
SOURCE DreamStart Labs
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