PayPal Backs Singapore-Based Sweef Capital and Quona Capital to Empower Womenby Fintech News Singapore October 19, 2023
PayPal invests in Sweef Capital’s Southeast Asia Women’s Economic Empowerment Fund (SWEEF) and Quona Opportunity Fund to support women’s inclusion in the global economic and financial system.
Sweef Capital is a Singapore-based woman-led fund that focuses on opportunities that respond to underserved markets and challenges in Southeast Asia.
The fund’s approach is aimed at leveraging investments that create a multiplier effect, improving sustainable livelihoods, promoting quality education, creating decent work, fostering good health, and increasing economic growth.
They seek opportunities in women-led enterprises, those primarily staffed by women, and organisations exemplifying gender equality and diversity.
“PayPal has long been an innovation leader and trailblazer at the intersection of technology and finance. It paved the way for many other entrepreneurial businesses.
Like us, PayPal recognizes gender-smart investment as the next wave of opportunity, and a way to deliver robust financial returns and societal dividends. We look forward to working together to take this opportunity mainstream.”
said Jennifer Buckley, Sweef Capital’s Managing Director.
Meanwhile, Quona Opportunity Fund is part of Quona Capital, a venture firm that backs leading founders building transformative fintech companies across emerging markets.
Quona invests in companies that are breaking down barriers to high-quality financial services for underserved consumers and small enterprises across India, Southeast Asia, Latin America, Africa, and the Middle East.
“We are thrilled to welcome PayPal, the world’s original payment innovator, as an investor in our Opportunity Fund.
PayPal’s investment serves as a powerful endorsement of the work our portfolio companies are carrying out to empower women and girls in emerging markets worldwide.”
said Monica Brand Engel, Co-Founder and Managing Partner at Quona Capital.
The investments are part of PayPal‘s 2021 US$108 million commitment under the UN Generation Equality Forum to advance financial inclusion and economic empowerment for women and girls.
These investments are the first of the company’s forthcoming US$100 million in capital investments into funds and other initiatives that are led by women or focused on serving women.