The Global Innovation Fund announced its first round of investments on Tuesday, the first of which went to Segovia, a software technology platform to streamline payment systems.
Michael Faye and Paul Niehaus, the co-founders of Segovia, launched the company in 2014 in response to some of the challenges they experienced in scaling their other venture, GiveDirectly, a nonprofit organization making cash transfers via mobile phones.
“To realize the gains of increased financial connectivity, we need to dramatically reduce the complexity of bulk payment for NGOs, governments and corporates,” Faye told Devex. "Segovia is a streamlined enterprise platform to pay people securely, efficiently and rapidly in the emerging markets.”
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About the author
Catherine Cheneycatherinecheney
Catherine Cheney is the Senior Editor for Special Coverage at Devex. She leads the editorial vision of Devex’s news events and editorial coverage of key moments on the global development calendar. Catherine joined Devex as a reporter, focusing on technology and innovation in making progress on the Sustainable Development Goals. Prior to joining Devex, Catherine earned her bachelor’s and master’s degrees from Yale University, and worked as a web producer for POLITICO, a reporter for World Politics Review, and special projects editor at NationSwell. She has reported domestically and internationally for outlets including The Atlantic and the Washington Post. Catherine also works for the Solutions Journalism Network, a non profit organization that supports journalists and news organizations to report on responses to problems.