New Member: Lucy joins SME Finance Forum to support women-owned businesses
Jul 28, 2020
Washington D.C., July 28th, 2020- We’re excited to share that Lucy joined the SME Finance Forum global membership network. The Forum brings together development financial institutions, banks, and fintechs from around the world to support SMEs through knowledge exchange, policy change, and impactful partnerships.
“When we started in 2012, we were in an exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 190 active members, who operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome Lucy to further grow our mission.” said Matthew Gamser, CEO of the SME Finance Forum.
In the USA, women-owned businesses are growing more than two and a half times faster than the national average. But there is still a huge gap in financing received between men and women-owned enterprises. Lucy brings together a community of extraordinary everyday women and provides them with the financial services and support they want to found, start, run, and grow their businesses
“Women received only $1.9 billion in funding compared to the $83.1 billion that men received. We believe that this is set to change as we see generational shifts in finance, gender equality, and financial sector disruption. With the help of the Forum, we hope to support more women-led SMEs and level the financial playing field,” said Debbie Watkins, Chief Executive Officer of Lucy.
About SME Finance Forum
The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.
Lucy is a financial technology platform built to help underbanked women-owned enterprises by leveling the financial playing field. They combine cutting edge technologies, such as artificial intelligence, alternative source credit scoring, and seamless user experience to effectively support women with tailored and easy-to-use services at every stage of their growth.