Mastercard and George Soros Form Humanity Ventures
George Soros and Mastercard have teamed to create Humanity Ventures, which is an enterprise intended to help social and economic development in vulnerable communities worldwide, especially among refugees and migrants.
Financial exclusion, inadequate education, lack of healthcare access and pervasive joblessness are just a few problems Mastercard and Soros hope to tackle in developed and emerging economies. Even though billions of dollars are spent each year on humanitarian efforts, millions of people are still marginalized. Soros and Mastercard believe the solution is coupling private sector capabilities with strategic, long-term investments.
Humanity Ventures, which will be a standalone entity, will combine a number of programs to expand access to healthcare and education, foster local economic development and improve aid delivery. The Mastercard Aid Network is just one of the programs that will be a part of Humanity Ventures.
Soros, who earmarked $500 million last September for private investments that will address the challenges facing migrants and refugees, could invest up to $50 million in Humanity Ventures.
For its part, Mastercard delivers payment, data and identity solutions to empower underserved populations worldwide. Their tools help refugees and migrants forge social and economic connections in local populations.
“Over several years, we’ve applied our thinking and technology to help hundreds of millions connect to the formal economy and to help empower safer and more efficient aid distribution,” said Ajay Banga, president and CEO of Mastercard. “We can have transformational impact by scaling our business-driven organization to leverage innovation, on-the-ground experience and long-term capital investments.”