The Interledger Foundation is dedicated to establishing an open, interoperable payment network and is now offering funding for fintechs that utilize its protocol to enhance payment systems in emerging markets and underserved communities.
This initiative aims to create a network that transcends traditional banking limitations, providing access to digital financial services for the 1.4 billion individuals excluded from conventional banking systems. The foundation plans to achieve this through the Interledger Protocol (ILP), which was co-created by early Bitcoin contributor Stefan Thomas. The foundation collaborates with partners to integrate ILP into both existing and new financial and payment infrastructures.
From its $100 million fund, the Interledger Foundation is allocating $4 million to support fintechs leveraging its open-source ILP, helping to cover costs associated with adapting their infrastructure for interoperability.
The funding is directed at two types of companies: those that facilitate payment transactions and those that receive payments through their applications. The foundation is offering $250,000 to payment facilitators and $150,000 to payment recipients to assist with the development of the necessary technical infrastructure.
Briana Marbury, CEO of the Interledger Foundation, stated: “Organizations are always looking for untapped opportunities to expand their users and market share, but emerging markets and underserved populations have not always factored into their plans. However, they are beginning to realize that a large volume of smaller transactions can aggregate into trillions of dollars.
“By pursuing these new financial opportunities, organizations can also contribute to a financially inclusive ecosystem. Our mission is to help them achieve this by removing some of the financial barriers to making instant payments accessible to everyone.”