Kiva is a crowdfunded microfinance platform connecting lenders to entrepreneurs across the world. Since its inception in 2005 Kiva has raised over $410m from more than 900,000 lenders to benefit almost one million borrowers across the globe. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 and has a repayment rate of 99 per cent. Kiva Zip is a pilot project launched by Kiva .
Currently operating in the US and Kenya, Kiva Zip provides zero per cent interest loans for small businesses who can’t qualify for conventional loans. This new branch of Kiva also aims to lower the financial costs for borrowers by leveraging mobile technologies that allow loans to be disbursed directly, cutting out administration fees. Kiva Zip is aiming to be operational in Ireland in 2014.
