United States consulting firm Chemonics International announced Monday that it has invested $5 million in Philippine venture builder Talino Venture Studios.
Chemonics said in a statement that supported by the investment, the two firms will work together to build groundbreaking, impact-driven, scalable technology solutions for individuals and communities in emerging markets and beyond.
Fueled by Chemonics’ $5 million investment, both organizations are fully committed to helping millions access financial services through inclusive and scalable technology.
“We’re on the verge of something extraordinary. Our partnership with Chemonics signifies a pivotal moment in sustainable innovation,
“With a history of successful transformations and ventures and a commitment to people-first innovation, we’re devoted to closing the financial inclusion gap for the underserved individuals and communities in emerging nations worldwide,” said Talino Chief Executive Officer Winston Damarillo.
Talino’s steadfast dedication to driving meaningful change has positioned these startups as leaders in the industry.
Chemonics is a leading sustainable development firm, which brings decades of experience implementing life-changing projects throughout the world to this collaboration.
With deep experience in applying new technology, including digital payments, in some of the most remote and under-developed areas in the world, Chemonics has used drone technology to deliver and pick up medical lab samples in hard-to-reach areas of Malawi and has developed a technology-based forest and biodiversity conservation system in the Philippines.
“Talino has a proven record of developing high-impact technology and combined with Chemonics’ access to local leaders and deep expertise gained from our work in nearly 100 countries, we can create groundbreaking, scalable solutions with the potential to help millions,” said Chemonics President and Chief Executive Officer Jamey Butcher.
Chemonics and Damarillo first worked together in 2020, as part of the USAID E-PESO Activity.
That project, funded by the U.S. Agency for International Development (USAID), aimed to increase the adoption of electronic payments (e-payments) in the Philippines.
Building off this success, the new Chemonics-Talino partnership will continue to focus on fintech solutions, including one to expand financial inclusion among the 50 million unbanked citizens of the Philippines, as well as in other low-income economies.
“While Talino’s ventures are built on Filipino innovation, our partnership with Chemonics enables us to go beyond the Filipino diaspora and make a positive impact on the lives of many more people,” Damarillo added.