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MPOWER Ventures forms philanthropic foundation11/09/2008. Source: AltAssets. 
 MPOWER Ventures, an Austin-based socially committed venture capital fund that invests in financial service companies targeting underserved markets, has established the MPOWER Foundation.
The MPOWER Foundation will fund, conceive and operate financial education, research, policy and other social initiatives that seek to remedy the financial exclusion of more than 2 billion underserved consumers around the world, according to a statement. It will run programmes independently and through strategic partnerships with academic, governmental and non-profit institutions.
'Bringing financial empowerment to as many of the 2 billion underserved as possible is a need too vast for any single company to address, so we formed MPOWER Ventures and MPOWER Labs to fund and support a group of entrepreneurs whose companies serve a common mission in different ways,' said Roy Sosa, founding partner of MPOWER Ventures. 'While most of our work reflects our belief that market-based solutions can realise sustainable change on the broadest scale, we will pursue high-impact opportunities to serve our mission whether we can expect a financial return or not. The MPOWER Foundation allows us to do that.'
Suzi Sosa will lead the MPOWER Foundation and oversee its strategic partnerships, initiatives and impact evaluation.
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