Budweiser Owner Invests in Blockchain Startup Working to Alleviate Poverty

Budweiser's parent company, Anheuser-Busch InBev, is doubling down on its interest in using blockchain tech to assist unbanked workers.

AccessTimeIconJun 7, 2019 at 12:17 p.m. UTC
Updated Sep 13, 2021 at 9:17 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Budweiser's parent company, Anheuser-Busch InBev, is doubling down on its interest in using blockchain tech to assist unbanked workers.

Through its ZX Ventures arm, the brewing giant – which also owns the Stella Artois, Corona and Beck's brands, among many others – has invested an undisclosed amount in a Series A fundraising for blockchain-as-a-service (BaaS) startup BanQu, according to an announcement.

Established in 2015, BanQu connects workers, such as farmers who are often unbanked, directly with companies and organizations further along the supply chains they serve using its blockchain platform.

Via BanQu, such individuals are said to able to access financial service provides such as MTN and Airtel via partner banks and mobile money providers, ultimately boosting their financial prospects. The startup says it has so far helped over 200,000 individuals and aims to raise 100 million people out of poverty by 2023.

AB InBev and BanQu previously partnered on a pilot connecting 2,000 Zambian farmers to the mobile platform. The project was later extended to other countries, including Uganda, India, Brazil, Costa Rica, India, and more.

Tony Milikin, chief sustainability and procurement officer at AB InBev, commented:

“After BanQu’s outstanding pilot performance in our 100+ Accelerator, we are pleased to solidify the partnership with Ashish, Jeff and the entire team at BanQu through an equity investment. Together, we are working to improve access to modern banking for thousands of farmers in underserved rural markets, driving inclusive growth and contributing to our own 2025 Sustainability Goal as well as the UN’s Sustainable Development Goals.”

Proceeds from the Series A round will be used by BanQu to cement its existing operations and to help expand rollouts in China and Mexico later this year, the firm said.

Hat tip to Forbes.

Budweiser image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.