SmartCOOP – Transforming Co-operative Societies in Sri Lanka
SmartCOOP is a FinTech Startup that aims to transform and digitise Co-operative Societies in Sri Lanka. Over 60 societies have partnered with us to date.
Introduction Co-operative Societies System
The Co-operative Societies System of Sri Lanka started in 1906 by the British. The purpose was to fulfil the economic needs of rural farming communities. As the number of societies increased, Co-operative Societies Ordinance No.7 of 1911 was enacted. This provided regulation, guidance and observation. You can learn more about Co-operative Societies and their history here. Globally, it’s estimated that there are over 3M societies across 109 countries. The top 300 societies generate $2.1 trillion in revenue.
Introduction to SmartCOOP
In Sri Lanka, there are 8,000 Co-operative societies supports roughly 3M citizens. SmartCOOP aims to digitise and transform these societies. The SmartCOOP platform allows them to provide better service and analyse their performance. SmartCOOP supports more than 80 societies who serve more than 250,000 Sri Lankans. These are rural entrepreneurs who engage in farming, carpentry & fisheries. Collectively, we have over 40 years of combined experience in this industry. We’re a team of 8 and we’re currently present in 7 districts in Sri Lanka.
Pitched to investors in Singapore
We were selected by SLBA to pitch our product to a group of investors at the AWS office in Singapore. We were able to secure a partner who is keen to take our product to Myanmar.
Selected to Finance Forward: South Asia 2019
Finance Forward: South Asia 2019 by Village Capital is an investment readiness accelerator in India. This is funded by the PayPal Foundation & MetLife Foundation. We were the only Sri Lankan startup to be selected outside India. As part of the program, Village Capital will support us in exploring the opportunities in India.