Macquarie 50th Anniversary Award
In capital to be unlocked
Pay for Success programs developed through the Award funding
Individuals assisted over the life of the funding
Social Finance aims to unlock $US1 billion in capital to address declining economic mobility in the United States.
Since its founding in 2011, Social Finance has pioneered the field of Pay for Success, through innovative financing strategies like the social impact bond and the career impact bond, to measurably improve the lives of those in need.
Their current social impact bonds address critical workforce issues, providing immigrants and refugees with vocational training and supporting Veterans to find and keep good jobs, as well as other social challenges.
Social Finance’s first career impact bond will enable 1,000 low-income students to access support services and valuable training in coding to achieve career success. Once participants gain employment above a certain income, they pay a fixed percentage of their salary over a number of years, up to a capped amount.
By deploying catalytic capital, Social Finance drives better employment outcomes and improves economic opportunity for the under-served.
- Shemara Wikramanayake, CEO, Macquarie Group
The Award funding will support the completion of the critical development phase of the technology. Once the design is proven, The Ocean Cleanup can begin its scale-up to a full fleet of systems to be deployed across the Great Pacific Garbage Patch.