California · Nonprofit
MIFOS INITIATIVE
MIFOS INITIATIVE (California) receives grants from 4 organizations whose IRS filings report $832,914 to it, the largest being GATES FOUNDATION ($448,849). 2 of them have funded it in more than one year.
- Revenue FY2024
- $2.8M
- Funders on record
- 4
- Grants received
- $833k
- Net assets
- $608k
What Mifos Initiative does
Mission
We provide education training and tools to enable charitable organizations and social enterprises to deliver financial services to the poor making financial inclusion more affordable accessible and effective to the 3 billion underbanked and unbanked in the world.
As stated on its FY2024 Form 990.
Programs
Software Dev DEV: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2024 we shipped the Mifos X 24.12 release in December which contained major new functional upstream contributions for improved configuration and rescheduling options for longer term loan products and services. These upstream contributions have additional testing coverage improved documentation and code refactoring to improve the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Our roadmap continues to prioritize modularity of the back-end to enable improved developer productivity and adoption across a wider range of inclusive financial services. We also launched a new product in December…
$2,213,662 spent$2,281,334 earned by the program77% of program spendingCommunity Development COMM: The global Mifos community is made up of financial institutions local technology partners and volunteers who use support and develop the software respectively. We provide the tools framework governance and infrastructure for global collaboration and conduct outreach & advocacy to reach new users recruit new partners and attract new volunteers. Our customer reach continued to grow with more than 65M clients reached by 500+ institutions. In 2024 we continued to establish a deeper presence within the digital public infrastructure movement as the digital public goods to enable reach to last-mile accounts for financial inclusion. In June 2024 we completed the implementation and delivery of the Payment Building Block for the GovStack Initiative. This was built on top of Payment Hub EE which was formally certified as a Digital Public Good by the Digital Public Goods Alliance in April 2024. We also completed a research grant with the Interledger Foundation in July 2024 to explore the alignment of Mifos DPGs and the Interledger technology and protocols for DPI use cases. In addition we continued playing a leadership role to explore DPG sustainability through the…
$623,696 spent$504,264 earned by the program22% of program spendingEducation EDU: The focal point of our messaging centers around Mifos as a steward of digital public goods for orchestrating payments and managing wallets and accounts enabling the delivery of inclusive financial services to last mile recipients. A common and continued theme of our advocacy and outreach across the numerous events we spoke at was interoperability of digital public goods the value of upstream contribution and the potential for scale and sustainability via shared infrastructure. We spoke and or attended more than ten events physically and virtually. In the realm of DPI we attended MOSIP Connect in Ethiopia ID4Africa in Cape Town the DPG4DPI Workshop in Cambridge the DPGA annual members meeting in Singapore and a number of virtual Mojaloop Convenings. We spoke at and hosted exhibition booths at Community over Code EU in Bratislava the inaugural Global DPI Summit in Cairo the Interledger Summit in Cape Town and the TrustTech Conference in Paris. On the fintech front we spoke at Fintech DevCon in Austin CamundaCon in NYC and attended the FINOS Open Source in Finance Forum in London and New York and the Accion Fintech for Global Inclusion Summit in London. To build our…
$22,622 spent1% of program spendingOther program services, not described on the e-filed return.
$0 spent0% of program spending
The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $2,859,980.
The organization over time
Each line starts at 100 in 2020, so what you read is the shape rather than the size: 150 means half as much again as 2020, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2021 to 2022, from $27k to $790k (+2851%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2020 0% · 2021 13% · 2022 0% · 2023 0% · 2024 0%. Grants only. Government contracts and fees sit inside program revenue.
17% of MIFOS INITIATIVE’s revenue is contributions — about as donation-reliant as the typical peer (61% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 4 of the last 5 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Chief executive
Edward Cable
President CEO
As listed on its FY2024 Form 990.
Who funds it, year by year
2018 → 2023: the base broadened from 1 funder to 2 funders, grant income fell $225k → $125k.
2 of 4 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 1% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
From the IRS filings of MIFOS INITIATIVE’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
MIFOS INITIATIVE leans on a few funders — its largest provides 54% of grant income and the top three 100%; half comes from just 1 funder.
the vertical line marks half of all grant income — 1 funder to its left
46% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund MIFOS INITIATIVE.
Largest funder’s share by year: 2018 100% · 2019 100% · 2020 100% · 2021 100% · 2022 71% · 2023 100% — broadly stable.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Where its funders are
MIFOS INITIATIVE draws 100% of its grant income from funders outside California, across 2 states in all.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $10k arriving through sponsors registered in 2 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
MIFOS INITIATIVE has grown faster than three-quarters of the 4,203 community improvement nonprofits its size.
this organization peer median middle 50% of peers· 4,203 community improvement nonprofits $1M–$10M, FY2024
Organizations like MIFOS INITIATIVE
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In California
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
100% of spending goes to programs.
Governance
Public support
100%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Screen this organization
A dated, signed PDF of the compliance screen for MIFOS INITIATIVE: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds MIFOS INITIATIVE?
- MIFOS INITIATIVE (California) receives grants from 4 organizations whose IRS filings report $832,914 to it, the largest being GATES FOUNDATION ($448,849). 2 of them have funded it in more than one year.
- How many funders does MIFOS INITIATIVE have?
- IRS filings report 4 organizations giving $832,914 in grants to MIFOS INITIATIVE, 2 of which have funded it in more than one year.
- Who is the largest funder of MIFOS INITIATIVE?
- GATES FOUNDATION is the largest funder on record, with $448,849 in grants. The full list of funders is on this page.
- How can an organization like MIFOS INITIATIVE find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in California. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
Play a game about who funds Mifos Initiative →
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2024 (financials across 2020–2024), and the filings of 4 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing