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Google.org Announces Award to Social Finance to Expand Access to Economic Opportunity
Social Finance is one of four anchor grantees in the new Google.org work initiative
Boston, MA — July 26 – Google.org today announced Social Finance as an anchor grantee in their new $50M work initiative to increase economic opportunity through data-driven, human-focused philanthropy. The Google.org work initiative grant will support Social Finance’s efforts to expand access to career and technical education through Pay for Success.
Google.org President Jacquelline Fuller announced the initiative via The Google Keyword and at an event this morning in Washington, D.C.
“The nature of work is changing, and we’re proud to support Social Finance as part of our new Google.org work initiative for their new and innovative approaches in understanding and responding to those shifts. Their scaling of programs will help prepare underserved young people for the workforce,” said Jacquelline Fuller, President of Google.org
“Social Finance is proud to be supported by Google.org in the growing global movement of Pay for Success,” said Tracy Palandjian, CEO and Co-Founder of Social Finance. “The Google.org work initiative grant will catalyze the development of the first Pay for Success projects focused on career and technical education, providing young people access to the skills they need to thrive in today’s global economy.”
Today’s grant by Google.org highlights the growing momentum in developing Pay for Success projects that expand access to educational opportunities. Pay for Success helps governments do more with less, allocating tax dollars to programs that have been shown to work.
Since the first Pay for Success project was launched by Social Finance’s sister organization Social Finance UK in 2010, more than 85 projects have launched in 19 countries with over $320M in capital mobilized. Pay for Success projects are delivering services to improve outcomes in maternal and child health, adult and juvenile recidivism, workforce development, child welfare, homeless and more.
About Social Finance
Social Finance is a 501(c)(3) nonprofit organization dedicated to mobilizing capital to drive social progress. Social Finance is committed to using Pay for Success to tackle complex social challenges, facilitate greater access to services for vulnerable populations, and direct capital to evidence-based social programs – all with the goal of measurably improving the lives of people most in need. Social Finance has deep experience in the design and implementation of Pay for Success projects, from early-stage feasibility assessment, to project development and capital formation, to post-launch performance management and investment support.