We are proud to unveil our Impact Report 2025: Dare to Transform. We sit down with our Head of Impact, Marie-Anna Bénard, as she unpacks the "Seasons" of our journey and our vision for moving beyond inclusion toward lasting change.

Q: The Impact Report 2025 centres on a bold call to action: ‘Dare To Transform’. Why was this theme chosen, and what does it mean for Saison International’s approach to Impact?

Marie-Anna: 'Dare To Transform' was chosen as both a statement of intent and a challenge to ourselves and the wider ecosystem.

While we continue to apply discipline and rigor - transparently reporting our findings, actively supporting our partners by equipping them on their journeys - we also wanted to reaffirm what we’ve always stood for: our commitment to impact, rooted deeply in our DNA and reflected in our everyday work.

At the same time, the theme acknowledges the difficult context in which we are operating, marked by tighter funding, growing backlash and political instability. More than a simple reflection of these challenges, we wanted this report to be an invitation to think more expansively, question assumptions that have shaped the sector for years, and reimagine what is possible. 

In moments when progress feels constrained, we believe it is both healthy and necessary to confront what’s lacking and dare to transform. As a private investor and lender, we are committed to demonstrating that different approaches are not just possible, but essential if we are to create meaningful and lasting impact.

Q: The report opens with the theme of Winter - acknowledging the funding scarcity globally. How is Saison International navigating this specific moment? 

Marie-Anna: Winter is often perceived as a time of hardship, yet it is also a season of quiet strength. Its slower tempo can give the illusion that little is happening on the surface, yet it is precisely the moment when nature restores itself. We chose to open the report with this analogy because it mirrors how we see the current period.

In this moment, we made a conscious decision to act with intention rather than retreat. A significant share of our efforts has been directed toward deepening partnerships with strategic portfolio companies that serve as ecosystem enablers. We worked alongside these partners to identify concrete mitigation measures and uncover opportunities to strengthen how they operate. In several cases, this meant going further: investing in and sponsoring targeted advisory support to help reinforce their practices and foundations. 

One such example is our support to Helicap, one of our investees, to build a full-fledged ESG and impact management system from the ground up. We sponsored the engagement of a senior ESG expert to lead the foundational work and embed sustainability into Helicap’s operations. The outcome went beyond our initial ambition: recognizing the strategic value of this transformation, Helicap went on to appoint this expert as its Chief Sustainability Officer—the firm’s first female C-suite leader. Today, as a fintech investment firm equipped with a robust ESG framework, Helicap is positioned to influence its own portfolio companies and help move the needle at a regional level.

These actions reflect a clear conviction: progress does not happen by waiting for systems to catch up. Change requires commitment, even in uncertain times, and every deliberate step toward a stronger, more resilient ecosystem matters.

Q: The Spring section introduces a powerful metaphor: 'Access does not equal outcome. It is only the seed.’ Can you tell us more about how Saison International is rethinking the metrics of success? 

Marie-Anna: In the Impact Report 2025, we ambitioned to broaden how we define financial inclusion. For too long, the sector has equated impact with access alone, relying heavily on output metrics as proof of success. But access, like a seed, is only the beginning: it tells us little about what actually grows.

With this report, we wanted to turn our attention to what happens after access: to financial well-being, resilience, and real change in people’s lives. Building on the work of the sector, including by the CGAP, we sought to move toward a more nuanced and expansive understanding of impact, beyond traditional considerations. What does financial well-being and resilience truly mean to the people we serve? What actually changes for them? Real-life outcomes cannot be reduced to the number of loans disbursed or boxes checked. Nor should they be defined by external or Western standards, but by what matters locally, in context.

To do this, we made a deliberate effort to listen more closely to client voices. Without preconceived biases. Without assumptions. This year, we conducted impact surveys in Brazil and India, two of our largest markets, in partnership with 60 Decibels. These insights revealed the complexity and nuance of client experiences. These realities are rarely linear or obvious, and listening closely helps uncover what is often overlooked, underestimated, or unseen. It also helped to better understand what it truly takes for seeds to grow into lasting outcomes.

It is striking how many different forms financial well-being can take. We have heard stories that went far beyond numbers. Many spoke of freedom, of dignity, of finally being able to breathe and plan ahead - of peace of mind. These experiences are difficult to capture through a single metric or neatly theorize. In contexts where vulnerable, underserved populations face persistent financial stress, limited opportunities, and constrained ability to pursue aspirations, these moments of stability and possibility mean a great deal. They are real, meaningful forms of impact, and overlooking them means overlooking forces that reach beyond individuals and actively shape wider societal challenges and inequalities.

Q: ‘Engaging with Care’ is a key theme for Summer. How is your Impact team bringing this theme to life with partners on the ground?

Marie-Anna: For us, 'Engaging with Care' has many layers. At its core, it is about cultivating the right conditions for lasting impact. This means working closely with our partners to help them identify, assess, and manage the environmental and social impact linked to their activities. Many of the partners we engage with are not yet fully aware of these dimensions - often simply because they have never been asked to look at their business through this lens before.

'Engaging with Care' is therefore not about judging what is done right or wrong, but about listening, understanding constraints and realities, and meeting partners where they are. Whenever possible, we aim to complement this dialogue with practical support and advisory, so partners are better equipped to manage their risks and strengthen their practices in a more holistic way.

This approach to engagement becomes especially meaningful in complex and challenging contexts. A clear example is our work with Agroforte, an agrifintech based in Brazil that provides access to credit for dairy and poultry producers. The animal protein sector is inherently complex and sensitive, and it is often approached with strong preconceived views. From an investor’s perspective, it is frequently seen as high-risk, with concerns around animal welfare, labor practices, and carbon emissions acting as strong deterrents to engagement.

Rather than stepping back from these challenges, we chose to stay engaged. Our ambition was to cultivate the conditions for a fairer and more responsible transition within the animal protein sector. Early evidence shared in this Impact Report illustrates how this engagement with Agroforte is contributing to meaningful development outcomes, strengthening producers’ resilience and livelihoods while also improving environmental performance.

This section of the Impact Report shares this journey and the outcomes achieved. Agroforte’s case study highlights a powerful ripple effect: through thoughtful, targeted support, we can reinforce ecosystems and value chains, enhance partner resilience, and help grow an investable market for impact-driven investors.

Q: Finally, we arrive at Autumn - the Harvest. The report releases three market spotlight videos for Brazil, India and Mexico. When you look across these diverse countries, what do you see as the common thread?

Marie-Anna: When you spend time in Brazil, India or Mexico, what immediately stands out is the vibrancy of their fintech ecosystems. These are dynamic, fast-growing landscapes where practical and innovative solutions are emerging to address very real, everyday challenges.Financial services have taken different forms there, evolving creatively to reach underserved communities through new delivery channels and alternative underwriting approaches.

So when I look across these countries, I see a garden of opportunities: opportunities to learn from their ingenuity and adaptability, and opportunities to support locally rooted fintechs as they grow. That support includes helping them put the right safeguards in place and access the funding they need to scale sustainably and amplify their impact. This is where the harvest lies: not only in what has already grown, but in nurturing what has the potential to flourish next.

Watch the market videos here: Brazil | India | Mexico

Q: On a personal note, how has your own role as Head of Impact evolved - moving from the foundational work of 2024 into this current season of transformation?

Marie-Anna: My role has evolved significantly as our impact practice has grown and become more deeply embedded across our operations and entities. What began as foundational work has now entered a season of transformation. In 2025, the Sustainability and Impact team itself underwent a major shift, growing into a team of 12 over the course of the year, to support the growth and consequent impact that is happening across our markets.

For me, this growth is a concrete expression of our commitment. Real transformation requires real resources: it means walking the talk and putting our money where our values are. Being surrounded by such a talented and deeply committed group of professionals, all guided by a clear and shared vision, gives me great confidence. Together, we are well positioned to navigate what lies ahead by staying bold, adapting as needed, and continuing to create lasting positive impact.

Q: As we look forward, what is your message to Saison International’s partners?

Marie-Anna: To our partners, my message is both a thank you, and an invitation to bear with us. 

Bear with us as we are only just beginning to see seeds bearing fruits, and we are genuinely excited about what lies ahead. We don’t pretend to have all the answers, but we are committed to stand firm through the seasons. Our ambition is to keep standing alongside our partners, supporting their growth, experimenting when the path is uncertain, committing when they are ready and keep tending the garden for bolder, more resilient futures.

And above all, thank you. We learn from our partners every day. Being challenged in our assumptions, invited beyond what feels familiar, and exposed to new ways of thinking is deeply enriching. These exchanges constantly push us to innovate, grow, and keep shaping impact that is not only meaningful, but alive.