The journey of Impact-Linked Finance

How this innovative practice was adopted and gained momentum


Building the field

Roots of Impact and the Swiss Agency for Development and Cooperation (SDC) pioneer Social Impact Incentives (SIINC) -> ARTICLE


Delivering first results

First SIINC transactions deliver results -> REPORT


Entering features & frameworks

Integration of SIINC in the OECD policy framework for impact investing -> REPORT

Devex features SIINC as “a new tool for supporting impact“ -> ARTICLE

First report by Boston Consulting Group and Roots of Impact coining the term „Impact-Linked Finance“ / definition of the „Design Principles for Impact-Linked Finance“ -> REPORT

First application of SIINC at a portfolio level in agricultural SME lending -> PRESS RELEASE


Initial scaling

Aceli Africa starts to use SIINC (origination incentives) for 25 financial institutions in Sub-Saharan Africa -> WEBSITE

14% of all outcomes-based funding programs in preparation across the globe use SIINC -> REPORT (page 8)

The OECD recommends impact incentives in its guidance note for the Blended Finance Principles -> PRINCIPLES (page 14, item 45)

SIINC is featured in Harvard Business Review -> ARTICLE

Roots of Impact and iGravity partner to launch the Impact-Linked Finance Fund -> WEBSITE



Wider adoption

KfW launches a “smart outcomes fund” for off-grid clean energy using SIINC at scale -> PRESS RESLEASE

The first independent market report on global Impact-Linked Finance is released -> REPORT

The Impact-Linked Fund for Southern and Eastern Africa launches -> WEBSITE

The Impact-Linked Fund for Education is kicked off -> WEBSITE

SIINC is listed on Wikipedia -> WIKIPAGE

A new book called “Adventure Finance“ features Impact-Linked Finance in a dedicated chapter -> BOOK

SIINC and Impact-Linked Finance are taught at the Oxford Impact Finance Innovations Programme -> COURSE PAGE


Building a global community

A research report by Root Capital provides evidence about “How Impact-Linked Finance Incentivizes High Impact Investment in Agricultural SMEs“ -> REPORT

Launch of the Impact-Linked Fund for Gender Inclusive Fintech -> WEBSITE

Launch of the Impact-Linked Fund for WASH -> WEBSITE

The Open Platform for Impact-Linked Finance enables and encourages more actors to adopt and establish this practice -> WEBSITE

As of May 2022, 30 Impact-Linked Finance transactions are closed, 15 in preparation and 8 in the pipeline. Eight different outcome funders are engaged in Impact-Linked Finance.