Who we are

Wokai is a capital-contributing microfinance intermediary in the China microfinance field. Wokai is specifically committed to raising loan capital for microfinance institutions (MFIs) in China. Our organization achieves this goal through creating an internet platform that empowers individual contributors to provide Chinese microentrepreneurs with loan capital. To facilitate this capital transfer, Wokai partners with local MFIs that are responsible for both dispersing capital and monitoring microentrepreneurs. Through utilizing the power of the internet, Wokai reaches out to individual contributors, a funding source generally inaccessible on the large scale to non-profit organizations operating in China. This unique approach allows Wokai to provide new capital resources to the microfinance sector, thereby expanding financial opportunities for the poor in China.

How it works

Wokai partners with local MFIs which identify and screen potential microentrepreneur clients. Selected clients are then posted on the Wokai website through profiles that outline their business ventures and loan request. Contributors browse these profiles, select who and how much to finance, and then transfer money to Wokai through our online payment system. Once funds are transferred, Wokai distributes this loan capital to partner MFIs for allocation to microentrepreneurs. At the end of the loan cycle, partner MFIs collect loan repayments and re-issue loans.

How we started

Wokai began in the fall of 2006 when Wokai co-founders Courtney McColgan and Casey Wilson met while studying advanced Chinese at Tsinghua University. Casey had moved to China to pursue a career in development. Courtney was on a Fulbright to study microfinance in China after being involved in the field for the prior three years, working with the United Nations Development Program (UNDP), The Chinese Academy of Social Sciences (CASS), and Planet Finance. Casey and Courtney decided to combine their experience, local knowledge and common goal of bringing new economic opportunities to the poor in China. The idea of Wokai gradually transformed into a plan of action and, with the help of a team of supporters, evolved into a dynamic start-up nonprofit.

Our team

Casey Wilson, Co-Founder & CEO

Casey graduated Phi Beta Kappa from Wesleyan University with a BA in Economics. While at Wesleyan, Casey focused on economic development and its applications in the Chinese context. After graduation, she completed a course of study at Tsinghua University and the University of California at Berkeley's Inter-University Program (IUP) for advanced Chinese. Prior to studying at Tsinghua, she spent two summers studying Chinese at the Middlebury College Intensive Chinese School in Vermont.

Courtney McColgan, Co-Founder & Director of US Operations

Courtney graduated fromUniversity of California, Berkeley with a BA in Economics and Chinese. During her time at Berkeley, Courtney spent over two years in China completing extensive language study at Tsinghua University as well as conducting microfinance research. While in Beijing, she worked with such organizations the United Nations Development Program, Chinese Academy of Social Sciences, and Planet Finance. Courntney also spent a summer studying Chinese at Middlebury College Intensive Chinese School. After graduation, Courtney obtained a Fulbright grant to return to China and continue her microfinance research. She focused on the financial provisions of underground financial institutions versus microfinance institutions. Courtney then worked as an investment banking analyst in the Financial Sponsors group at Morgan Stanley. Courtney now works in venture capital as an investment analyst at Draper Fisher Jurvetson, where she focuses on Clean Technology and China.

Zhang Sheng, Director of Field Partnerships

Zhang graduated from Tianjin Foreign Language College with a BA in English and completed his MBA at Tianjin Radio & TV University. Before joining wokai Zhang worked at the china construction Bank, directed web design and media outreach at the Tianjin Federal Union, and did strategy planning at an advertisement firm in Tianjin, China.