Illustration: Aïda Amer/Axios

One of Facebook's launch partners in its new cryptocurrency Libra is Kiva, a nonprofit that has married the concept of third-world microloans to first-world crowdfunding.

Catch up quick: Ordinary Americans use Kiva to lend money to some of the poorest people in the world, receiving 0% interest in dollars. The dollars go to microfinance institutions in more than 80 countries, which convert them to local currency and then lend them out to individuals who have to repay the loans with interest.

  • Kiva's model of giving its investors a 0% return has been reasonably successful: It has lent a total of $1.3 billion over the past decade, with a 97% repayment rate. But when it comes to refugees in particular, the numbers are much lower: Since it started offering loans to refugees in 2016, Kiva has totaled just $12.5 million in loans.

So, Kiva is introducing the Kiva Refugee Investment Fund, a lending vehicle aimed at impact investors seeking a positive return. The fund will be part of Kiva Capital Management, a new shop that will join what the Global Impact Investing Network estimates as the $502 billion market for investments aimed at positive social change.

  • "Impact investing" is not particularly well defined. The RealReal, for instance, a luxury-goods marketplace going public this week, has attracted capital from impact investors like DBL Partners on the grounds that it "promotes sustainability by extending the lifespan of upscale goods."
  • The impact investing universe is also relatively small: The $502 billion stock of impact investing funds globally is significantly less effective than the $428 billion flow of funds donated to charity by Americans alone in 2018.

The bottom line: A recent UBS survey of 443 asset managers controlling more than $20 trillion among them found that 78% of them actively take ESG (environmental, social and governance) factors into account when making investments. But it's hard to see what difference that has made. More focused impact investors tend to be keener on quantifying their impact — and efforts to do that on a comparable basis are still at a very early stage.

Go deeper: Global refugees face increasing risk of long-term displacement

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Scoop: Lawmakers tee up hearing with academics ahead of antitrust report

Big Tech CEOs testify before the House Judiciary antitrust panel in June. Photo: Mandel Ngan/Pool/AFP via Getty Images.

Mostly academics will be testifying at Thursday's House Judiciary antitrust subcommittee hearing which will reveal where its year-long investigation into big tech and competition is going, a source familiar with the matter told Axios.

Why it matters: The hearing is the next step following testimony from Facebook's Mark Zuckerberg, Google's Sundar Pichai, Amazon's Jeff Bezos and Apple's Tim Cook before the committee in July. A showing of academics and think-tank types signals the lawmakers are still sorting out competition theories and possible legislative fixes to perceived antitrust abuses.

Biden releases 2019 tax returns ahead of debate

Photo: Alex Wong/Getty Images

Joe Biden's campaign released his 2019 tax returns on Tuesday, showing that he and his wife, Jill, paid nearly $300,000 in federal taxes last year.

Why it matters: The release, timed just hours before the first presidential debate, comes days after a bombshell New York Times report said that President Trump paid only $750 in federal taxes in 2016 and 2017. Biden's team is hoping to make the tax contrast a sticking point during their showdown.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:15 p.m. ET: 33,454,037 — Total deaths: 1,003,571 — Total recoveries: 23,204,219Map.
  2. U.S.: Total confirmed cases as of 2:15 p.m. ET: 7,165,067 — Total deaths: 205,476 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.