CLEARING THE AIR A ReNew wind farm in Uttar Pradesh state, India. ReNew is the
biggest renewables producer in a nation eager to wean itself from fossil fuels.THE LIST
7 14148 FORTUNE OCTOBER/NOVEMBER 2021
Millions of finan-
cially stable Ameri-
cans look like risky
borrowers on pa-
per—because they
are freelancers, for
example, or have
multiple jobs. The
Change Company
provides fairly
priced mortgages
to this under-
served group. In
2020 it originated
$7 billion in loans
to some 30,000
customers, 70% of
whom identify as
Black, Latinx, or
low-income. It also
notched its third
straight year of
operating profits.Even as the U.S.
minimum wage
languishes at $7.25
per hour, Bank of
America is raising
the bar: In 2020 it
upped its minimum
hourly wage to
$20, and this May
it promised to
hike it to $25 by- BofA has also
spent $425 million
on pandemic-
era caregiving
reimbursements
for employees. The
return on these
investments: lower
turnover, as more
staffers see BofA
as an “employer of
choice.”
KCB is East Africa’s
second-biggest
homegrown
bank, with more
than 22 million
customers across
countries such as
Kenya, Rwanda,
and Burundi. Job
No. 1 is helping
those customers
rebound from the
pandemic: The
bank has restruc-
tured more than
$1 billion in loans
to accommodate
COVID-distressed
borrowers. KCB
also funds voca-
tional scholarships
for up to 10,000
youths a year.Since George
Floyd’s murder,
PayPal has de-
ployed $510 million
toward closing the
racial wealth gap,
mostly by making
deposits in Black-
and Latinx-owned
financial institu-
tions and backing
early-stage VC
funds led by Black
and Latinx manag-
ers. The goal is giv-
ing communities of
color more capital
to support entre-
preneurship, which
creates wealth —for
the entrepreneurs
and their backers
alike.32
MILLION
NUMBER OF
UNDERBANKED
HOUSEHOLDS
IN THE U.S.$67,000
ADDITIONAL
EXPENSE THAT THE
AVERAGE BLACK
FAMILY FACES
OVER THE LIFE
OF A MORTGAGE,
COMPARED WITH A
WHITE FAMILY WITH
THE SAME LOAN
SOURCES: FDIC, MITNO. 8
KCB Group
Steering bor-
rowers through
choppy waters.
NAIROBINO. 9
Bank of America
Investing in
better pay and
employee loyalty.
CHARLOTTEAs India's largest renewable-
energy firm, ReNew has the
daunting task of building an
alternative to fossil fuels in
the nation that is the world’s
third-largest oil importer and
one of its fastest-growing
energy consumers. ReNew
provides solar and wind power
in nine Indian states, reaching
around 400,000 people, but
it’s poised for greater growth
thanks to recent fundraising.
ReNew has brought in $1.4 bil-
lion through multiple tranches
of “green” bonds since
October 2020, and in August it
raised more than $1 billion on
the Nasdaq via a merger with
a special purpose acquisition
company (SPAC).NO. 10
ReNew Energy Global
A foothold for solar and wind
power in a fast-growing
energy market.
GURUGRAM, INDIAThis biotech firm
funds and fosters
creators of novel
drugs, having
helped launch
more than 100
companies that
now total more
than $180 billion
in market value.
It’s no household
name, but one of
its progeny is: Flag-
ship birthed Mod-
erna, maker of the
vital RNA-driven
COVID vaccine.
Another Flagship
startup, Laronde,
is now aiming to
leverage “endless
RNA” tech to fight
other diseases.In 2019 this Asia-
and Africa-focused
insurer launched
Pulse, a free health
app that uses A.I.,
gamification, and
other phone fea-
tures to promote
health engagement
in places where re-
sources to manage
chronic disease are
limited. (Offerings
include a symptom
tracker and a
health-assessing
selfie tool.) Down-
loaded 30 million
times in 17 nations,
Pulse has boosted
sales: In 2020 it
generated $211 mil-
lion in revenue.NO. 11
The Change
Company
Expanding U.S.
homeownership.
IRVINE,
CALIF.NO. 12
Flagship
Pioneering
An incubator of
essential drugs.
CAMBRIDGE,
MASS.NO. 13
Prudential UK
An app steps up
when health care
is hard to find.
LONDONNO. 7
PayPal
A bet on Black
and Latinx long-
term wealth.
SAN JOSECOURTESY OF RENEW POWER; COURTESY OF LEGO