An independent panel of leading fintech experts
will select 50 innovative inclusive fintech startups helping
communities rebuild from the pandemic
The Center for Financial Inclusion (CFI) has launched the third
year of Inclusive Fintech 50 (IF50), a competition to recognize the
most promising inclusive fintech startups pushing the frontiers of
innovation. This year, the competition seeks to recognize
early-stage fintechs that are helping low-income customers and
micro- and small enterprises not just respond to the pandemic, but
rebound, rebuild, and recover after the past year’s
devastation.
IF50 is sponsored by Visa, MetLife Foundation, and Jersey
Overseas Aid & Comic Relief, with support from Accion and IFC.
In its first two years, IF50 attracted applications from over 700
startups across 162 countries, cumulatively reaching almost 175
million customers. Each year, an independent judging panel of
global fintech experts reviews the applicants to select 50 winners
based on four criteria: inclusivity, innovation, scale potential,
and traction.
Participation in the competition provides startups with
visibility and credibility among investors as well as media and
partnership exposure; 19 winners from the 2019 cohort have since
raised a collective $182.5 million in investment. In addition, this
year’s winners will be featured in early November during Financial
Inclusion Week, an annual virtual event organized by CFI for the
inclusive finance community to discuss the latest developments and
key issues facing the sector. Winners will also be featured in this
year’s research findings and media coverage. For example, several
publications from the past two years prominently featured IF50
winners.
For the 2021 competition, new benefits to IF50 winners include
access to Practical Business Skills, a global digital platform
created by Visa to deliver free educational resources to help small
and micro business owners make confident, informed decisions to
grow their businesses. Winners will be able to customize and
co-brand this turn-key solution to support the local recovery
efforts of the small and micro businesses they serve. Eligible
winners will automatically pre-qualify for Visa Fintech Fast Track,
a program that aims to speed up the process of integrating with
Visa and its ecosystem partners and helps fintechs enhance and
introduce new and innovative payment experiences. These tools,
together with the networking and platform that IF50 provides, serve
as an invaluable platform for startups at the earliest stages of
their journey.
As the COVID pandemic continues to rage in many parts of the
world, fintech startups and services have proven to be an
invaluable lifeline for vulnerable people, facilitating
remittances, digital payments, and payments associated with
government safety nets. Higher rates of fintech acceptance present
new opportunities for startups to go beyond traditional offerings
to deliver valuable financial services that will ensure the
financial health and resilience of underserved people.
Expert judges include a diverse group of independent fintech
experts, investors, and founders, including:
- Nejoud Al Mulaik, Director, Fintech Saudi
- Tarek Assad, Managing Partner, Algebra Ventures
- Sarah Austrin-Willis, Senior Director, Financial Solutions Lab,
Financial Health Network
- Ginger Baker, Head of Financial Access, Plaid
- Anne-Marie Chidzero, Chief Investment Officer, FSD Africa
Investments
- Bernhard Eikenberg, Managing Partner, Emerging Markets,
Community Investment Management
- Brad Jones, CEO, Wave Money
- Buhle Goslar, Africa CEO, Jumo
- Jojo Malolos, CEO, JG Digital Equity Ventures and Data
Analytics Ventures
- Kunal Upadhyay, Advisor, ADB Ventures
- Shwetank Verma, Co-Founder and General Partner, Leo
Capital
- Gabriela Zapata Alvarez, Independent Consultant (Financial
Inclusion)
The application window opens today, and interested startups are
encouraged to apply by July 23 via the IF50 website.
Key quotes:
- Managing Director of the Center for Financial Inclusion, Mayada
El-Zoghbi, highlighted the timeliness of the theme noting, “As the
world continues to wrestle with the challenges presented by the
pandemic, fintechs can play an important role in helping those most
impacted move towards recovery. For example, by supporting micro-
and small enterprises, which have been devastated by the pandemic
but will be ground zero for eventual economic recoveries across the
developing world. As difficult as this crisis has been, it has
prompted a surge in fintech innovation and an openness to new
ideas, the benefits of which could be applied to other challenges
beyond the pandemic. We need to be intentional about how we can use
this as a springboard for making advances elsewhere, such as with
women’s financial inclusion, the responsible use of data, and in
navigating the impacts of climate change.”
- Beth Hurvitz, Global Head of Social Impact, Visa Inc., noted,
“Digital payments are an onramp for financial inclusion, helping
people and businesses meet their needs and stay afloat in the
current context. Fintechs are key to enhancing access and the
benefits of digital adoption for the underserved. Visa is committed
to work with the payments ecosystem on initiatives such as
Inclusive Fintech 50, to support SMB owners to become digitally
enabled and rebuild stronger, more competitive and resilient
businesses for the recovery of our communities.”
- Krishna Thacker, Director, MetLife Foundation, noted, “At
MetLife Foundation, we recognize the ability of tech to reach
low-income people further and faster, but we’re also focused on
engaging the customer and changing their financial outcomes.
Through Inclusive Fintech 50, we want to identify, recognize and
support organizations that are going beyond inclusion to build
resilience and financial health for low-income customers – a need
highlighted by the pandemic.”
About IF50
Inclusive Fintech 50 identifies promising early-stage fintechs
driving financial inclusion around the globe through a competitive
process led by an independent panel of judges from venture capital,
technology, and financial services. Applicants are assessed on the
degree to which their target market includes underserved people or
businesses, and whether their innovation offers a new value
proposition, shows early-stage traction, and can have a noticeable
impact on the more than 3 billion financially underserved people
globally. Inclusive Fintech 50 is sponsored by Visa, MetLife
Foundation, and Jersey Overseas Aid & Comic Relief, with
support from Accion and IFC. The initiative is managed by the
Center for Financial Inclusion (CFI). Learn more at
www.inclusivefintech50.com.
About The Center for Financial Inclusion
The Center for Financial Inclusion (CFI) works to advance
inclusive financial services for the billions of people who
currently lack the financial tools needed to improve their lives
and prosper. We leverage partnerships to conduct rigorous research
and test promising solutions, and then advocate for evidence-based
change. CFI was founded by Accion in 2008 to serve as an
independent think tank on inclusive finance.
About Visa
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network – enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of connected commerce on any
device, and a driving force behind the dream of a cashless future
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information visit
About Visa and @VisaNews.
About MetLife Foundation
At MetLife Foundation, we are committed to expanding
opportunities for low- and moderate-income people around the world.
We partner with nonprofit organizations and social enterprises to
create financial health solutions and build stronger communities,
while engaging MetLife employee volunteers to help drive impact.
MetLife Foundation was established in 1976 to continue MetLife’s
long tradition of corporate contributions and community
involvement. From its founding through the end of 2019, MetLife
Foundation provided more than $900 million in grants and $87
million in program-related investments to make a positive impact in
the communities where MetLife operates. Our financial health work
has reached more than 17.3 million low- and moderate-income
individuals in 42 countries. To learn more about MetLife
Foundation, visit metlife.org.
About Jersey Overseas Aid & Comic Relief
In 2018, Comic Relief and Jersey Overseas Aid announced a
four-year £8 million partnership called ‘Branching Out: Financial
Inclusion at the Margins’ to improve access to affordable financial
services for those at the margins of society in Sierra Leone,
Rwanda and Zambia. Comic Relief and Jersey Overseas Aid believe
that one of the best ways to do this is by transferring knowledge
to build responsible and inclusive financial systems, incubating
FinTech, and focusing on service delivery to increase
bottom-of-the-pyramid access to financial services including bank
accounts, savings, insurance and credit, providing low-income
households with the means to plan for the future as well as
unexpected events. The partnership grants support a diverse set of
organisations, made up of international and local NGOs, with each
grantee delivering programmes designed to meet different community
and national needs in addressing financial inclusion.
About Accion
Accion is a global nonprofit committed to creating a financially
inclusive world, with a pioneering legacy in microfinance and
fintech impact investing. We catalyze financial service providers
to deliver high-quality, affordable solutions at scale for the
three billion people who are left out of — or poorly served by —
the financial sector. For 60 years, Accion has helped tens of
millions of people through our work with more than 160 partners in
55 countries. More at http://www.accion.org.
About IFC
IFC—a member of the World Bank Group—is the largest global
development institution focused on the private sector in emerging
markets. We work in more than 100 countries, using our capital,
expertise, and influence to create markets and opportunities in
developing countries. In fiscal year 2020, we invested $22 billion
in private companies and financial institutions in developing
countries, leveraging the power of the private sector to end
extreme poverty and boost shared prosperity. For more information,
visit www.ifc.org.
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version on businesswire.com: https://www.businesswire.com/news/home/20210628005166/en/
Lauren Braniff, Vice President, Strategy and Communications
Center for Financial Inclusion: lbraniff@accion.org
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