By Adedapo Adesanya
Inclusive Fintech 50 has launched its 2020 edition in which two startups selected to be part of the list will get cash prizes of $25,000 each.
The initiative aims to identify 50 innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide.
The initiative, which is now in its second year, was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid & Comic Relief.
The initiative is implemented by Mix, the global data resource for investors focused on inclusive finance.
In a statement on its blog, the organisers of the initiative said the aim of the initiative is to create visibility for the most promising inclusive fintechs.
The selection takes place through a competitive process led by an independent judging panel of experts from venture capital, technology, and financial services firms worldwide.
The competitive process identifies startups poised for success through four criteria: inclusiveness, innovation, scale potential, and traction.
Inclusiveness is determined by the degree to which each applicant’s target market includes underserved people and businesses, and the related problem the startup is aiming to solve.
Selected fintechs will benefit from increased visibility, with the opportunity to connect with peers and position themselves for investment through connections to investors.
Two of the selected fintechs will receive the $25,000 cash prize based on the judging panel’s assessment of their contributions to the financial resilience — or the ability to withstand and recover from shocks — of low-income households and micro, small and medium-enterprises (MSMEs).
In 2019, Inclusive Fintech 50 attracted eligible applications from 400 fintechs based in 72 countries and with a combined customer base of nearly 70 million people.
Applications for this year’s edition will close on July 10 and the selected candidates for the year 2020 will be announced in October.
Interested parties can visit https://www.inclusivefintech50.com/apply to apply.
