Press release: MetLife Foundation and Visa Launch “Inclusive Fintech 50” to Elevate Early-Stage Fintechs Addressing Financial Inclusion
MetLife Foundation and Visa Inc., with global nonprofit Accion and IFC, a member of the World Bank Group, announced a new initiative to recognize the top 50 early-stage fintechs contributing to financial inclusion around the globe. The “Inclusive Fintech 50” will culminate in a list of the most impactful, emerging fintechs that demonstrate the power of financial technology to expand access, usage and quality of financial services in advanced and emerging markets.
The initiative brings together four organizations driving investment and influence in technology and innovation for financial inclusion. The initiative will be implemented by MIX, the global data resource for socially responsible investors and businesses focused on inclusive finance.
“The migration to digital financial services improves the lives of individuals, supports stronger businesses and spurs economic progress and prosperity. Fintech companies are driving innovation, especially as it relates to un-served and underserved populations,” said Marianne Mwaniki, Global Head of Social Impact at Visa Inc. “This initiative will help investors identify those high-potential companies and, in turn, help those companies attract the capital and knowledge they need to scale their business for maximum social impact.”
Investors often cite difficulty in identifying prospective fintech investees, especially those contributing to inclusion, while financial service providers struggle to identify appropriate fintech partners. “Though capital is available to well-known and established fintechs, it’s less so for the early-stage companies focused on financial inclusion,” said Sarah Willis, Director of Financial Health at MetLife Foundation. “This effort will create visibility into a pipeline of inclusive fintechs that are reducing costs in delivery, improving the customer experience and ultimately creating an environment where low- to moderate-income people can build resilience, expand their economic opportunities and plan for the future.”
The competition will assess fintechs across the following criteria: inclusiveness, business model innovation, scale potential, and traction. A panel of more than 20 industry experts from venture capital, fintech, banking and other sectors will review applicants and select the winners.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.