Applications have opened for the second edition of the Inclusive Fintech 50, which will identify 50 high-potential, early-stage and innovative fintech startups driving financial inclusion and resilience for the three billion financially underserved people worldwide.
First launched last year and eventually featuring 20 Africa-focused companies, Inclusive Fintech 50 creates visibility for the most promising inclusive fintechs with a solution among credit, insurance, payments and remittances, savings and personal financial management, and infrastructure addressing challenges of underserved segments.
The initiative, founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock, Jersey Overseas Aid, and Comic Relief, brings selected fintechs together with leading investors in the space, and develops industry insights from aggregated and anonymised applicant data.
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 also receive cash prizes of US$25,000.
“Now more than ever, fintechs play a crucial role in expanding financial services to vulnerable populations,” said Mark Pickens, senior director for social impact at Visa.
“Visa believes in the power of digital payments as an on-ramp for unbanked and underserved people, which is all the more important as we seek to help lower-income communities to mitigate, adapt to, and recover from economic turmoil.”
Interested early-stage fintechs can apply until July 10, with the 2020 cohort to be announced in October.