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Inclusive Fintech 50, global competition to elevate early-stage fintechs driving financial inclusion, announces winners



Contact: Sarah Kelly                                          
MetLife Australia                                   
+61 (0)411 893 890                              
sarah.kelly@metlife.com
 
Inclusive Fintech 50, global competition to elevate early-stage fintechs driving financial inclusion, announces winners
MetLife Foundation and Visa, with partners Accion and IFC, launch inaugural list to help fintech companies attract capital and resources to benefit the 3 billion financially underserved people globally
 
Sydney, 3 July 2019 – MetLife Foundation and Visa Inc., with global nonprofit Accion and World Bank Group member IFC, have announced the winners of the Inclusive Fintech 50, a competition launched in February to help early-stage fintech companies attract capital and resources to benefit the world’s 3 billion financially underserved people.
 
The 50 winners – which were selected from nearly 400 eligible applicants – demonstrate the power of financial technology to expand access, usage, and quality of financial services in advanced and emerging markets. Approximately 30 percent of the winners provide credit products to underserved segments including MSMEs, and approximately 25 percent offer infrastructure solutions like biometrics software that enable financial institutions to expand access to previously excluded groups. Fintechs offering insurance, payments & remittances services, and savings & personal financial management tools each made up approximately 15 percent of the winners.
 
“Existing research indicates that investment capital has largely overlooked early-stage and inclusive fintechs in several markets,” said Marianne Mwaniki, Head of Social Impact at Visa, Inc. “This group of winners makes clear that there are high-potential startups with viable products and business models – and they’re ready for investment.”
 
Nearly 70 percent of the winners are pre-Series A, yet these startups already exhibit strong product-market fit and traction, as demonstrated by their combined 8 million customers. In terms of geographic distribution, nearly one-third operate in more than one region, and another third operate exclusively in Sub-Saharan Africa. Twenty percent of the selected fintechs operate exclusively in South Asia, and 8 percent each in North America and East Asia & the Pacific. The remainder comes from Latin America & the Caribbean and MENA. A forthcoming white paper will provide insights into the applicants, winners, and lessons learned.  
 
“Inclusive Fintech 50 demonstrates that there are lesser-known fintechs able to reach underserved populations with appropriate financial products,” said Sarah Willis, Director of Financial Health & Inclusion at MetLife Foundation. “We want to support startups that are addressing the holistic needs of these target segments with the ultimate goal of improving their financial health.”
 
The winners are listed below by operating regions. Full profiles can be found at: www.inclusivefintech50.com/winners.
 
East Asia & the Pacific
  • AwanTunai (credit)
  • Frollo (savings & personal financial management)
  • JULO (credit)
  • TaniFund (credit)
 
Latin America & the Caribbean
  • Celcoin (payments & remittances)
 
Middle East & North Africa
  • Dinarak (payments & remittances)
  • Dopay (payments & remittances)
 
North America
  • Distilled Identity (infrastructure)
  • Edquity (savings & personal financial management)
  • Resolve (savings & personal financial management)
  • Self Lender (savings & personal financial management)
 
South Asia
  • BASIX Sub-K (infrastructure)
  • CreditVidya (credit)
  • GramCover (insurance)
  • Happy (credit)
  • Jai Kisan (credit)
  • SmartCoin (credit)
  • Tez Financial Services (savings & personal financial management)
  • Three Wheels United (credit)
  • Toffee Insurance (insurance)
 
Sub-Saharan Africa
  • ACRE Africa (insurance)
  • Apollo Agriculture (credit)
  • awamo (infrastructure)
  • E-Settlement (infrastructure)
  • Hello Paisa (payments & remittances)
  • Inclusivity Solutions (insurance)
  • Kwara (infrastructure)
  • MaTontine (infrastructure)
  • Numida (infrastructure)
  • OZÉ (infrastructure)
  • PEG Africa (credit)
  • People’s Pension Trust (savings & personal financial management)
  • Pezesha (credit)
  • Pula (insurance)
  • Riby (infrastructure)
  • Tulaa (credit)
 
Multiple Regions
  • 4Told Fintech (credit)
  • AID:Tech (payments & remittances)
  • Blockbonds (savings & personal financial management)
  • Click2Sure (insurance)
  • CreditEnable (credit)
  • Everest (infrastructure)
  • hiveonline (infrastructure)
  • Mosabi (credit)
  • Musoni Systems (infrastructure)
  • MyCash Online (payments & remittances)
  • Peppermint (payments & remittances)
  • Stonestep (insurance)
  • Teknospire (infrastructure)
  • Thunes (payments & remittances)
 
Inclusive Fintech 50 is implemented by MIX, the global data resource for socially responsible investors and businesses committed to financial inclusion.