2020 Inclusive Fintech 50 is now accepting applications for Fintechs driving innovation and providing financial services for the underbanked or non-banked population. In its second year of operation, IF50 seeks to identify a cohort of 50 high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience for the 3 billion financially underserved people worldwide.
Fintech solutions including credit, Insurtech, payments and remittances, savings and personal financial management, and more are encouraged to apply. The initiative brings selected Fintechs together with investors while developing industry insights from aggregated and anonymized applicant data.
The process is said to identify 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.
Selected Fintechs have 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 $25,000 based on the judging panel’s assessment of their contributions to the underserved.
Inclusive Fintech 50 was founded by the MetLife Foundation and Visa Inc., with support from Accion and IFC. Additional funding has been provided by BlackRock and Jersey Overseas Aid & Comic Relief.
“Now more than ever, fintechs play a crucial role in expanding financial services to vulnerable populations,” said Mark Pickens, Senior Director, Social Impact at Visa Inc. “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.”
Evelyn Stark, Financial Health Lead at MetLife Foundation, explained that financial services act as a stabilizing force for low- and moderate-income people, enabling them to build resilience and plan for the future:
“COVID-19 has further underscored the importance of being prepared for financial shocks. The 2019 edition of Inclusive Fintech 50 confirmed that fintech startups are creating new models that can reduce the vulnerability of households and businesses and facilitate inclusive growth.”
In 2019, Inclusive Fintech 50 reported that it attracted applications from 400 Fintechs based in 72 countries.
Interested early-stage Fintechs can apply between June 15 and July 10, 2020. Applications will be accepted in English, Spanish, and French. The 2020 cohort will be announced in October.