Inclusive Fintech 50 Announces 2022 Winners
The Center for Financial Inclusion (CFI) today announced the fourth cohort of the global Inclusive Fintech 50 (IF50) competition, which recognizes 50 early stage, inclusive fintechs that aim to advance financial inclusion. IF50 is sponsored by Visa, MetLife Foundation and Jersey Overseas Aid & Comic Relief, with support from Accion and IFC. The 2022 winners exemplify the power of fintech to reach underserved individuals and businesses with products and services designed to meet consumer needs, preferences and resources.
The 2022 winners were selected from a pool of 257 qualified applicants headquartered in 79 countries, with sub-Saharan Africa representing 40 percent of candidates. The winning startups represent a range of product categories, including credit, digital financial infrastructure, insurance, savings and personal financial management, and payments and remittances. Credit is still the most common type of product offer, with 32 per cent of applicants offering a credit solution. The infrastructure category for digital financial services showed the most growth, increasing from 16 percent of applicants in 2021 to 23 percent in 2022.
An independent panel of 35 expert judges with expertise in venture capital, technology and financial services evaluated the applicants based on their inclusivity, innovation, traction and scale potential.
The IF50 competition offers winning fintech exposure among investors and media, and provides access to exclusive networking events, the opportunity to pitch their innovations, and links to expert support and training provided by IF50 sponsors and supporters. IF50 winners from the past three years have collectively increased their funding by $620 million in the year following their win. This year’s IF50 winners will also gain exposure during CFI’s Financial Inclusion Week event, which runs almost 17-20. October. Winners will be announced by category throughout the week, culminating in a global plenary session discussing insights from this year’s competition.
Visa, an IF50 sponsor, gives winners access to Practical Money Skills and Practical Business Skills, digital platforms created by Visa to provide individuals and micro and small businesses with the financial and business knowledge needed to manage and grow. These tools, along with the networking and publicity that IF50 provides, serve as an invaluable opportunity for startups at the earliest stages of their journey.
Full profiles of 2022 winning fintechs can be viewed at www.inclusivefintech50.com/2022-cohort.
KEY QUOTATIONS
“With the world experiencing an accelerated rate of digitization in recent years, the opportunities for fintechs to serve vulnerable individuals and businesses have increased significantly. Digital payments and money transfers, for example, are expanding into new geographies and clientele, affecting the financial health of the positively underserved. As a founding sponsor of IF50, we are excited to showcase fintechs that are innovating new ways to reach more people by putting social impact at the core of their product and service offerings.”
– Chiagozie Nwabuebo, Vice President, Social Impact – Inclusive Growth, Visa Inc.
“MetLife Foundation is committed to ensuring global communities have what they need to adapt to their changing world. After four years of supporting the Inclusive Fintech 50, we are inspired by early stage social entrepreneurs committed to creating innovative and scalable solutions which aims to increase the economic health and resilience of low- and moderate-income communities.”
— Tia Hodges, Head of Corporate Giving & Employee Volunteerism at MetLife and Executive Director of the MetLife Foundation
“In today’s rapidly changing technological landscape, there are so many opportunities to find new ways to eradicate poverty and promote economic growth by bringing basic financial services to marginalized people. JOA is thrilled to play a role in showcasing these impressive fintech start-ups that are developing innovative technological solutions that tackle exclusion and inequality head on.”
— Deputy Carolyn Labey, Jersey’s Minister for International Development
“Financial products and services are essential for building the resilience of low-income households and micro and small businesses facing economic instability and increased environmental risk. The winners of the 2022 Inclusive Fintech 50 competition are committed to providing inclusive and impactful products to meet these urgent needs. CFI is pleased to host this competition and introduce the fourth cohort of IF50.”
— Mayada El-Zoghbi, Center for Financial Inclusion
About the IF50
The Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion worldwide through a competitive process led by an independent panel of judges from venture capital, technology and financial services. Applicants are assessed on the extent to which their target market includes underserved individuals or businesses, and whether their innovation provides a new value proposition, demonstrates early-stage traction and can have a tangible impact on the more than 3 billion economically underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation and Jersey Overseas Aid & Comic Relief, with support from Accion and IFC. The initiative is led by the Center for Financial Inclusion (CFI). Learn more at www.inclusivefintech50.com.
Media contact: Lauren Braniff, Vice President of Strategy and Communications, Center for Financial Inclusion: [email protected].
