Women’s World Banking Fintech Innovation Challenge 2023

Deadline: 15 September 2022

Applications for the Women’s World Banking Fintech Innovation Challenge 2023 are now open. The challenge identifies and elevates 4 late-stage fintechs, pioneering innovative financial solutions that break the persistent challenges in serving the low-income market for women.

The Fintech Innovation Challenge attracts over 100 fintech applicants from around the world who are developing innovative products to close the gender gap in the low-income market for women. They are looking for fintechs that are currently developing innovative products and solutions that address low-income women and their needs.

The challenge

In recent years, we have seen a dramatic increase in women’s use of digital financial services. Based on the latest Global Findex report, for the first time in a decade, the gender gap has narrowed from 9% to 6% in key emerging markets, thanks in part to an increased number of low-income women taking advantage of digital financial services.

Now is the time to build on this momentum and leverage digital financial services as a ramp for low-income female customers to adopt and use a large suite of formal financial products and services. Low-income women represent a large, untapped market opportunity for digital financial services providers, and fintechs in particular, who can leverage technology innovation to break the persistent challenges of closing the gender gap in financial services.

The 2023 Fintech Innovation Challenge invites applications from fintech’s cutting-edge innovative financial solutions that break the persistent challenges in serving the low-income market for women.

Premiums

The four finalists and the grand prize winner will be awarded mentorship, personal UX design and investor consultations, membership in exclusive networks and priority access to fintech events attended by investors and partners worldwide.

Four finalists

• Invitation to present your solution at the Women’s World Banking Fintech Innovation Challenge in February 2023 in Dubai as part of Making finance work for women Summit.
• Invitation to join the Women’s World Banking Global Network, with one year complementary membership.
• Fast track application to the Miller Center for Social Entrepreneurship’s Accelerator at Santa Clara University focusing on women’s economic empowerment and climate resilience, which contains:
  • Access to a Silicon Valley network of over 300 mentors.
  • An average of $750,000 in investments raised 3 years after the accelerator.
• Exclusive pitch advisory session with Women’s World Banking Asset Management team.
• Priority access to UX design consultation with an industry expert.
• Invitation to attend Making finance work for women Summit in Dubai and leverage networking opportunities with 300+ high-profile global stakeholders in financial services, fintech and financial inclusion.

Grand prize winner

• Priority access to key 2023 fintech investor networking events powered by Elevandi, such as Point Zero, Elevandi Connects and/or the Singapore Fintech Festival.
• Priority access to Women’s World Banking’s global PR firm, Porter Novelli, to help develop strong media presence and drive visibility and exposure.
• Invitation as a featured speaker at a Women’s World Banking Making finance work for women thought leadership event.

Female founding circle

• For the first time ever, they form the Female Founders Circle. All female fintechs who make it to the Top 12 will receive automatic membership in this premier group.
• The Female Founders Circle is an exclusive network of like-minded, female-founded fintechs who will have full access to Women’s World Banking’s global PR firm, Porter Novelli, helping them achieve new levels of visibility and exposure.

Eligibility

You should apply if fintech meets the following criteria:

• You are a fintech that leverages technology to provide financial solutions for underserved, low-income women. Solutions need not be exclusively for women, but should demonstrate a conscious intention to close the gender gap in financial services.
• Your focus is on serving customers in emerging markets.
• Your fintech is preparing for Series A or later and can demonstrate a minimum viable product and a path to profitability.

application

To apply for the Fintech Innovation Challenge, you should submit an online application by 15 September 2022. The application period closes at 11:59 PM EDT.

Click here to apply

For more information, visit Fintech Innovation Challenge.