Women’s World Banking selects 2023 Fintech Innovation Challenge semifinalists

Now in its fourth year and the only women-centric competition for late-stage fintechs, the challenge will provide a platform for these companies to continue working to address the persistent challenges in serving the low-income female market.

The 10 Fintech Innovation Challenge semi-finalists were selected from a pool of 98 highly qualified applicants in 34 countries. Applicants were judged based on strict criteria by an expert advisory committee that evaluated several factors, including product innovation, gender inclusivity, financial viability, scale potential and team experience and diversity.

• 50% of semi-finalist solutions focus on credit for women-led MSMEs, 40% focus on sending and receiving money, and 10% on non-money solutions
• 7 countries are represented
• 7 were founded or co-founded by a female entrepreneur

In addition, of the 10 semi-finalists, 7 female-founded fintechs join Women’s World Banking’s first female founder circle. This exclusive network of like-minded female founders will be promoted through a robust integrated communications, marketing and media campaign.

“I am thrilled to see such highly qualified applicants advance as semi-finalists in our Fintech Innovation Challenge 2023 and to announce the participants in our first-ever female founding circle,” Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “All 10 semi-finalists, including those in the Female Founder’s Circle, are developing innovative solutions and products to effectively address the needs of low-income women in ways that traditional financial service providers cannot or will not. I am excited to see their continued participation in our competition .”

The four finalists will be announced on January 9, 2023. Challenge finalists will participate in an in-person pitch competition at Women’s World Banking’s biannual Global Summit in 2023 and be tracked for participation in the Women’s Economic Empowerment Accelerator, run by Miller Center for Social Entrepreneurship at Santa Clara University. They will also receive pitch advice and a UX design consultation. The grand prize winner will receive access to key fintech events in 2023 such as Point Zero Forum, Elevandi Connects and the Singapore FinTech Festival, as well as an invitation to be a speaker at a Women’s World Banking Making Finance Work for Women event.

See the full list of 2023 Fintech Innovation Challenge semi-finalists below:
1. Amartha
2. ARTH Impact – Female Founder’s Circle Participant
3. Awaaz.De Infosystems – Female Founder Circle Participant
4. DotX technologies
5. Simple administration – female founding circle participant
6. HAMWE East Africa – Female Founder Circle Participant
7. IndiaP2P – Female Founding Circle Participant
8. MoneyMart Finance – Female Founding Circle Participant
9. Salary code
10. Peabody Soft – Female Founding Circle Participant

The Fintech Innovation Challenge is sponsored by the Bill & Melinda Gates Foundation (lead sponsor) and Ernst & Young LLP (EY US and Advancing Sponsor). Women’s World Banking’s core funders are Australia’s Department of Foreign Affairs and Trade (DFAT), the Swedish International Development Cooperation Agency (SIDA) and the Visa Foundation. Prizes in kind are provided by Elevandi and the Miller Center for Social Entrepreneurship at Santa Clara University.