This report and infographic examine data from the 250+ eligible fintech applicants from the fourth Inclusive Fintech 50 competition to better understand the state of early-stage fintechs. CFI analyzes all applications to identify trends and to find innovations with disruptive potential. The massive scale that is only possible with digitalization matters greatly to the financial inclusion agenda, and this year’s IF50 applicants are already collectively reaching 54 million people, many of whom were previously underserved, across 101 countries of operation. The fintechs are young and small now, but as we’ve seen in past years, they grow to reach millions more people and raise millions more in investment. However, despite this tremendous outreach and potential, there are also areas that require attention: funding and gender gaps, inconsistent practices around data privacy and consent, and limited data collection for outcomes management.

Insights from the 2022 Inclusive Fintech 50 Applicant Pool

The <a href="https://www.inclusivefintech50.com" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> application data from the third year signals continued progress on innovations to onboard low-income customers, despite the challenges posed by the pandemic:
<ul>
 	<li><strong>Inclusive fintechs are using creative approaches to serve new customers</strong>. From retail partnerships that help drive customer acquisition, to insurance platforms offering micro-coverage, to native language chatbots, to enhanced biometric identity verification solutions, early-stage inclusive fintechs are pursuing outside-the-box solutions to reach un/underbanked people around the world.</li>
</ul>
Nevertheless, there are two areas of concern:
<ul>
 	<li><strong>Funding concentration persists</strong>. While fintech investments across emerging markets have been increasing, early-stage inclusive fintechs continue to face disparities based on geography, funding status, and gender.</li>
 	<li><strong>Potential customer risks persist around data usage</strong>. Although data is central to the business models of inclusive fintechs, some applicants require customer consent related to data, and some still do not.</li>
</ul>

Insights from the 2021 Inclusive Fintech 50 Applicant Pool

WASHINGTON, D.C., USA, June 28, 2021 - The Center for Financial Inclusion (CFI) has launched the third year of Inclusive Fintech 50 (IF50), a competition to recognize the most promising inclusive fintech startups pushing the frontiers of innovation. This year, the competition seeks to recognize early-stage fintechs that are helping low-income customers and micro- and small enterprises not just respond to the pandemic, but rebound, rebuild, and recover after the past year’s devastation.

IF50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. In its first two years, IF50 attracted applications from over 700 startups across 162 countries, cumulatively reaching almost 175 million customers. Each year, an independent judging panel of global fintech experts reviews the applicants to select 50 winners based on four criteria: inclusivity, innovation, scale potential, and traction.

Participation in the competition provides startups with visibility and credibility among investors as well as media and partnership exposure; 19 winners from the 2019 cohort have since raised a collective $182.5 million in investment. In addition, this year’s winners will be featured in early November during Financial Inclusion Week, an annual virtual event organized by CFI for the inclusive finance community to discuss the latest developments and key issues facing the sector. Winners will also be featured in this year’s research findings and media coverage. For example, <a href="https://www.inclusivefintech50.com/briefs" target="_blank" rel="noopener noreferrer">several publications from the past two years</a> prominently featured IF50 winners.

For the 2021 competition, new benefits to IF50 winners include access to <a href="https://www.practicalbusinessskills.com/" target="_blank" rel="noopener noreferrer">Practical Business Skills</a>, a global digital platform created by Visa to deliver free educational resources to help small and micro business owners make confident, informed decisions to grow their businesses. Winners will be able to customize and co-brand this turn-key solution to support the local recovery efforts of the small and micro businesses they serve. Eligible winners will automatically pre-qualify for <a href="https://partner.visa.com/site/programs/fintech-program.html" target="_blank" rel="noopener noreferrer">Visa Fintech Fast Track</a>, a program that aims to speed up the process of integrating with Visa and its ecosystem partners and helps fintechs enhance and introduce new and innovative payment experiences. These tools, together with the networking and platform that IF50 provides, serve as an invaluable platform for startups at the earliest stages of their journey.

As the COVID pandemic continues to rage in many parts of the world, fintech startups and services have proven to be an invaluable lifeline for vulnerable people, facilitating remittances, digital payments, and payments associated with government safety nets. Higher rates of fintech acceptance present new opportunities for startups to go beyond traditional offerings to deliver valuable financial services that will ensure the financial health and resilience of underserved people.

Expert judges include a diverse group of independent fintech experts, investors, and founders, including:
<ul>
 	<li>Nejoud Al Mulaik, Director, Fintech Saudi</li>
 	<li>Tarek Assad, Managing Partner, Algebra Ventures</li>
 	<li>Sarah Austrin-Willis, Senior Director, Financial Solutions Lab, Financial Health Network</li>
 	<li>Ginger Baker, Head of Financial Access, Plaid</li>
 	<li>Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments</li>
 	<li>Bernhard Eikenberg, Managing Partner, Emerging Markets, Community Investment Management</li>
 	<li>Brad Jones, CEO, Wave Money</li>
 	<li>Buhle Goslar, Africa CEO, Jumo</li>
 	<li>Jojo Malolos, CEO, JG Digital Equity Ventures and Data Analytics Ventures</li>
 	<li>Kunal Upadhyay, Advisor, ADB Ventures</li>
 	<li>Shwetank Verma, Co-Founder and General Partner, Leo Capital</li>
 	<li>Gabriela Zapata Alvarez, Independent Consultant (Financial Inclusion)</li>
</ul>
The application window opens today, and interested startups are encouraged to apply by July 23 via the <a href="https://www.inclusivefintech50.com/apply">IF50 website</a>.

# # #

Key quotes:
<ul>
 	<li>Managing Director of CFI, <a href="https://centerforfinancialinclusion.org/people/mayada-el-zoghbi/" target="_blank" rel="noopener noreferrer">Mayada El-Zoghbi</a>, highlighted the timeliness of the theme noting, “As the world continues to wrestle with the challenges presented by the pandemic, fintechs can play an important role in helping those most impacted move towards recovery. For example, by supporting micro- and small enterprises, which have been devastated by the pandemic but will be ground zero for eventual economic recoveries across the developing world. As difficult as this crisis has been, it has prompted a surge in fintech innovation and an openness to new ideas, the benefits of which could be applied to other challenges beyond the pandemic. We need to be intentional about how we can use this as a springboard for making advances elsewhere, such as with women’s financial inclusion, the responsible use of data, and in navigating the impacts of climate change.”</li>
 	<li>Beth Hurvitz, Global Head of Social Impact, Visa Inc. noted, “Digital payments are an onramp for financial inclusion, helping people and businesses meet their needs and stay afloat in the current context. Fintechs are key to enhancing access and the benefits of digital adoption for the underserved. Visa is committed to work with the payments ecosystem on initiatives such as Inclusive Fintech 50, to support SMB owners to become digitally enabled and rebuild stronger, more competitive and resilient businesses for the recovery of our communities.”</li>
 	<li>Krishna Thacker, Director, MetLife Foundation, noted, “At MetLife Foundation, we recognize the ability of tech to reach low-income people further and faster, but we’re also focused on engaging the customer and changing their financial outcomes. Through Inclusive Fintech 50, we want to identify, recognize and support organizations that are going beyond inclusion to build resilience and financial health for low-income customers – a need highlighted by the pandemic.”</li>
</ul>
# # #
<h3>About IF50</h3>
Inclusive Fintech 50 identifies promising early-stage fintechs driving financial inclusion around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially underserved people globally. Inclusive Fintech 50 is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid &amp; Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). Learn more at <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h3>About The Center for Financial Inclusion</h3>
The Center for Financial Inclusion (CFI) works to advance inclusive financial services for the billions of people who currently lack the financial tools needed to improve their lives and prosper. We leverage partnerships to conduct rigorous research and test promising solutions, and then advocate for evidence-based change. CFI was founded by Accion in 2008 to serve as an independent think tank on inclusive finance.
<h3>About Visa</h3>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit About Visa and @VisaNews.
<h3>About MetLife Foundation</h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $900 million in grants and $87 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3>About Jersey Overseas Aid &amp; Comic Relief</h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in Sierra Leone, Rwanda, and Zambia. Comic Relief and Jersey Overseas Aid believe that one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including bank accounts, savings, insurance and credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organizations, made up of international and local NGOs, with each grantee delivering programs designed to meet different community and national needs in addressing financial inclusion.
<h3>About Accion</h3>
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. More at http://www.accion.org.
<h3>About IFC</h3>
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

<strong>Media contacts</strong>: Lauren Braniff, Vice President, Strategy and Communications
Center for Financial Inclusion: lbraniff@accion.org

Inclusive Fintech 50 Launches 2021 Competition to Recognize Early-Stage Fintechs Driving Innovation in an Era of Uncertainty

<strong><img class="alignright size-full wp-image-4605" title="smart_logo-hires1110" src="http://centerforfinancialinclusionblog.files.wordpress.com/2011/10/smart_logo-hires1110.jpg" alt="" width="240" height="141" /></strong>

<strong>Washington, DC, October 25, 2011 —</strong> <a href="http://www.smartcampaign.org/index.php" target="_blank" rel="noopener">The Smart Campaign</a>, a global initiative to incorporate strong client protection principles across the microfinance industry, received a grant of US$350,000 from the International Finance Corporation (IFC) to help Indian MFIs incorporate client protection practices into their operations.
The Campaign will work with Indian MFIs to develop the tools and resources they need to deliver transparent and prudent financial services to all clients.  The grant will fund training sessions, on-site assessments and tools to institutionalize adherence to the Smart Campaign’s Client Protection Principles, which include: (1) appropriate product design and delivery, (2) prevention of over-indebtedness, (3) transparency, (4) responsible pricing, (5) fair and respectful treatment of clients, (6) privacy of client data, and (7) mechanisms for complaint resolution.
The work will be carried out in a number of ways:
<ul>
 	<li><strong>Client Protection Principles Training</strong> – The Campaign will conduct eight training sessions, each to be attended by staff from eight to ten MFIs, focused on building the Client Protection Principles into company policy and practice.</li>
 	<li><strong>Client Protection Self-Assessment by MFIs</strong> – The Campaign will seek to engage 75 MFIs in self-assessments, enabling participants to identify their vulnerabilities, strengths and weaknesses on the client protection front. These assessments highlight the degree to which their current practices foster client protection – for example, whether employee incentives encourage loan volume at the expense of portfolio quality. The assessment is through a questionnaire laying out best practices in every aspect of client interaction, from employee training through client education and loan collection.</li>
 	<li><strong>In-Depth Third-Party Client Protection Assessments</strong> – The Campaign will conduct week-long, on-site “Smart Assessments” of client interaction at 19 MFIs, evaluating institutional policies and practices with respect to the Client Protection Principles.</li>
 	<li><strong>Pilot Initiatives for Improving Client Protection in Practice</strong> – Based on the recommendations from the Smart Assessments, seven MFIs will choose a specific area to improve (e.g. collections practices).  The Campaign will then work with each MFI to design a client protection pilot project to be monitored on a quarterly basis.</li>
 	<li><strong>Training “Smart Assessors”</strong> – The Campaign will conduct two training sessions with personnel from three MFI networks, each of which is comprised of dozens, even hundreds of MFIs as members.  The four-day course will qualify participants to conduct Smart Assessments, thus enabling broad dissemination of these rigorous analyses.</li>
 	<li><strong>Smart Notes</strong> – The Campaign will follow up on eight Smart Assessments with published short reports known as Smart Notes.  These briefs highlight good practices at specific institutions that can serve as models to the microfinance community.</li>
</ul>
Isabelle Barrès, Director of the Smart Campaign, commented: “Having won broad industry adherence to the Client Protection Principles over the past two years, the Smart Campaign is focused in 2011 and 2012 on improving adherence through assessment, training and development of tools that can help MFIs improve their practices. The IFC grant will help to jump-start these concrete steps to improve client protection on the ground in India, the world’s largest microfinance market.”
<strong>About the Smart Campaign</strong>
<p style="text-align: left"><a href="http://www.smartcampaign.org/index.php" target="_blank" rel="noopener">The Smart Campaign</a> is a global campaign consisting of microfinance leaders from around the world who believe that protecting clients is not only the right thing to do but the smart thing to do. To date, over 2,261 microfinance and other financial institutions, microfinance support organizations, investors, donors, and individual industry professionals have pledged adherence to the Smart Campaign’s core <a href="http://www.smartcampaign.org/about-the-campaign/smart-microfinance-and-the-client-protection-principles" target="_blank" rel="noopener">Client Protection Principles</a>. By providing microfinance institutions with the tools and resources they need to deliver transparent, respectful and prudent financial services to all clients, the Smart Campaign is helping the industry maintain a dual focus on improving clients’ lives while attaining financial sustainability. The Campaign is headquartered at the Center for Financial Inclusion (CFI) at Accion and is governed by a <a href="http://smartcampaign.org/about-the-campaign/campaign-steering-committee" target="_blank" rel="noopener">Steering Committee</a> representing a broad cross-section of the industry.</p>
<strong>About IFC</strong>
IFC, a member of the World Bank Group, is an international organization whose mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC provides advisory services by establishing partnerships with donors, governments and the private sector to design and deliver technical assistance programs that promote entrepreneurship, improve the investment climate, mobilize private sector investment and enhance the competitiveness of micro, small and medium enterprises.  IFC, through its Access to Finance business line promotes projects in microfinance, e-banking, affordable housing finance, leasing, small and medium enterprise (“SME”) finance, agriculture finance, sustainable energy finance, trade finance, insurance, payment systems, credit bureaus and capital markets in South Asia.
*  *  *
<strong>Contact:</strong>
Charlotte Connors
Manager, Operations and Communications
The Smart Campaign
Tel. +1 202-393-5113 ext 1667
<a href="mailto:charlottec@smartcampaign.org" target="_blank" rel="noopener">charlottec@smartcampaign.org</a>

&nbsp;

&nbsp;

IFC to Finance the Smart Campaign’s Microfinance Client Protection Initiatives in India

Michael Schlein

East Asia and Pacific

Europe and Central Asia

Latin America and The Caribbean

Middle East and North Africa

North America

South Asia

Sub-Saharan Africa

United States

India

Indonesia

Kenya

Nigeria

Financial Health

Fintech

Fintechs

Impact Investing

Resilience

Digital Financial Services

Underserved Groups

Press Release

Article

International Finance Corporation (IFC)

<em>WASHINGTON, October 20, 2020</em> - Inclusive Fintech 50 announced the <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">2020 cohort of startups</a> driving inclusion and resilience for the 3 billion financially underserved people globally. An <a href="https://www.inclusivefintech50.com/2020-judging-panel" target="_blank" rel="noopener noreferrer">independent panel of 35 experts</a> from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the COVID-19 economic crisis.

The 50 fintechs were selected from a pool of 403 eligible applicants operating in 111 countries based on four criteria: inclusiveness, innovation, scale potential, and traction. The cohort will benefit from connections to leading investors including the <a href="https://www.inclusivefintech50.com/if50-investors-circle" target="_blank" rel="noopener noreferrer">IF50 Investors Circle</a>, as well as their peers from the <a href="https://www.inclusivefintech50.com/winners" target="_blank" rel="noopener noreferrer">2019 cohort</a>. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief.

Together, these high-potential startups demonstrate the power of financial technology to improve the accessibility, affordability, and convenience of financial services in advanced and emerging markets.

“Innovation in financial services can provide much needed stability to vulnerable populations by leveraging technology to fill gaps and meet their unique needs,” said Mark Pickens, Senior Director, Social Impact at Visa, Inc. “Visa is proud to support fintech innovators helping low-income communities weather the current storm and, importantly, build resilience for the future.”

Brad Jones, CEO of Wave Money and one of the expert judges said, “The final 50 were selected based on strong product-market fit, the experience of their leadership teams, and their potential to scale and reach underserved populations.” The judges also selected two fintechs to receive “Financial Resiliency” prizes of USD 25,000 based on their contribution to strengthening the ability of low-income households and businesses to withstand and recover from the pandemic. Those two companies are:
<ul>
 	<li><strong>reach52</strong>, which provides micro-insurance to families in Southeast Asia who live more than an hour away from healthcare facilities and have limited incomes.</li>
 	<li><strong>PesaKit</strong>, which helps mobile money agents in Kenya and Tanzania manage shifts in liquidity so they can better serve their customers who have limited access to basic financial services.</li>
</ul>
“The health and economic challenges created by COVID-19 placed households and businesses on shaky financial footing — especially those who were economically vulnerable before the pandemic,” said Evelyn Stark, who leads Financial Health at MetLife Foundation. “Amid the uncertainty, these fintechs demonstrate how new models can improve financial resilience.”

Launched in 2019, Inclusive Fintech 50 identifies and elevates high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.

The winners are listed below by main operating region. Full profiles can be viewed at <a href="http://www.inclusivefintech50.com/2020-cohort" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com/2020-cohort</a>.
<h3><strong>East Asia &amp; the Pacific</strong></h3>
<ul>
 	<li><strong>Fairbanc </strong>(Credit)</li>
 	<li><strong>First Circle</strong> (Credit)</li>
 	<li><strong>Helicap</strong> (Credit)</li>
 	<li><strong>Kiu Global Ltd</strong> (Infrastructure)</li>
 	<li><strong>Modal Rakyat</strong> (Credit)</li>
 	<li><strong>Neat Commerce</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Oriente</strong> (Credit)</li>
 	<li><strong>reach52</strong> (Insurance)</li>
 	<li><strong>UangMe</strong> (Credit)</li>
 	<li><strong>ZigWay</strong> (Infrastructure)</li>
</ul>
<h3><strong>Europe &amp; Central Asia</strong></h3>
<ul>
 	<li><strong>EthicHub</strong> (Credit)</li>
 	<li><strong>Eversend</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Papara</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SteadyPay</strong> (Credit)</li>
 	<li><strong>TagPay</strong> (Payments &amp; Remittances)</li>
</ul>
<h3><strong>Latin America &amp; the Caribbean</strong></h3>
<ul>
 	<li><strong>Aflore SAS</strong> (Credit)</li>
 	<li><strong>Akiba</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Alfi</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Bamba</strong> (Insurance)</li>
 	<li><strong>Coink</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Grupo R5</strong> (Insurance)</li>
 	<li><strong>Siembro</strong> (Credit)</li>
 	<li><strong>TiendaPago</strong> (Credit)</li>
</ul>
<h3><strong>North America</strong></h3>
<ul>
 	<li><strong>Climb Credit</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Esusu</strong> (Credit)</li>
 	<li><strong>Fonbnk</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Propel</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>SoLo Funds</strong> (Credit)</li>
 	<li><strong>Trust Stamp</strong> (Infrastructure)</li>
</ul>
<h3><strong>South Asia</strong></h3>
<ul>
 	<li><strong>Davinta</strong> <strong>Financial Services</strong> (Credit)</li>
 	<li><strong>Dvara SmartGold</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>ftcash</strong> (Credit)</li>
 	<li><strong>Fundfina</strong> (Credit)</li>
 	<li><strong>Kaleidofin</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Naya Jeevan</strong> (Insurance)</li>
 	<li><strong>Nagad</strong> (Payments &amp; Remittances)</li>
 	<li><strong>SureClaim</strong> (Insurance)</li>
 	<li><strong>Verismart</strong> (Infrastructure)</li>
</ul>
<h3><strong>Sub-Saharan Africa</strong></h3>
<ul>
 	<li><strong>Asaak</strong> (Credit)</li>
 	<li><strong>Bankly</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>DreamStart Labs</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Extrafin Advisory Technologies</strong> (Savings &amp; Personal Financial Management)</li>
 	<li><strong>Hydrologistics Africa Ltd</strong> (Payments &amp; Remittances)</li>
 	<li><strong>Lulalend</strong> (Credit)</li>
 	<li><strong>Moon</strong> (Infrastructure)</li>
 	<li><strong>OKO Finance Ltd</strong> (Insurance)</li>
 	<li><strong>Paycode</strong> (Payments &amp; Remittances)</li>
 	<li><strong>PayGo Energy</strong> (Infrastructure)</li>
 	<li><strong>PesaKit</strong> (Infrastructure)</li>
 	<li><strong>Turaco</strong> (Insurance)</li>
</ul>
<p style="text-align: center"><strong>###</strong></p>
&nbsp;

Please direct media inquiries to:
<strong>Nikhil Gehani, MIX</strong>
<a href="mailto:ngehani@themix.org">ngehani@themix.org</a>
+1 248 388 1630
<h3><strong>About Inclusive Fintech 50</strong></h3>
Inclusive Fintech 50 elevates promising early-stage fintechs driving financial inclusion and resilience around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially undeserved people globally. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance. Learn more at <a href="http://www.inclusivefintech50.com/">www.inclusivefintech50.com</a>.
<h3><strong>About MetLife Foundation </strong></h3>
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. MetLife Foundation was established in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. From its founding through the end of 2019, MetLife Foundation provided more than $860 million in grants and $85 million in program-related investments to make a positive impact in the communities where MetLife operates. Our financial health work has reached more than 13.4 million low- and moderate-income individuals in 42 countries. To learn more about MetLife Foundation, visit metlife.org.
<h3><strong>About Visa Inc. </strong></h3>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit <a href="http://usa.visa.com/visa-everywhere/blog.html">About Visa</a> and <a href="https://twitter.com/visanews">@VisaNews</a>.
<h3><strong>About BlackRock </strong></h3>
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately $7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit <a href="http://www.blackrock.com/corporate">www.blackrock.com/corporate</a>
<h3><strong>About Jersey Overseas Aid &amp; Comic Relief’s <em>Branching Out: Financial Inclusion at the Margins</em> program</strong></h3>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in in Sierra Leone, Rwanda and Zambia. Comic Relief and Jersey Overseas Aid  believe that  one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including  bank  accounts,  savings,  insurance  and  credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organisations, made up of international and local NGOs, with each grantee delivering programmes designed to meet different community and national needs in addressing financial inclusion.
<h3><strong>About Accion </strong></h3>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For nearly 60 years, Accion has helped tens of millions of people through our work with more than 160 partners in 55 countries. For further information, visit https://www.accion.org/venturelab.
<h3><strong>About IFC </strong></h3>
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a href="http://www.ifc.org/">www.ifc.org </a>
<h3><strong>About MIX </strong></h3>
MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. As a unit within the Center for Financial Inclusion, MIX’s data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at <a href="http://www.themix.org/">www.themix.org</a>.

Inclusive Fintech 50 announces 2020 cohort of fintech startups driving financial inclusion and resilience

India is a global leader in financial inclusion. For over a decade, Accion has worked with and learned from India’s innovators, investors, and policymakers to expand economic opportunity for its people and businesses.

The majority of Kenyans have mobile money accounts; their activity demonstrates digital financial services’ potential. Accion helps Kenyan innovators harness emerging technologies to create new financial services.

Though Nigeria’s government has set ambitious goals for financial inclusion, the majority of its people lack a formal bank account. Accion has worked in the country since 2007 to expand access to financial services.

Inclusive fintech startups are finding new ways to reach the three billion people who are left out or poorly served by the global financial system—often in ways that established companies and multilateral organizations can’t. In recent years, these startups’ innovations have protected millions of people with insurance for the first time; helped millions of consumers and businesses make quick, safe, digital payments; and pioneered ways to lend tens of millions to small businesses and their customers.

Today, these startups are leveraging their on-the-ground experience and adaptability to build financial resilience among vulnerable populations. For example, fintech startups in Accion Venture Lab’s portfolio are doing the following:
<ul>
 	<li><a href="http://apolloagriculture.com/" target="_blank" rel="noopener noreferrer">Apollo Agriculture</a> uses an innovative, <a href="https://www.accion.org/this-agricultural-fintech-empowers-the-farmers-who-feed-the-world">tech-based business model</a> to help Kenya’s smallholder farmers maximize their crop with a bundle of financing, farming products, optimized advice, and insurance. Apollo saw need for their products increase while the pandemic upended normal business conditions. Apollo continued providing high-quality farm products and financing, supporting farmers as they sustain their communities’ vital food supply.</li>
 	<li><a href="https://toffeeinsurance.com/" target="_blank" rel="noopener noreferrer">Toffee Insurance</a> has <a href="https://www.accion.org/a-start-up-innovates-to-give-the-uninsured-a-safety-net">successfully reached India’s uninsured</a> by offering simple, specific policies covering risks that are most relevant to consumers, like dengue, malaria, bicycle damage, and theft. In response to COVID-19, Toffee answered a surge of need by introducing new products to help underinsured people build financial resilience and handle unexpected emergencies that may arise in the future.</li>
 	<li><a href="https://pintek.id/" target="_blank" rel="noopener noreferrer">Pintek</a> aims to <a href="https://www.accion.org/making-education-accessible-through-fintech">democratize access to education</a> in Indonesia through affordable and flexible credit for schools and students. Pintek partnered with an edtech platform to help Indonesian schools develop their online learning capabilities during the pandemic. Pintek is also in active conversations with their customers, sending out surveys to understand their needs and how the company can assist.</li>
 	<li><a href="https://field.inc/" target="_blank" rel="noopener noreferrer">Field Intelligence</a> uses a combination of data-driven supply chain management software and delivery services <a href="https://www.accion.org/community-pharmacies-use-new-tech-platform-to-keep-shelves-stocked">to supply community pharmacies</a> in Kenya and Nigeria with the right products at the right time. These pharmacies play a critical role in communities’ well-being by providing people with medicine, vitamins, and other essentials, but they face common business problems related to inventory, cashflow, and unpredictable demand—all problems that Field seeks to address.</li>
</ul>
Even before COVID-19, early-stage fintech startups faced numerous challenges to secure the capital and connections they need to grow their businesses and impact. That’s why, last year, we partnered with MetLife Foundation, Visa, IFC, and MIX to launch <a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a>, an initiative that identifies and elevates inclusive, early-stage fintech startups through a competitive process led by an independent panel of judges.

The initiative offers valuable visibility and credibility for the most promising inclusive fintech startups seeking to reach underserved markets—and the potential to direct needed capital their way and boost their impact. Inclusive Fintech 50 brings together selected fintechs with leading investors while also developing industry insights from aggregated and anonymized applicant data.
<h2><strong>Inclusive fintech startups face even more challenges today</strong></h2>
Today, these efforts to identify and elevate the most promising inclusive fintech startups can offer valuable support in a very challenging time. The COVID-19 pandemic has <a href="https://www.cbinsights.com/research/report/fintech-trends-q1-2020/" target="_blank" rel="noopener noreferrer">slowed</a> investment in fintech startups worldwide, and many early-stage companies are finding it difficult to access the capital, networks, and knowledge they need to grow and thrive. At the same time, investors, donors, and incubators needs market-level insights to inform their investment decisions.

Alongside our initial partners – and new partners BlackRock and Jersey Overseas Aid &amp; Comic Relief's Branching Out program – we’ve now launched the second year of the Inclusive Fintech 50. Now in the last week of receiving applications, Inclusive Fintech 50’s selection process again takes place through a competitive process led by an <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">independent judging panel of experts</a> from venture capital, technology, and financial services firms.

Selected fintechs will benefit from increased visibility, as well as 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 USD 25,000 based on the <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch">judging panel</a>’s assessment of their work to build financial resilience among low-income households and small businesses.

Elevating inclusive fintechs today can ensure they continue to find new ways to deepen the financial resilience of vulnerable communities around the world. Applications for the Inclusive Fintech 50 close on July 10. <a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">Interested startups can learn more and apply here</a>.

Inclusive fintech startups need access to capital and networks to keep reaching the underserved

<em>Washington DC, June 15, 2020</em> – A group of global organizations driving innovation and investment in financial services for low-income populations announced the launch of the 2020 Inclusive Fintech 50 application period. In its second year, the initiative will 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.

<a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> creates visibility for the most promising inclusive fintechs with a solution among credit, insurance, payments and remittances, savings and personal financial management, and infrastructure addressing challenges of underserved segments. The initiative brings selected fintechs together with leading investors in the space, and develops industry insights from aggregated and anonymized applicant data.

The selection takes place through a competitive process led by an <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">independent judging panel of experts</a> from venture capital, technology, and financial services firms. The competitive process identifies 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, and the related problem the startup is aiming to solve.

Selected fintechs will benefit from increased visibility, with 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 USD 25,000 based on the <a href="https://www.inclusivefintech50.com/2020-judging-panel?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">judging panel</a>’s assessment of their contributions to the financial resilience – or the ability to withstand and recover from shocks – of low-income households and micro-, small- and medium-enterprises (MSMEs).

Inclusive Fintech 50 was founded by MetLife Foundation and Visa Inc., with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.

“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.”

Particularly in light of the COVID-19 pandemic, which has <a href="https://www.cbinsights.com/research/report/fintech-trends-q1-2020/" target="_blank" rel="noopener noreferrer">slowed fintech startup investment worldwide</a>, many early-stage inclusive fintechs – those that target underserved populations and are self-funded, seed-stage, Series A, or Series B – face difficulties accessing capital and knowledge resources that can help position them for growth. This is partially due to the limited reach of investor networks outside of financial and innovation hubs. At the same time, the wider fintech ecosystem, including donors and incubators, needs market-level insight to inform strategic investment decisions.

“Financial services act as a stabilizing force for low- and moderate-income people, enabling them to build resilience and plan for the future," said Evelyn Stark, Financial Health Lead at MetLife Foundation. "COVID-19 has further underscored the importance of being prepared for financial shocks. The 2019 edition of Inclusive Fintech 50 confirmed that <a href="https://www.inclusivefintech50.com/winners?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">fintech startups</a> are creating new models that can reduce the vulnerability of households and businesses and facilitate inclusive growth.”

In 2019, Inclusive Fintech 50 attracted eligible applications from 400 fintechs based in 72 countries and with a combined customer base of nearly 70 million people. The 50 selected fintechs stood out from their peers through innovative business models, cost-effective distribution channels and partnerships, and products tailored to the unique needs of their underserved populations. In addition, the 50 fintechs demonstrated strong alignment between their business models and social impact goals.

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. Visit <a href="https://www.inclusivefintech50.com/?utm_source=pressrelease&amp;utm_medium=pressrelease&amp;utm_campaign=launch" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a> for more information and to learn about each of the independent judges:
<ul>
 	<li><strong>Nejoud Al Mulaik</strong>, Director, Fintech Saudi</li>
 	<li><strong>Bindu Ananth</strong>, Chair, Dvara Trust</li>
 	<li><strong>Tarek Assaad</strong>, Managing Partner, Algebra Ventures</li>
 	<li><strong>Sarah Austrin-Willis</strong>, Senior Director, Financial Health Network</li>
 	<li><strong>Ginger Baker</strong>, Senior Director of Product, Ripple</li>
 	<li><strong>William Bao Bean</strong>, General Partner, SOSV</li>
 	<li><strong>Henry Baye</strong>, CEO, Jersey CI, Standard Chartered Bank</li>
 	<li><strong>Keith Berry</strong>, Executive Director, Moody’s Analytics Accelerator</li>
 	<li><strong>Melissa Bradley</strong>, Co-Founder, Ureeka</li>
 	<li><strong>Maelis Carraro</strong>, Director, BFA Catalyst Fund</li>
 	<li><strong>Nadine Chehade</strong>, Sr. Financial Sector Specialist, CGAP</li>
 	<li><strong>Tamara Cook</strong>, CEO, FSD Kenya</li>
 	<li><strong>Marta Cruz</strong>, Co-Founder and Managing Partner, NXTP</li>
 	<li><strong>Max Cuvellier</strong>, Head of Mobile for Development, GSMA</li>
 	<li><strong>Jacqueline Dufie Mpare</strong>, Head of Agency Banking, Ecobank</li>
 	<li><strong>Bernhard Eikenberg</strong>, Partner, Emerging Markets, Community Investment Management</li>
 	<li><strong>Marie-Therese Fam</strong>, Managing Partner, Flat6Labs</li>
 	<li><strong>Buhle Goslar</strong>, Africa CEO, Jumo</li>
 	<li><strong>Heather Henyon</strong>, Founding General Partner, Mindshift Capital</li>
 	<li><strong>Brad Jones</strong>, CEO, Wave Money</li>
 	<li><strong>Zennon Kapron, </strong>Founder/Director, Kapronasia</li>
 	<li><strong>Machal Karim</strong>, Executive, CDC Group</li>
 	<li><strong>Dave Kim</strong>, Program Officer, Bill &amp; Melinda Gates Foundation</li>
 	<li><strong>Helen Lin</strong>, Principal, At One Ventures</li>
 	<li><strong>Terry Luciani</strong>, Vice President, Enterprise Innovation, MetLife</li>
 	<li><strong>Jojo Malolos</strong>, CEO, Digital Equity Ventures and Data Analytics Ventures</li>
 	<li><strong>Robert Mitchnick</strong>, Vice President, BlackRock</li>
 	<li><strong>Tayo Oviosu</strong>, Founder &amp; CEO, Paga</li>
 	<li><strong>Mark Pickens</strong>, Senior Director, Social Impact, Visa Inc.</li>
 	<li><strong>Liliana Pozzo</strong>, Advisory Services Manager, IFC</li>
 	<li><strong>Maria Puch Herreros de Tejada</strong>, Institutional Development Director, New Ventures Mexico</li>
 	<li><strong>Amir Rizwan</strong>, Senior Advisor, Social Investment &amp; Innovation, Comic Relief</li>
 	<li><strong>Rocio Robles</strong>, Partner, Tenet Consultores, S.C.</li>
 	<li><strong>Shwetank Verma</strong>, Co-Founder and General Partner, Leo Capital</li>
 	<li><strong>Graham Wright</strong>, Managing Director, MicroSave</li>
 	<li><strong>Zia Zaman</strong>, Innovator</li>
 	<li><strong>Gabriela Zapata Alvarez</strong>, Independent Consultant (Financial Inclusion)</li>
</ul>
<p style="text-align: center;"><strong>###</strong></p>
<em>Please direct media inquiries to:</em>

Nikhil Gehani, MIX
ngehani@themix.org
+1 248 388 1630

Katie Mounts, Accion
kmounts@accion.org
+1 202 280 5859
<h4>About Inclusive Fintech 50</h4>
Inclusive Fintech 50 elevates promising early-stage fintechs driving financial inclusion and resilience around the globe through a competitive process led by an independent panel of judges from venture capital, technology, and financial services. Applicants are assessed on the degree to which their target market includes underserved people or businesses, and whether their innovation offers a new value proposition, shows early-stage traction, and can have a noticeable impact on the more than 3 billion financially undeserved people globally. Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with support from Accion and IFC, and additional funding from BlackRock and Jersey Overseas Aid &amp; Comic Relief. The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance. Learn more at <a href="http://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">www.inclusivefintech50.com</a>.
<h4>About<strong> MetLife Foundation </strong></h4>
At MetLife Foundation, we believe financial health belongs to everyone. We bring together bold solutions, deep financial expertise and meaningful grants to build financial health for people and communities that are underserved and aspire for more. We partner with organizations around the world to create financial health solutions and build stronger communities, engaging MetLife employee volunteers to help drive impact. To date, our financial health work has reached more 9.9 million low-income individuals in 42 countries. To learn more about MetLife Foundation, visit <a href="http://www.metlife.org/" target="_blank" rel="noopener noreferrer">metlife.org</a>.
<h4>About Visa Inc.</h4>
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit <a href="https://usa.visa.com/visa-everywhere/blog.html" target="_blank" rel="noopener noreferrer">About Visa</a> and<a href="https://twitter.com/visanews" target="_blank" rel="noopener noreferrer"> @VisaNews</a>.
<h4>About BlackRock</h4>
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of March 31, 2020, the firm managed approximately $6.47 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit <a href="https://www.blackrock.com/" target="_blank" rel="noopener noreferrer">www.blackrock.com</a> | Twitter: @blackrock | Blog: <a href="https://www.blackrockblog.com/" target="_blank" rel="noopener noreferrer">www.blackrockblog.com</a> | LinkedIn: <a href="https://www.linkedin.com/company/blackrock" target="_blank" rel="noopener noreferrer">www.linkedin.com/company/blackrock</a>.
<h4>About Jersey Overseas Aid &amp; Comic Relief’s <em>Branching Out: Financial Inclusion at the Margins</em> program</h4>
In 2018, Comic Relief and Jersey Overseas Aid announced a four-year £8 million partnership called ‘Branching Out: Financial Inclusion at the Margins’ to improve access to affordable financial services for those at the margins of society in in Sierra Leone, Rwanda and Zambia. Comic Relief and Jersey Overseas Aid  believe that  one of the best ways to do this is by transferring knowledge to build responsible and inclusive financial systems, incubating FinTech, and focusing on service delivery to increase bottom-of-the-pyramid access to financial services including  bank  accounts,  savings,  insurance  and  credit, providing low-income households with the means to plan for the future as well as unexpected events. The partnership grants support a diverse set of organisations, made up of international and local NGOs, with each grantee delivering programmes designed to meet different community and national needs in addressing financial inclusion.
<h4>About Accion</h4>
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by – the financial sector. For more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. For further information, visit <a href="https://www.accion.org/venturelab" target="_blank" rel="noopener noreferrer">https://www.accion.org/venturelab</a>.
<h4>About IFC</h4>
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a href="http://www.ifc.org/">www.ifc.org </a>
<h4>About MIX</h4>
MIX is the leading global data resource for socially responsible investors and businesses focused on inclusive finance. As a unit within the Center for Financial Inclusion, MIX’s data initiatives encourage the growth of inclusive markets and support informed thinking on the future of financial services. MIX convenes stakeholders to build common data standards that create transparency and develops strategic insight from complex data to help sectors flourish. Founded in 2002, MIX has served as a trusted data partner for socially responsible investors who move USD 10 billion annually. Learn more at <a href="http://www.themix.org/">www.themix.org</a>.

Inclusive Fintech 50 launches 2020 edition to identify and elevate early-stage fintechs driving financial inclusion and resilience

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<p align="center"><em>The Accion Frontier Inclusion Fund, managed by Quona Capital, invests in companies that innovate to expand access to financial services to underserved consumers and businesses in</em><em>emerging markets</em></p>

<ul>
 	<li>Three billion people around the world are underserved by the financial sector, with limited or no access to quality savings, credit, insurance, and payments.</li>
 	<li>The Accion Frontier Inclusion Fund aims to address this solvable problem by catalyzing fintech innovations that can radically improve the quality and availability of financial services for the underserved.</li>
 	<li>Alternative credit, payments, small and medium enterprise (SME) finance, and insurtech are among the solutions the Fund aims to accelerate.</li>
 	<li>Global nonprofit Accion, the Fund’s sponsor and anchor investor, brings more than 50 years of experience in harnessing the capital markets to help provide people with the financial tools and services they need to build better lives.</li>
 	<li>Quona Capital – founded by a global team with deep entrepreneurial and investment experience in financial services and technology – is a venture firm specializing in fintech for inclusive finance in emerging markets.</li>
</ul>
<em>WASHINGTON, D.C. – March 5, 2017 –</em>Accion and Quona Capital announced today the final close of the Accion Frontier Inclusion Fund, the world’s first global fintech fund for the underserved. The oversubscribed Fund represents $141M in commitments from an array of leading institutional investors including global insurance companies, investment banks and asset managers, a university endowment, prominent foundations and family offices, as well as development finance institutions. The Fund will focus on emerging markets in sub-Saharan Africa, Latin America, and Asia (with a particular emphasis on India and Southeast Asia) that have demonstrated the greatest potential for inclusive fintech.

“Three billion people are left out of, or poorly served by, the global financial system. The Accion Frontier Inclusion Fund – the world’s first global fintech fund for the underserved – will help address this,” said Michael Schlein, CEO and President of Accion. “The Fund will support innovators using new technologies to help create a financial system that works for everyone. By focusing on both social impact and financial returns, we believe the Fund shows the importance of harnessing the capital markets to solve society’s most challenging problems.”

“The diversity and caliber of investors the Fund has attracted and the capital they have put behind it is an unambiguous validation of our investment thesis and a milestone for both financial inclusion and the impact investing industry,” said Monica Brand Engel, a founding partner at Quona Capital, the Fund manager. “By identifying and supporting the most promising business models, the Fund can produce a demonstration effect that inspires others to pursue inclusive new technologies and compete in traditionally underserved communities.”

The Fund’s anchor investor, general partner, and sponsor is Accion, a global nonprofit committed to creating a financially inclusive world that benefits the three billion financially underserved people failed by the world’s formal economy. Over the last nine years, Accion has made more than thirty impact investments in startups that are finding new ways to meet the financial needs of the underserved. The Fund is managed by Quona Capital, a venture firm focused on inclusive financial technology in emerging markets. The Quona founding team has decades of experience as investors and entrepreneurs in financial services and technology in both emerging and developed markets and is passionate about making a lasting impact through its investments.

To-date, the Accion Frontier Inclusion Fund has invested in:
<ul>
 	<li>Konfio, which uses unique data analytics and an online platform to deliver affordable working capital loans to micro-businesses in Mexico</li>
 	<li>Creditas, an innovative provider of secured home and auto equity loan solutions for the emerging middle class in Brazil</li>
 	<li>Coins, a mobile payments platform leveraging the blockchain to provide a comprehensive suite of services for low income consumers in the Philippines</li>
 	<li>NeoGrowth, the first company to offer card and other electronic payments receivables financing to SMEs in India</li>
 	<li>Yoco, a mobile point of sale and value added service solution for micro and small merchants in Africa, to help expand the acceptance environment for digital payments</li>
 	<li>Invoinet, a reverse factoring platform for small and medium enterprises in Argentina and Brazil</li>
 	<li>Eseye, a global Internet of Things service provider enabling pay-as-you-go asset financing and access to prepaid utilities to underserved consumers in emerging markets</li>
 	<li>IndiaMART, India’s largest B2B listing and transactions platform for SMEs, which is making a strong foray into associated payment and financial solutions</li>
 	<li>CreditMantri, a credit advisory platform in India, utilizing traditional and alternative data to provide consumers enhanced credit profiles and access to improved credit options</li>
</ul>
The pipeline is dynamic and growing. The Fund plans announcements of additional investments in exciting innovators expanding the quality and availability of financial services in emerging markets.

The Fund’s investors include Accion; AXA Impact Fund; Blue Haven Initiative; Calvert Equity Portfolio; the Dalio Foundation; FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden); Heifer Foundation; IDP Foundation, Inc.; IFC (International Finance Corporation), a member of the World Bank Group; JPMorgan Chase &amp;amp; Co.; The Lemelson Foundation; Mastercard; MetLife; PG Impact Investments; Private Market Impact Fund; Prudential Financial, Inc.; Quona Capital; The Sandy River Charitable Foundation; Skopos Impact Fund; TIAA Investments, an affiliate of Nuveen; Triodos Fair Share Fund and Triodos Microfinance Fund, funds managed by Triodos Investment Management; Wallace Global Fund; and William A. Gee.
<p style="text-align: center">###</p>
&nbsp;

<strong>About Accion Frontier Inclusion Fund and Quona Capital</strong>

The Accion Frontier Inclusion Fund, managed by Quona Capital, is the first global fintech fund for the underserved, investing in innovative financial technology and services companies that promote financial inclusion for the three billion people around the world who are underserved by financial services. Quona Capital is an early growth-stage venture firm focused on financial technology for underserved consumers and businesses in emerging markets. The fund is sponsored by Accion, a global leader in inclusive finance with a rich history of double-bottom line investing, where its impact investments create positive economic and social returns. For further information, visit <a href="http://www.quona.com/">http://www.quona.com </a>and <a href="http://www.accion.org/frontier">http://www.accion.org/frontier</a>.
<p style="text-align: center">###</p>
<strong>Media Contacts:</strong>

Katie Mounts
<a href="mailto:kmounts@accion.org">kmounts@accion.org
</a>+1 202.280.5859

Allison Steitz
<a href="mailto:allison@quona.com">allison@quona.com
</a>+1 858.216.5709

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