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Competitors invitations later stage fintechs pioneering revolutionary monetary options for the low-income ladies’s market to use; finalists and winner to entry premier fintech networks and sources
NEW YORK, Aug. 3, 2022 – Ladies’s World Banking introduced immediately the 2023 Fintech Innovation Problem, a worldwide competitors to focus on and advance options to shut the gender hole by way of digital monetary companies. Now in its fourth yr and the one women-centered fintechs competitors, the Problem will present a platform for later stage fintechs working to deal with the persistent challenges in serving the low-income ladies’s market.
In line with the most recent World Findex Report, the variety of ladies adopting digital monetary companies has risen dramatically since 2017, with the gender hole dropping from 9% to six% in key rising markets. However regardless of these advances, 742 million ladies are nonetheless excluded from the formal monetary sector, and girls are 31% extra doubtless than males to have an inactive checking account.
Digital monetary companies can function an on-ramp for low-income ladies to undertake and use a big suite of formal monetary services, increasing ladies’s selections and their monetary and financial resilience and empowerment. Low-income ladies characterize a big, untapped market alternative for digital monetary companies suppliers, notably fintechs leveraging expertise to shut the gender hole in monetary companies.
“To realize the promise of inclusive progress for the worldwide economic system, ladies want equal entry to monetary merchandise, companies, abilities and expertise,” mentioned Mary Ellen Iskenderian, President and CEO of Ladies’s World Banking. “Fintechs are uniquely positioned to assist shut the digital monetary companies hole as a result of they’ve the flexibility to offer services in a different way and may effectively meet the wants of low-income ladies in ways in which conventional monetary companies suppliers can’t or received’t.”
Purposes for the Problem will probably be open from August 3 to September 15. Entry classes embrace, however are usually not restricted to:
- Sending and receiving cash
- Credit score for women-led micro, small, and medium enterprises (MSMEs)
- Security web merchandise (insurance coverage, financial savings and pensions)
- Past cash (monetary and digital capabilities, and different enterprise assist companies)
The highest 4 finalists of the Problem will take part in an in-person pitch competitors subsequent February in Dubai, and be fast-tracked for participation within the Ladies’s Financial Empowerment Accelerator, powered by the Miller Middle for Social Entrepreneurship at Santa Clara College. They will even obtain pitch recommendation and a UX design session. The Grand Prize winner will obtain entry to key 2023 fintech occasions like Level Zero, Elevandi Connects, and the Singapore Fintech Pageant, in addition to a speaker invitation at a Ladies’s World Banking Making Finance Work for Ladies occasion.
All female-founded fintechs that make it to the highest 12 of the competitors will probably be chosen for the first-ever Feminine Founders Circle, an unique community of like-minded female-founded fintechs, and will probably be promoted by way of a sturdy built-in communications, advertising and marketing and media marketing campaign.
“Collaborating within the Ladies’s World Banking Fintech Innovation Problem drove us to be taught extra deeply how we will higher serve our ladies clients,” mentioned Rachel Freeman, Chief Progress Officer at Tyme, a 2020 Fintech Innovation Problem Winner. “It gave us international recognition at a vital time in our growth into the Asian market and through our latest capital elevate, and we obtained precious suggestions from the judges that helped us refine our proposition.”
The highest twelve finalists and Feminine Founders Circle members will probably be introduced on October 26, with the highest 4 finalists introduced on January 9, 2023. The Grand Prize winner of the Fintech Innovation Problem will probably be introduced in Dubai, on February 16, 2023 following the pitch competitors.
The Fintech Innovation Problem is sponsored by the Invoice & Melinda Gates Basis (Main Sponsor) and Ernst & Younger LLP (EY US and Advancing Sponsor). Ladies’s World Banking’s core funders are Australia’s Division of International Affairs and Commerce (DFAT), the Swedish Worldwide Growth Cooperation Company (SIDA), and Visa Basis.
About Ladies’s World Banking
Ladies’s World Banking designs and invests in monetary options, establishments, and coverage environments in rising markets to create higher financial stability and prosperity for girls, their households, and their communities. With a World Community attain of 62 monetary companies suppliers in 35 nations serving greater than 138 million ladies shoppers, Ladies’s World Banking drives influence by way of its scalable, market-driven options; gender lens non-public fairness fund; and management and variety applications. To be taught extra go to womensworldbanking.org.
Media Contact: Kelsey Thompson: [email protected]
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