WASHINGTON-- June 30, 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 & 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, several publications from the past two years prominently featured IF50 winners.

For the 2021 competition, new benefits to IF50 winners include access to Practical Business Skills, 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 Visa Fintech Fast Track, 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:

· Nejoud Al Mulaik, Director, Fintech Saudi
· Tarek Assad, Managing Partner, Algebra Ventures
· Sarah Austrin-Willis, Senior Director, Financial Solutions Lab, Financial Health Network
· Ginger Baker, Head of Financial Access, Plaid
· Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments
· Bernhard Eikenberg, Managing Partner, Emerging Markets, Community Investment Management
· Brad Jones, CEO, Wave Money
· Buhle Goslar, Africa CEO, Jumo
· Jojo Malolos, CEO, JG Digital Equity Ventures and Data Analytics Ventures
· Kunal Upadhyay, Advisor, ADB Ventures
· Shwetank Verma, Co-Founder and General Partner, Leo Capital
· Gabriela Zapata Alvarez, Independent Consultant (Financial Inclusion)

The application window opens today, and interested startups are encouraged to apply by July 23 via the IF50 website.