The Inclusive Fintech 50 initiative, funded by MetLife Foundation and Visa, with support from Accion and IFC, aims to make early-stage fintechs more visible to investors and others who can help them scale and reach more underserved people. Launched earlier this year and implemented by MIX, the competition attracted eligible applications from 400 early-stage fintechs driving financial inclusion.
In this webinar, the team behind the global initiative share key insights generated from an analysis of the applicant data. Some key findings include:
- Fintech’s with an African HQ were at a disadvantage in the funding they received
- There is a significant concentration of capital going to a small number of players. In Africa 7 Fintechs received 70% of funding
- Start-up with a female leader receive less seed funding
- There is a network effect, those networked and involved in incubators/competitions raise 1.5% more funding (2% in Africa)
The webinar also features a Inclusive Fintech 50 initiative winner, Hillary Miller-Wise, Founder and CEO of Tulaa. Tulaa provides a marketplace for farmers to buy quality input on credit, learn how to farm better and sell produce at a good price. The impact is a 143% higher net profit for the farmer, an impressive result and one Hillary wishes to increase.
Vikas and Beniamino discussed the importance of funding, the role of and strategy of investment, and highlighted insurance as an area they would like to see more investment and development. DFI’s next webinar is on the topic of insurtech and features research from Cenfri and Jeremy Leach from Inclusivity Solutions, another Fintech 50 Winner! You can sign up for this webinar here.