Why apply?Major VisibilityBuild a global profile in front of leading investors. Meet our media and outreach partners.The competition is supported by global leaders in financial services, venture capital, asset management, and inclusive financial services.Simple processThe application can be completed in a reasonable amount of time and doesn’t require multiple rounds of phone calls or interviews.Our selection criteria are comprehensive and rigorous, but straightforward.Gain credibilityWe worked with investors to create questions that get beyond the fluff to identify startups poised for success.A judging panel of industry experts – including founders and investors – will select the winners.
What sets IF50 apart?AccessApplicants can opt-in to share contact information with the IF50 Investors’ Network, a group of leading investors who are keen to learn more about early-stage inclusive fintechs. Winners benefit from access to zero-cost tools such as Visa’s Practical Business Skills and Practical Money Skills.FocusExclusive focus on early-stage fintechs driving financial inclusion across the globe.Selection criteriaSelection criteria are aligned with investor priorities and help inform investors of top early-stage, impact-driven fintechs; Sponsors likewise enjoy early visibility into fintech trends and potential leaders in key products and markets.JudgesA diverse judging panel of industry experts representing venture capital, fintech, banking, and other industries contribute to competition prestige; Sponsors have recommended judges each year from their innovation and tech teams.Knowledge sharingFindings from IF50 applicants were shared with the broader industry in an Insights Report and through events at Financial Inclusion Week; Sponsors have appeared on panels and shared their organizations’ strategic goals and partnerships. Check out these industry-leading insights from the 2021 and 2020 competitions.
Selection criteriaEligible applicants will be scored against the following criteria:InclusivityInvestors are increasingly interested in finding fintechs that are filling market gaps and contributing to inclusion. Applicants will be assessed on the degree to which their target market includes underserved people and the problem that the startup is aiming to solve.InnovationInnovation is more than disruption, it’s about offering a new value proposition. Applicants will be assessed on whether their business model reduces costs, improves a product experience and opens up financial services to previously underserved people.Scale potentialInvestors are also looking for solutions that can have a noticeable impact on the more than three billion financially underserved people. Judges will review applicants’ growth model, internal capacity, unit economics, growth strategy, and total addressable market.TractionIt’s important that a product or service be able to show some indication of traction. Judges will review the product or solution’s stage of development, the startup’s funding and/or revenue, existing customer base, and other indicators that show early-stage traction.
Eligibility criteriaFintechs applying to IF50 must have the following criteria:Must focus on including unserved or underserved customers.Must be Series B or earlier.Must have at least one product and one user.Can be B2C (business-to-consumer), B2B (business-to-business) or B2B2C (business to business to consumer).Must have a solution in credit, insurance, payments & remittances, savings & personal financial management, or infrastructure addressing challenges of underserved segments.Must be legally registered in their country of operation and not subject to US sanctions programs administered by OFAC.The individual applying for the Inclusive Fintech 50 must also meet the applicant’s eligibility criteria and the submission eligibility criteria set forth in the Official Rules.
Our network Investors’ NetworkThe IF50 Investors’ Network is a global network of investors that provides members with visibility into promising early-stage inclusive fintechs. All eligible applicants to Inclusive Fintech 50 have the option to share basic information including contact details with the IF50 Investors’ Network. Download the brochure to learn more about the Investors’ Network.Ecosystem partnersInclusive Fintech 50 has partnered with the Catalyst Fund Circle of Investors, a group of leading emerging markets and tech investors committed to shaping the future of inclusive tech and supporting tomorrow’s most promising innovators. With this partnership, Circle members gain access to exclusive data, invite-only events, and knowledge products produced by the IF50 team.Members
FAQ What is the Inclusive Fintech 50 competition? IF50 is a competition to showcase early-stage fintechs driving financial inclusion in countries around the world. Each year, 50 winners are selected from a pool of applicants based on established criteria of inclusivity, innovation, scale potential, and traction. IF50 is sponsored by Visa, MetLife Foundation, Jersey Overseas Aid and Comic Relief, with support from Accion and IFC. The initiative is managed by the Center for Financial Inclusion (CFI). When is the IF50 competition? The application period for the 2022 competition runs from June 27 through July 25, 2022. Fintech companies are encouraged to apply early. Winners are announced publicly at Financial Inclusion Week, October 17-20, 2022. View key dates. How are winners selected? An independent judging panel of industry-leading experts – including investors, fintech founders, and financial institution leaders – will assess the applicants and select the final 50 winners.Judges assess applicants using selection criteria around inclusivity, innovation, scale potential, and traction. Winners are selected across all product types, including credit, insurance, payments & remittances, savings & personal financial management, and infrastructure. How do I apply? To be considered for IF50 you must meet the eligibility criteria outlined above and submit a complete application before July 25, 2022. If you do not meet the criteria in the eligibility section at the beginning of the application, the system will inform you that you are not eligible to apply. What do winners receive? Winners will be listed as the Inclusive Fintech 50 and will also receive visibility through media partnerships, digital events, and research and insights work conducted by CFI. Winners may also have the opportunity to access additional services and tools from sponsors and investors, including zero-cost support tools provided by Visa. Learn more about the benefits. Will every single application be reviewed? We review all applications received. Given the large number of applications, we will not be able to provide feedback to individual companies. In what language can I submit my application? You can submit your application in English, French, or Spanish. Can my company submit more than one application? No. Each company can submit only one application. The application should reflect information of a company’s flagship product that includes unserved or underserved populations. If more than one application is submitted for a single company, we will review only the first submitted. Can I submit an application on behalf of a company that I don’t work directly for? No. Applicants must be a representative of the company they are submitting to IF50 and must have the legal authority to bind the fintech on whose behalf they submit an application to the terms and conditions set forth in the Official Rules. Can I include documents or additional information in the application? Yes. There are opportunities throughout the application to upload supporting or relevant documentation and we strongly encourage the sharing of documents to provide evidence to back up your responses. Can I save a draft of my application on the site if I want to edit it later? Yes. You can save your application any time by clicking the ‘Save’ button at the bottom of the application page. To resume, simply log back into the application portal. Can multiple people from my company contribute to the application? Yes. Click on the ‘Manage Collaboration’ button at the top right of the application page and add a collaborator by entering their name and email address. They will receive a link to access your application. Once a collaborator is added, the application can be transferred to a new Primary Collaborator by clicking ‘Make Primary’. Access can also be removed from a collaborator by clicking ‘Remove Access’. Please note that only one user can edit the application at a time. The application will be locked when one user is editing to avoid accidental overwriting of information. How do I know if my application was successfully submitted? After checking that all required fields are populated and within the given word limits, click the “Submit” button. If the application has been successfully submitted, you will see a message confirming that we received your application. You will also receive a confirmation email to the email address you provided. How do I send a copy of the filled-in application to myself? You can save your completed application as a PDF before or after submission. Under ‘My Applications’ on the left navigation menu, click on ‘All’ and then click ‘Print’. I’ve submitted my application. What do I do now? That’s great news! No further action is required. We’ll reach out to the contact information you listed in your application if we require any clarification. Finalists will be announced on the IF50 website in October 2022. Can for-profit and non-profit businesses apply? Yes. All early-stage fintech companies (for-profit, non-profit, social enterprise) with target markets that include underserved population segments can apply. Do I need to create an account or register to apply? Yes, you will need to register to apply. Registration is free. What information will I need to provide? Supporting Documentation or link(s) regarding revenue models for your product(s) or service(s)Supporting Documentation or link(s) regarding the primary method(s) by which customers are charged for your product or serviceSupporting Documentation or link(s) regarding the data sources that enable the business model of your productSupporting Documentation or link(s) regarding your choice of technology tools and related techniques that you use to collect, store, share or analyze dataSupporting Documentation or link(s) regarding the affordability, accessibility and appropriateness of your product or service to underserved customersScreenshot of consent form for customersTotal amount of funding your business has received (in USD)Income statement and balance sheet from your last fiscal yearFinancial projections reflecting your key revenue and expense line items through December 31, 2023 Will details of my company or product be kept confidential? By submitting content as part of your application for IF50, you agree to allow us to use this content for purposes related to the competition, including showcasing the winners. Your company’s financial information will only be shared with the Investors’ Network if you choose opt-in. For complete details, please read the Official Rules. How is the application organized? How long does the application take to complete? The application can be completed in an hour or two if you have all the required documentation ready. It helps to review the application questions and gather all required documentation before starting the process. You can also complete your application in multiple sessions by saving and editing later (see more details below). Will applying to IF50 require me to share additional data not included in the application form? No. We may ask for additional clarification on certain responses. What if I still have questions after reading the FAQs? Please see the Official Rules or email info@inclusivefintech50.com.