WOMEN'S WORLD BANKING PRESENTS
Fintech Innovation Challenge
Join the only women-centered Fintech Innovation Challenge for late stage fintechs. Contribute to the technology innovation that will close the gender gap in financial services.
Join us at the Making Finance Work for Women Summit #MFWW2023 in Mumbai, India on 25 May 2023, for the Finalist Pitch Competition.
The Challenge
In the past few years, we have seen a dramatic increase in the adoption of digital financial services by women. Based on the latest Global Findex Report, for the first time in a decade, the gender gap has decreased from 9% to 6% in key emerging markets, thanks in part to an increased number of low-income women leveraging digital financial services.
Now is the time to build on this momentum and leverage digital financial services as an on-ramp for low-income women customers to adopt and use a large suite of formal financial products and services. Low-income women represent a large, untapped market opportunity for digital financial services providers, and fintechs, in particular, who can leverage technology innovation to break the persistent challenges in closing the gender gap in financial services.
The 2023 Fintech Innovation Challenge is inviting applications from fintechs pioneering innovative financial solutions that break the persistent challenges in serving the low-income women’s market.
What is the Fintech Innovation Challenge?
Through a highly competitive process, Women’s World Banking’s Fintech Innovation Challenge identifies and elevates 4 later-stage fintechs pioneering innovative financial solutions that break the persistent challenges in serving the low-income women’s market.
The Fintech Innovation Challenge attracts over 100 fintech applicants from around the world who are developing innovative products to close the gender gap in the low-income women's market.
We are looking for fintechs currently developing innovative products and solutions that address low-income women and their needs.
FINTECH INNOVATION Challenge
What Sets Us Apart?
1 |
Women-CenteredExclusive focus on solutions that aim to close the gender gap for women |
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Growth PotentialAccess to major investor and partnership opportunities to foster growth potential |
3 |
Later-Stage FintechsEmphasis on attracting later-stage fintechs, rather than start-ups |
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Expert Judging PanelDiverse judging panel of industry experts in fintech, financial inclusion, banking and venture capital |
5 |
Access to Broader CommunityOpportunity to join and engage with the broader women's financial inclusion community, such as Women’s World Banking Global Network |
WHO SHOULD APPLY?
We invite fintechs who fit the following criteria to apply:
1 |
Leveraging Technology for WomenYou are a fintech leveraging technology to provide financial solutions for underserved, low-income women. |
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Serving Emerging MarketsYour focus is on serving customers in emerging markets. |
3 |
Preparing for Series A or LaterYour fintech is preparing for Series A or later and can demonstrate a minimum viable product and a path to profitability. |
THE FINTECH INNOVATION CHALLENGE
Past Fintech Innovation Challenge Winners
#MFWW2023
Important Dates
AUGUST 3, 2022
Applications Open
SEPTEMBER 15, 2022
Applications Close
OCTOBER 26, 2022
Top 10 Finalists and Female Founders Circle Notified
JANUARY 25, 2023
Four Finalists Announced
APRIL 2023
Pitch Day Judges Announced
MAY 25, 2023
Fintech Innovation Challenge Live in Mumbai
Selection Criteria
Scale Potential
- Solution has a clear growth strategy to reach low-income women customers at scale
Product Innovation
- Solution addresses a systemic market barrier in the access to and/or usage of financial products and services for low-income women in a unique way
Financial Viability
- Business model demonstrates a clear path to profitability
Gender Inclusive Solution
- Solution aims to close the gender gap by increasing low-income women’s access and/or usage of financial products and services
- Solution improves the financial lives of low-income women and their families
Team Experience and Diversity
- Team has relevant experience to support the inclusive growth and success of the solution
- Team demonstrates a commitment to gender inclusivity through a diverse team composition and inclusive policies
Prizes
The four finalists and grand prize winner will be awarded mentorships, personalized UX design and investor consultations, membership to exclusive networks and priority access to fintech events attended by investors and partners around the world.
Four Finalists
- Invitation to pitch your solution at Women’s World Banking’s Fintech Innovation Challenge in May 2023 in Mumbai as part of the Making Finance Work for Women Summit
- Invitation to join Women’s World Banking Global Network, with one-year complementary membership
- Fast tracked application to Miller Center for Social Entrepreneurship's Accelerator at Santa Clara University focusing on women’s economic empowerment and climate resilience, which features:
- Access to a Silicon Valley network of 300+ mentors
- An average of $750K in investments raised 3-years post-accelerator
- Exclusive pitch advisory session with Women’s World Banking Asset Management team
- Priority access to UX design consultation with an industry expert
- Invitation to attend the Making Finance Work for Women Summit in Dubai and leverage networking opportunities with 300+ high-profile global stakeholders in financial services, fintech and financial inclusion
Grand Prize Winner
- Priority access to key 2023 fintech-investor networking events powered by Elevandi, such as Point Zero, Elevandi Connects and/or the Singapore Fintech Festival
- Priority access to Women’s World Banking’s global PR firm, Porter Novelli, to help develop strong media presence and drive visibility and exposure
- Invitation as a featured speaker at a Women’s World Banking Making Finance Work for Women thought leadership event
AUTOMATIC MEMBERSHIP
Female Founders Circle
For the first time ever, we are forming the Female Founders Circle. All female-founded fintechs that make it to the Top 10 will be granted automatic membership into this premier group.
The Female Founders Circle is an exclusive network of like-minded female-founded fintechs that will have full access to Women’s World Banking’s global PR firm, Porter Novelli, helping them achieve new levels of visibility and exposure.
PITCH DAY
May 25, 2023
Finalists will be given their own booth and area on the show floor to engage key stakeholders and conference attendees and showcase their product!
On May 25, finalists will deliver live pitches, followed by a Shark Tank-style engagement in front of our panel of esteemed judges. The Grand Prize winner will be announced at the close of the Making Finance Work for Women Summit.
Our Advisory Committee
The Women’s World Banking FIC Advisory Committee will evaluate applications and select finalists.
Ade Ashaye
Regional Head, Africa
Christina (CJ) Juhasz
Chief Investment Officer, Emerging Market Funds
J. Thomas Jones
Executive Vice President & Chief Operating Officer
Jacquie Amacher
Director of Communications & Marketing
Marina Dimova
Director, Global Head of Financial Industry & Network Advocacy
Nithyasri Sharma
Director, Global Strategy
Sponsor the Fintech Innovation Challenge
We are seeking sponsors for the Fintech Innovation Challenge. This is a unique opportunity to promote women’s economic empowerment by fostering innovative technology that will empower unbanked and underserved women with the financial tools they need to achieve security and prosperity.
SPONSORSHIP BENEFITS
Why Sponsor the 2023 Fintech Innovation Challenge?
Recognition and logo on all 2023 Making Finance Work for Women Virtual Thought Leadership Series, Summit, and Fintech Innovation Challenge promotional emails and websites
Judging Role on Challenge judging panel or speaking role at Making Finance Work for Women Summit in Dubai or 2023 Thought Leadership Series virtual event.
Social media handles tagged in Challenge promotional posts, reaching Women’s World Banking’s 81,000 social media following
Tickets for sponsor clients or employees to attend Making Finance Work for Women Summit and Challenge pitch session in Dubai (February 15th – 16th)
Brown bag or fireside chat event at company office featuring Women’s World Banking leadership team member
Opportunity to be part of Challenge press release
Opportunity for employees to mentor Challenge finalists
Sponsorship benefit fulfillment recap report and support measuring ROI
Background
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What is the Fintech Innovation Challenge?
In the past few years, we have seen a dramatic increase in the adoption of digital financial services by women. Based on the latest Global Findex Report, for the first time in a decade, the gender gap has decreased from 9% to 6% in key emerging markets, thanks in part to an increased number of low-income women leveraging digital financial services.
Now is the time to build on this momentum and leverage digital financial services as an on-ramp for low-income women customers to adopt and use a large suite of formal financial products and services. Low-income women represent a large, untapped market opportunity for digital financial services providers, and fintechs, in particular, who can leverage technology innovation to break the persistent challenges in closing the gender gap in financial services.
The 2023 Fintech Innovation Challenge is inviting applications from later-stage fintechs pioneering innovative financial solutions that break the persistent challenges in serving the low-income women’s market.
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What is the theme for this year’s competition?
The theme for this year’s competition is Breaking the Challenges in Serving the Low-Income Women’s Market. The 2023 Fintech Innovation Challenge is welcoming applications for innovative financial solutions that break the persistent challenges in serving the low-income women’s market. Entry categories include, but are not limited to:
Sending and receiving money
Credit for women-led MSMEs
Safety net products (insurance, savings and pensions)
Beyond money (financial and digital capabilities, and other business support services)
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When and where will the Pitch Competition be held?
Finalists will participate in a pitch competition with a panel of distinguished industry judges at the Women’s World Banking Making Finance Work for Women Summit in Mumbai on May 25, 2023, where the Grand Prize winner will be announced.
Important Dates
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What are the important dates?
AUGUST 3, 2022
Applications OpenSEPTEMBER 15, 2022
Applications CloseOCTOBER 26, 2022
Top 10 Finalists and Female Founders Circle NotifiedJANUARY 25, 2023
Four Finalists AnnouncedAPRIL 2023
Pitch Day Judges AnnouncedMAY 25, 2023
Fintech Innovation Challenge Live in Mumbai
Applying
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Who should apply?
You should apply if your fintech meets the following criteria:
You are a fintech leveraging technology to provide financial solutions for underserved, low-income women. Solutions do not need to be exclusively for women but should demonstrate a deliberate intent to close the gender gap in financial services.
Your focus is on serving customers in emerging markets.
Your fintech is preparing for Series A or later and can demonstrate a minimum viable product and a path to profitability.
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How are the finalists and Grand Prize winner selected?
Applicants will be evaluated based on how well their solution addresses the following criteria:
Gender Inclusive Solution
Solution aims to close the gender gap by increasing low-income women’s access and/or usage of financial products and services
Solution improves the financial lives of low-income women and their families
Product Innovation
Solution addresses a systemic market barrier in the access to and/or usage of financial products and services for low-income women in a unique way
Financial Viability
Business model demonstrates a clear path to profitability
Scale Potential
Solution has a clear growth strategy to reach low-income women customers at scale
Team Experience and Diversity
Team has relevant experience to support the inclusive growth and success of the solution
Team demonstrates a commitment to gender inclusivity through a diverse team composition and inclusive policies
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How do I apply?
To apply for the Fintech Innovation Challenge, you should submit an online application by September 15, 2022. The application period closes at 11:59pm EDT on September 15, 2022.
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Is there an application fee?
The application for the Fintech Innovation Challenge is free and open to all. There is no application fee for the Fintech Innovation Challenge.
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How long does the application take to complete?
The application should take no longer than an hour to complete. You will be able to save your progress on the online application at any time and complete your application at your convenience.
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I’ve submitted my application. What do I do now?
Once you’ve submitted your application, no further action is needed from you. You will be notified via email whether you have been selected for the Top 12 finalists on October 26, 2022.
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I have more questions. Who should I contact?
Please contact us at fintechchallenge@womensworldbanking.org for any further questions.
2023 Sponsors
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We are grateful for the ongoing support of our core funders for enabling our strategy.
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