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.

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The Fintech Innovation Challenge

Frequently Asked Questions

Background

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.

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)

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

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

Applying

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.

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

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.

The application for the Fintech Innovation Challenge is free and open to all. There is no application fee for the Fintech Innovation Challenge.
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.
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.

Please contact us at fintechchallenge@womensworldbanking.org for any further questions.

Frequently Asked Questions: Women's World Banking