MetLife Australia announces partnership Visa to launch ‘Inclusive Fintech 50’
MetLife Foundation has announced that, in partnership with Visa, global non-profit Accion and World Bank Group member IFC, it has launched a new initiative to recognise the top 50 early-stage fintech startups for their contributions to financial inclusion worldwide.
The ‘Inclusive Fintech 50’ will highlight the world’s most prolific emergent firms who have consistently demonstrated the capacity for tech to expand access, usage, and quality of financial services in expanding markets.
“The migration to digital financial services improves the lives of individuals, supports stronger businesses and spurs economic progress and prosperity. Fintech companies are driving innovation, especially as it relates to un-served and underserved populations,” said Marianne Mwaniki, Visa’s Global Head of Social Impact, in MetLife’s press release.
Argus TrueID acquires fellow biometric solutions firm Biometric Identity Systems
Zuuse completes acquisition of cloud management firm FM Innovations
Wirecard expands its fintech platform to Australia and New Zealand
“This initiative will help investors identify those high-potential companies and, in turn, help those companies attract the capital and knowledge they need to scale their business for maximum social impact.”
MetLife noted in its press release that investors are often challenged when it comes to identifying strong candidates for investment, and that financial services providers find it similarly difficult to find fintech partners that offer the best services and solutions for their business models.
“Though capital is available to well-known and established fintechs, it’s less so for the early-stage companies focused on financial inclusion,” said Sarah Willis, Director of Financial Health at MetLife Foundation, in the statement.
“This effort will create visibility into a pipeline of inclusive fintechs that are reducing costs in delivery, improving the customer experience and ultimately creating an environment where low- to moderate-income people can build resilience, expand their economic opportunities and plan for the future.”