Lulalend, one of the country’s leading B2B digital lenders, and Paycode, a SA fintech that provides biometric digital identity and low-cost access to basic financial services in rural areas were awarded recognition in the 2020 Inclusive Fintech Awards.
Lulalend and Paycode are winners of the 2020 Inclusive Fintech Awards
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The awards recognises the top 50 inclusive fintech startups across the globe that are making a concerted effort to provide financial services to underserved communities across the world.
Founded in 2019, the initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.
Innovation in financial services can provide much needed stability to vulnerable populations by leveraging technology to fill gaps and meet their unique needs,” said Mark Pickens, Senior Director, Social Impact at Visa, Inc.
Trevor Gosling, Lulalend CEO, and co-founder comments on receiving the prestigious award.
“Lulalend is incredibly proud of the work we’ve been doing to support the nation’s SMEs. Recognition of what we’ve managed to achieve from Inclusive Fintech, a global thought leader on financial inclusion, will fuel the fire in our team to deliver on our mission of helping South Africa’s SMEs grow, prosper and drive our country forward.”
Selected out of 403 applicants, the 50 fintech’s named on this year’s list were chosen based on the following criteria; inclusiveness, innovation, scale potential, and traction.
Each applicant underwent rigorous judging by a panel of 35 industry experts from various sectors including venture capital, technology, financial services firms, and more.
The judges chose the 50 selected awardees based on their provision of credit, insurance, savings, and other integral financial services to low-income households and businesses.
Brad Jones, CEO of Wave Money and one of the expert judges commented on this year’s selection of winners.
“The final 50 were selected based on strong product-market fit, the experience of their leadership teams, and their potential to scale and reach underserved populations.”
Aside from gaining global recognition for their services, the cohort of awardees is provided access to connecting with leading investors including the IF50 Investors Circle.
The winners
A full list of this year’s winners can be found here.
Out of all the 50 fintechs, two were selected to receive the ”Financial Resiliency” prizes of a reported $25 000. These two fintechs selected are:
- reach52, a fintech that provides micro-insurance to families in Southeast Asia who live more than one hour from the nearest healthcare facilities and have a limited income.
- PesaKit, a Kenyan fintech startup that aims to assist mobile money agents in the country and Tanzania effectively manage shifts in liquidity to improve their services to their customers with limited access to basic financial services.
The two startups were selected for the additional award and funding based on their product’s ability to strengthen low-income households and businesses to recover from the global pandemic.
Read more: New payment tool launches for local SMEs
Read more: A guide to understanding fintech business funding options
Featured image: (Left to right) Neil Welman, and Trevor Gosling , founders of Lulalend (Supplied)
