Inclusive Fintech 50 has named Bangladesh postal department’s digital financial service Nagad as its top cohort of fintech startups for 2020, said a press release.
The announcement came on Tuesday from Washington.
Nagad, the fastest growing mobile financial service in Bangladesh, was selected in the payments category a pool of 403 applications operating in 111 countries.
Inclusive Fintech 50 was founded by MetLife Foundation and Visa, with the support from Accion and the International Finance Corporation, and additional funding from BlackRock and Jersey Overseas Aid & Comic Relief.
This was the second edition of the initiative, which selected the top 50 fintech potential companies from around the globe.
An independent panel of 35 experts from venture capital, technology, and financial services firms identified the most promising startups providing credit, insurance, savings, and other critical products to low-income households and businesses that are particularly vulnerable to financial shocks like the COVID-19 economic crisis.
Along with Nagad 10 South Asia companies, 10 companies from East Asia & the Pacific, 5 from Europe & Central Asia, 8 from Latin America & the Caribbean, 6 from North America, and 12 companies from Sub-Saharan Africa were also named in the list.
Terming these companies as 50 high-potential, Inclusive Fintech 50 said these early-staged and innovative fintech startups are driving financial inclusion and resilience for 3 billion financially underserved people worldwide.
Together, these high-potential startups demonstrate the power of financial technology to improve the accessibility, affordability, and convenience of financial services in advanced and emerging markets.
Launched in 2019, Inclusive Fintech 50 identifies and elevates high-potential, early-stage, and innovative fintech startups driving financial inclusion and resilience.
The initiative is implemented by MIX, the global data resource for investors focused on inclusive finance.
Want stories like this in your inbox?
Sign up to exclusive daily email
More Stories from Telecom