The Milken Institute, in partnership with the Motsepe Foundation, has unveiled the 10 startups advancing to the semifinalist stage of the Milken-Motsepe Prize in FinTech.
Each of these innovative teams has been awarded $100,000 in funding as they move forward in the competition, which aims to address financial inclusion challenges across emerging and frontier markets.
The selected startups come from a diverse range of financial technologies, offering solutions aimed at bridging the financial inclusion gap for underserved communities.
These semifinalists will showcase their innovations at the Milken Institute’s Middle East and Africa Summit, set to take place in Abu Dhabi, UAE, from December 5-6, 2024.
During the summit, the teams will pitch their solutions to a panel of experts, competing for a chance to secure a spot in the final round of the competition.
The Milken-Motsepe Prize in FinTech offers a total of $2 million in awards, with the ultimate Grand Prize of $1 million to be announced in May 2025 at the Milken Institute’s Global Conference in Los Angeles.
The focus of this year’s competition is on advancing financial inclusion for marginalised populations, with an emphasis on scalability, sustainability, and tangible impact.
The 10 Semifinalists are as follows:
- AZA Finance (Kenya)
Led by Caroline Shiku Njathi, AZA Finance provides low-cost, secure financial services, such as currency exchange and payments, for businesses across major currencies, addressing the financial needs of businesses in Africa. - Chapa (Ethiopia)
Headed by Nael Teklehaimanot, Chapa offers an online payment gateway with a developer-friendly API that simplifies payment integration for Ethiopian businesses, making it easier for companies to process payments online. - Chumz (Kenya)
Led by Sam Njuguna, Chumz is a savings platform that utilises gamification and behavioural psychology to encourage low-cost savings, helping individuals manage their finances more effectively. - Farmpawa (Uganda)
Under the leadership of Moses Eteku, Farmpawa connects investors to farming assets through its crowd farming platform, empowering farmers and promoting sustainable agricultural growth in Uganda. - Flow Global (United Kingdom)
Michael Rothe’s Flow Global is a liquidity engine aimed at assisting retail merchants by providing the working capital solutions they need to thrive in the digital economy. - Paycloud by Lipa Later (Kenya)
Paycloud is a digital banking solution designed to address late payments in Africa. Led by Eric Muli, the company offers seamless payment processing, automated invoicing, and financial tools to help businesses streamline their financial operations. - Nyla Bank (Ghana)
Led by Mubarak Sumaila, Nyla Bank is Africa’s first digital Islamic bank, offering Shariah-compliant financial products designed to empower over a billion people with ethical, innovative banking solutions. - Oze (Ghana)
Headed by Meghan McCormick, Oze focuses on digital lending, providing SMEs in Africa with tools to digitise financial data and helping banks better assess credit risk for lending. - Trade Lenda (Nigeria)
Led by Adeshina Adewumi, Trade Lenda is a banking platform for small and medium-sized enterprises (SMEs), offering quick loan access and micro-savings solutions to help businesses achieve their financial goals. - Verto (United Kingdom)
Under the leadership of Rachel Coombs, Verto is a B2B cross-border payments platform designed to serve businesses in emerging markets. The platform handles 49 currencies and streamlines transactions, reducing intermediary fees and accelerating settlement times.
Over the coming months, the semifinalist teams will be testing and refining their solutions, which will be judged based on their potential impact, scalability, and sustainability.
The teams will now prepare for their Innovation Showcase in December and the global spotlight is on their ability to provide lasting solutions that expand access to essential financial tools and services for underserved populations.
