Flourish is excited to share that we’ve partnered with DFS Lab alongside Women’s World Banking and FinEquity to launch the F3 Prize, recognizing the most innovative digital financial products that are narrowing the financial gender gap.
“The latest World Bank Findex Report 2017 shows that a gender gap remained steady at 7 percent globally and 9 percent in developing countries for adults with an account relative to the previous global survey in 2014. In some countries like Bangladesh, Pakistan, and Nigeria, the gender gap has actually grown since the last assessment,” says Female Focused Fintech. “This means there are hundreds of millions more women who lack necessary financial services than men. This tragedy is compounded by the fact that women are often the financial managers for their households in charge of allocating scarce resources to critical family priorities such as childcare, food, education, and health.”
Who should apply?
- Fintech startups who serve a primarily female customer base – includes both digital financial services companies and “fintech plus” companies who serve financial services alongside another primary offering. (e.g. last mile delivery, ag supply chain, etc)
- Startups who target the mass market in Africa and South Asia (including Indonesia).
- Startups who have made gender inclusion a priority, both in their business models and their company culture.
- Startups whose products and services address the gender gap in financial inclusion through increased access to financial services for women and/or a deeper impact on the daily financial lives of women and their families – ideally, both.
- Startups who can demonstrate the above with qualitative and quantitative data and prove the ability to scale that impact.
Why should I apply?
F3 will be offering cash prizes for the most innovative entrepreneurs and products that increase financial access to female users in emerging markets with a focus on regions of Sub-Saharan Africa and South Asia (including Indonesia), the regions where the financial inclusion challenge and gender gap are the greatest.
Winner: $5,000 USD
Runner Ups (2): $2,000 USD
The cash prize is meant to be a celebratory reward and not a substitute for substantial funding. However, the winners will also have access to structured mentorship from DFS Lab, its network of experts, and members of the F3 Prize’s advisory and sponsorship committee.
Winners will also be featured on various media and be honored at the FT/IFC Transformative Business Awards 2019.
Visit the Female Focused Fintech Prize page here for official application and details.