Building resilience for the financially underserved
10 July 2019
Much like insurtechs, fintechs offering savings and personal financial management services are a small but important cohort within inclusive fintech. Just 73 of the 400 eligible applicants (18 percent) to Inclusive Fintech 50 were categorized as “Savings & Personal Financial Management” startups. Not only did fewer of these fintechs apply, but they captured just 9 percent of the combined customer base of the applicant pool. This could reflect the fact that many of the applicants in this category operate in upper middle-income countries, which tend to have smaller populations of financially underserved people than lower middle-income countries. Still, with growing interest in products and services that enable low-income and other underserved segments to improve financial health, these fintechs are well positioned to continue to deepen and expand their impact.