RELAY Fintech



Inclusive Fintech 50   -   Data Standards for Inclusive Fintech   -   Fintech Benchmarks




In 2018, global fintech investment exceeded USD 110 billion.


Yet for those of us focused on financial inclusion, it's difficult to know with certainty whether fintech can deliver on its promise to meet the needs of the financially underserved. More visibility onto inclusive fintech models and performance metrics is needed in order to determine viability and investment readiness. Additionally, more data is required to understand whether individual fintechs are truly 'inclusive' and targeting underserved populations. The information market has not kept pace with the rapidly expanding industry.

Better data can ensure more equitable capital flows.

MIX is researching, designing, and building solutions to reduce the information asymmetries in inclusive fintech. Through Inclusive Fintech 50, we are shining a light on the most promising early-stage fintechs driving financial inclusion. By developing Data Standards for Inclusive Fintech, we are enabling the industry to coalesce around a shared set of metrics and definitions for easier comparison and deeper understanding. And with our forthcoming benchmarks, fintechs and investors alike can supplement their assessments and inform their strategies.  


The following portfolio of work is made possible by:



Scroll down to learn more and stay tuned for new partnership announcements.




Inclusive Fintech 50



Capital has largely overlooked fintechs in several markets. 


Investors often cite difficulty in identifying prospective fintech investees, especially those contributing to financial inclusion. Meanwhile, financial service providers struggle to identify appropriate fintech partners. While capital is available to well-known and established fintechs, it is less so for the early-stage companies focused on financial inclusion and it is concentrated in a handful of companies and countries. Yet research shows that these lesser-known startups are able to reach underserved populations with appropriate financial products. 

Inclusive Fintech 50 elevates fintechs driving inclusion.


The global initiative, funded by MetLife Foundation and Visa Inc., with support from Accion and IFC, helps investors identify high-potential companies and, in turn, help those companies attract the capital and knowledge resources needed to scale. The inaugural competition garnered 400 eligible applications, making clear there are startups with viable products and business models that are ready for investment. The winners demonstrate the power of financial technology to expand access, usage, and quality of financial services in advanced and emerging markets.




Data Standards for Inclusive Fintech




             VIEW THE DATA STANDARDS              

A lack of shared standards presents distinct challenges.


In interviews with more than 40 investors, fintechs, and incubators, we heard that the lack of shared data standards - metrics, key performance indicators, and common definitions - presents two distinct challenges to fintechs and investors alike. Without accurate and comparable data, it is difficult to make comparisons across companies, categories, and markets. Investors must find other, less reliable methods for assessing fintechs, while founders must deal with uncertainty in how they compare to their peers. Additionally, the right data standards can help market actors to demonstrate, track, and measure their intent to be inclusive.

Our data standards enable actionable decision making.

In consultation with our Fintech Working Group - made up of fintech investors, founders, and ecosystem actors - we have developed the Data Standards for Inclusive Fintech. Over several months of research, design, and testing, these standards address the strong desire for accurate data to make comparisons, which can simultaneously support investor assessments and the fundraising strategy of fintechs. Furthermore, both groups can form a deeper, shared understanding of how to determine whether a fintech is committed to inclusion. We encourage you to review the data standards and let us know what you think by emailing


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A special thanks to our Working Group members for providing their guidance:

Amy Wang, PG Impact 
Anil Gupta, Microsave 
Carol Caruso, Bloom Impact
Chris Czerwonka, Mosabi
Gayatri Murthy, CGAP
Machal Karim, CDC Group plc  
Maelis Carraro, Catalyst Fund, BFA
Matt Homer, Cambridge Center for Alternative Finance
Nat Robinson, Leaf Fintech Global 
Puneet Gupta, Kaleidofin 
Sarah Willis, MetLife Foundation 
Shannon Dwyer, Accion Venture Lab  


Supported by:




Fintech Benchmarks




             LEARN MORE             

Benchmarks form the basis of comparison.


Benchmarks can help fintechs understand how they are performing against their peers and provide visibility into how similar companies are performing in different markets when they are preparing for international expansion. For investors, benchmarks can provide a basis of comparison during the valuation process, which is especially important for investors who are new to fintech.  For associations and incubators, benchmarks can help ensure their member companies are on track relative to peers and provide a basis for marketing the relative success of their members when searching for funding and investment partners. 

Our benchmarks will provide a view onto the market.

Investors, fintechs, associations, and incubators all tell us they are looking for benchmarks. In response, and building from the data standards we've developed, we are in the process of developing industry benchmarks. These benchmarks will demonstrate the value of collecting standardized and comparable data while enabling further refinement of the data standards. Fintechs are encouraged to submit data to be included anonymously in the initial benchmarks and will receive personalized benchmark reports and visibility among investors that have participated in the initiative.


If you would like to participate and have questions, please email



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