Startup Lagos

15-Mar-2025

Fintech

Three Finalists Emerge for Milken-Motsepe Prize in FinTech ($1 Million) 3 months ago

The Milken Institute and the Motsepe Foundation have announced the three exceptional teams that have advanced to the final round of the prestigious Milken-Motsepe Prize in FinTech, a competition designed to recognize and reward groundbreaking solutions for expanding financial inclusion among small businesses in emerging and frontier markets. These innovators will compete for the coveted US$1 million Grand Prize.

The Milken-Motsepe Prize in FinTech supports the development and implementation of cutting-edge technologies to increase access to capital and essential financial services for underserved entrepreneurs around the world.

The three finalist teams were selected from a highly competitive pool of applicants and will now have the exclusive opportunity to attend the Milken Institute's 2025 Global Conference in Los Angeles, California, in May, where the Grand Prize winner will be revealed.

The Finalist Teams:

• Chumz (Kenya): Chumz is an innovative gamified savings product that leverages behavioral psychology to make saving money engaging, accessible, and cost-effective for individuals.

• Oze (Ghana): Oze is a digital lending platform focused on bridging Africa's credit gap. It provides banks with an SME-focused app that digitizes financial data, enabling more accurate risk assessment and improved lending opportunities for small businesses.

• Verto (United Kingdom): Verto is a business-to-business cross-border payments platform designed specifically for businesses operating in emerging markets. Its unified network eliminates intermediary fees, supports 49 currencies, and facilitates faster transaction settlements.

Emily Musil, Managing Director at the Milken Institute, emphasized the critical role of the competition in driving financial inclusion, stating: "By supporting these pioneering teams, we aim to empower entrepreneurs who drive economic growth and opportunities in their communities. The Milken-Motsepe Prize in FinTech highlights the power of innovation to address financial challenges in emerging markets, and we are excited to see these finalists bring their groundbreaking solutions to life."

Launched in May 2024 at the Milken Institute Global Conference, the Milken-Motsepe Prize in FinTech aims to recognize innovative companies that best demonstrate the use of cutting-edge technologies to expand access to capital and financial services for small businesses in emerging and frontier markets. The Grand Prize winner will be selected based on the impact, scalability, and sustainability of their solutions.

The Milken-Motsepe Prize in FinTech offers $2 million in total prizes, including the $1 million Grand Prize. Beyond the financial award, finalist teams benefit from invaluable networking and pitching opportunities, helping them accelerate the implementation of their solutions in high-impact markets.

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