The Fintech innovation industry continues expanding in multiple directions.
Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, fintech has expanded to include any technological innovation in the financial literacy and education, retail banking, investment and crypto-currencies like bitcoin.
As OpenFinInc has reported in previous articles, FinTech in emerging countries, such as Bangladesh and Kenya, has impacted the delivery of financial services to unbanked individuals. You’ll also find many examples in the Financial Inclusion at the Bottom of the Pyramid by Carol Realini and Karl Mehta. Check out the audiobook as well.
Meanwhile, improve your understanding of the field by reviewing this fintech innovation infographic.
Fintech Innovation Infographic – Source = DealSunny
Created by DealSunny
10 Financial Inclusion Entrepreneurs
Below are 10 insightful fintech innovation/inclusion entrepreneurs who help the underserved. From remittance to lending to credit scoring, each pioneer contributes to financial inclusion.
- KyePot founder & CEO, Sidd Gandhi, using social tools, enables lending and borrowing within small, trusted groups.
- Coins.ph founder & CEO Ron Hose created a Bitcoin mobile wallet that cuts transaction costs for Filipinos who work abroad and send money home. The company also offers ATM withdrawals from banks and e-commerce merchant integration.
- LendStreet’s founder & CEO, Jerry Nemorin offers marketplace lending capital that assists distressed borrowers with debt refinancing.
- Kopo Kopo’s founder & CEO, Dylan Higgins uses mobile money merchant data to provide financing to merchants that fit within their cash flow cycles.
- First Access’ founder & CEO, Nicole Stubbs leverages cell phone data that improves credit risk assessments for borrowers in informal markets.
- Juntos’ founder & CEO, Ben Knelman creates mobile-based personal finance tools for cash-based households.
- Destacame’s founder & CEO, Jorge Camus analyzes utility and cell phone data. The service creates and manages alternative credit scores and influences credit scoring models.
- SimbaPay, a mobile app, enables Kenyans abroad to deposit money instantly into their bank accounts.
- Simpa Networks’ founder & CEO, Paul Needham makes solar energy simple, affordable and accessible.
- Microensure’s founder and CEO, Richard Leftley, developed individual life, health and comprehensive insurance reducing risk for people in over a dozen countries.