The Milken Institute and the Motsepe Foundation have revealed the three finalists for the Milken-Motsepe Prize in FinTech, who will compete for the prestigious US$1 million Grand Prize. This prize recognizes innovative solutions aimed at expanding financial inclusion for small businesses in emerging and frontier markets.
The three finalist teams were selected from a competitive pool of applicants and will now attend the Milken Institute’s 2025 Global Conference in Los Angeles, California, in May, where the Grand Prize winner will be announced.
Finalist Teams:
- Chumz, Kenya: A gamified savings product that uses behavioural psychology to encourage individuals to save money in an engaging and cost-effective manner.
- Oze, Ghana: A digital lending platform that helps bridge Africa’s credit gap by providing banks with an SME-focused app that digitises financial data for better risk assessment and improved lending opportunities.
- Verto, United Kingdom: A business-to-business cross-border payments platform that supports 49 currencies, eliminates intermediary fees, and facilitates faster transaction settlements for businesses in emerging markets.
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Emily Musil, Managing Director at the Milken Institute, emphasized the importance of the competition in promoting financial inclusion: “By supporting these pioneering teams, we aim to empower entrepreneurs who drive economic growth in their communities. The Milken-Motsepe Prize in FinTech highlights the power of innovation in addressing financial challenges in emerging markets.”
Launched in May 2024, the Milken-Motsepe Prize in FinTech seeks to award companies using cutting-edge technologies to increase access to capital and financial services for underserved entrepreneurs. The Grand Prize winner will be chosen based on the impact, scalability, and sustainability of their solutions.
The total prize pool is $2 million, with $1 million designated for the Grand Prize winner. Finalists also gain valuable networking and pitching opportunities to help accelerate their solutions in high-impact markets.
