Flourish FI Named to 2021 Inclusive Fintech 50 [Newest Cohort]
The judges have spoken, and Flourish FI was selected as one of the winners of the Inclusive Fintech 50 (IF50) competition for 2021. The award is organized by the Center for Financial Inclusion (CFI) and is sponsored by Visa, MetLife Foundation, and Jersey Overseas Aid & Comic Relief, with support from Accion and IFC. This year, the focus of the competition was on fintechs that are leading the way by helping low-income customers and micro, small and medium enterprises (MSMEs) to manage through the COVID-19 pandemic.
“The winners of this year’s Inclusive Fintech 50 have stepped forward during COVID-19 to responsibly serve a growing set of underserved consumers and MSMEs. Today, these tech-enabled, specialist firms foster financial wellness and resilience in a uniquely challenging operating context. They are beacons of inspiration for stakeholders and an emergent set of entrepreneurs looking to solve some of the world’s most pressing challenges.” explains Jared Miller, CEO of Accial Capital and a judge of this year’s competition.
For Jessica Eting, Flourish FI’s co-founder & COO, it is an honor to see the company getting this international recognition. “We work in partnership with banks and financial institutions across Latin America to empower people to develop positive financial habits. Our turnkey engagement and financial wellness technology joins the bank’s existing mobile app experience bringing features that use behavioral science and gamification to promote financial health” says Eting. Flourish’s COO also reinforced the importance of the problem they are tackling, affirming that before the pandemic 7 out of 10 Latin Americans had to borrow money at expensive rates when faced with a personal emergency and this has only worsened as over 30 million people in the region lost their income.
With partner banks in Bolivia and Brazil, Flourish FI is already impacting the lives of dozens of thousands of people in Latin America. The company licenses its financial wellness and engagement technology to Banks, Credit Unions and other financial institutions. Flourish’s technology directly impacts how people manage their finances and interact with their banks. Using behavioral science, gamification and advanced analytics, the team at Flourish is designing the future of banking. And they are committed to building an accessible, rewarding and engaging experience for all.
“It certainly makes me proud for Flourish FI to be recognized as a driver of inclusion and financial wellbeing in the lives of people. Our mission is at the core of what we do, and we believe that you can do well by doing good. The team at Flourish, and this includes our partners, investors and customers, are fully committed to building responsible and rewarding financial experiences for everyday people.” said Pedro Moura, co-founder & CEO.
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This brief describes their value propositions and product designs in detail, and elaborates on how they have pivoted their operations to better position themselves to respond to pandemic-era needs. This Center for Financial Inclusion briefs tells the story of Extramile and Paycode, two Inclusive Fintech 50 winners whose products support the unique needs of rural women in Sub-Saharan Africa. It also provides a roadmap for embedding a gender-intelligent approach for evaluating inclusive fintechs, and offers a call to action to support fintechs for gender-transformative product design for stronger value propositions and better business outcomes.
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