Milken-Motsepe Prize in Fintech: Empowering Small Businesses Through Innovation
The Milken-Motsepe Prize in Fintech, a remarkable initiative backed by the Milken Institute and the Word Foundation, offers a $2 million reward aimed at transforming financial landscapes for small businesses. Since its launch in May 2024, it has attracted over 3,000 entrepreneurs from 126 countries worldwide.
Celebrating Financial Innovation
In December 2024, the competition narrowed down to 10 semi-finalists, each showcasing pioneering solutions at the Milken Institute Middle East and Africa Summit. These innovations focus on expanding access to capital and financial services for small enterprises in emerging and border markets.
Prestigious Award Ceremony
On May 5, during the Milken Institute Global Conference in Los Angeles, a prestigious award of $1 million was presented to the winning team. This accolade recognizes businesses that play a vital role in enhancing financial accessibility for small businesses in developing regions.
Verto: A Finalist Spotlight
Verto, a global fintech company specializing in cross-border payments, FX, and banking solutions, impressed judges and was honored as one of the three finalists in the Milken-Motsepe Prize in Fintech. Their innovative platform exemplifies the essence of the prize’s mission by prioritizing accessibility and technology in financial services.
Rigorous Evaluation Process
The evaluation process was comprehensive, assessing candidates on multiple criteria, including affordability, ethical practices, scalability, technological innovation, and fairness in financial access. Verto’s commitment to these principles secured its position as the ultimate winner.
Remarks from Dr. Precious Moloi-Motsepe
Dr. Precious Moloi-Motsepe, Co-founder and CEO of the Word Foundation, remarked, “Technology and innovation are reshaping traditional finance across the African continent. Investing in this sector is crucial not only for profitability but also for advancing financial inclusion. Congratulations to the winners and finalists for presenting impactful solutions that stimulate economic growth and shared prosperity globally.”
Verto’s Impact on Emerging Markets
Verto’s platform enables companies in emerging markets to seamlessly send and receive payments across borders, including transactions involving exotic currencies. By minimizing intermediary costs, supporting 49 currencies, and ensuring rapid transactions where previously impossible, Verto significantly enhances financial inclusion for underrepresented businesses.
Looking to the Future
“Winning the Milken-Motsepe Prize in Fintech validates our mission to dismantle barriers in cross-border payments,” said Ola Oyetayo, CEO of Verto. “This recognition provides us with the necessary resources and credibility to further empower businesses in emerging markets.”
The Milken-Motsepe Innovation Prize program has awarded over $6 million to more than 50 innovators since its inception in 2021, generating nearly tenfold additional investments and positively impacting over 530,000 members of the global community. As financial technologies continue to evolve, initiatives like the Milken-Motsepe Prize in Fintech are pivotal in paving the way for a more inclusive economic future.