Cape Town, South Africa, 11 Sep 2024
Omnisient, a leader in privacy-preserving data collaboration, has been awarded the globally recognised Finovate 2024 Excellence in Financial Inclusion Award. Omnisient was the only African fintech to be recognised as a leader in its category.
The US-based award honours both established institutions and rising stars that have made significant strides in delivering innovative and impactful products and services to the financial services sector.
Each winner was selected from a group of finalists that have each demonstrated exceptional contributions to society and developed groundbreaking solutions that have reshaped the fintech landscape. The Excellence in Financial Inclusion Award specifically honours institutions that are making significant strides in providing financial access to underbanked and unbanked populations around the globe.
Omnisient beat US and international competition for this award for its innovative use of privacy-enhancing technologies and AI to enable financial services institutions to use retail shopping data to build AI models that can be used to predict loan repayment for people with no credit history. This has enabled leading banks in South Africa to qualify 3.2 million people for life-changing affordable loans who would have previously been declined due to lack of credit history.
“To be the only African company recognised by Finovate this year speaks volumes about the world-class solutions we’re delivering, particularly in unlocking financial services for the millions of underserved people in Africa,” said Jon Jacobson, CEO and co-founder of Omnisient. “This award is validation of the work we’re doing to build a more inclusive financial system, and it’s especially meaningful to be recognised alongside some of the biggest names in global fintech.”
This is not the first time Omnisient receives international recognition for the impact its technology is having on growing financial inclusion. In 2023, the company was selected as a Technology Pioneer by the World Economic Forum, was awarded Fast Company’s “Next Big Things in Tech”, as well as selected as one of the only two African early-stage start-ups to be invited by TechCrunch to participate in the Battlefield 200 competition in San Francisco.
This award caps off a series of significant milestones for Omnisient. Last month, the company announced it had secured $7.5 million in Series A funding from Arise, an investment aimed at driving financial inclusion across Africa.
The complete list of categories, winners and finalists can be found at https://informaconnect.com/finovate-industry-awards/2024-winners/
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The Finovate Awards
The Finovate Awards are annual honours presented by Finovate, a global leader in showcasing cutting-edge fintech innovations. The awards honour the most innovative and impactful companies, individuals, and products in the financial technology space. The goal of the awards is to recognize excellence in a variety of categories, ranging from Financial Inclusion, Digital Banking, Lending Innovation, to Best Fintech Partnership and Best Consumer Payments Solution.
Judged by a panel of industry experts, the awards highlight achievements that are transforming the financial services landscape. Winners are selected based on their contributions to improving the customer experience, expanding financial access, driving technological advancement, and creating new opportunities in the financial sector. Because of its rigorous selection process and prestigious global recognition, the Finovate Awards are considered a benchmark of success in the fintech and financial services industries.
Learn more about the Finovate Awards: https://informaconnect.com/finovate-industry-awards/
Learn more about Finovate: https://finovate.com/
Omnisient
Data collaboration enables creates significant opportunities for businesses and communities. One of those is increasing financial inclusion, with the widespread benefits of that.
Financial Services providers can derive substantial value from high quality consumer data but are constrained by privacy regulations, the risk of data breaches and IP leakage, the depreciating value of data, and the time required to obtain access to new data.
Omnisient is an award-winning privacy preserving data collaboration platform that is enabling financial services businesses to access high value consumer data in a regulatory compliant manner, using advanced cryptography and AI.
Omnisient is a member of the World Economic Forum’s Technology Pioneer Community, a TechCrunch Startup Battlefield 200 participant, a member of the United Nations Privacy Enhancing Technologies committee, and a Fast Company “Next Big Things in Tech” startup.
Established in 2019 in Cape Town, South Africa, Omnisient protects over 160 million consumer profiles for over 80 large businesses