South African fintech, Omniscient, has been recognized as the winner of the Finovate 2024 Excellence in Financial Inclusion Award.
Omnisient was awarded for its innovative use of privacy-enhancing technologies and AI in financial services. The company leveraged retail shopping data to develop AI models that can predict loan repayment for individuals without a credit history.
Excellence in Financial Inclusion
Winner:
- Omnisient
Finalists:
- BNY Mellon and MoCaFi
- DailyPay
- Interledger Foundation
- MasterCard
- Omnisient
- Penny Finance
This breakthrough has reportedly enabled South African banks to qualify 3.2 million people for affordable loans, significantly expanding access to credit for underserved populations.
“To be the only African company recognized 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 recognized alongside some of the biggest names in global fintech.”
The US-based award honors both established institutions and emerging innovators who have made significant strides in delivering groundbreaking and impactful products and services to the financial services sector. This recognition highlights achievements that drive progress and transformation within the industry.
The winners of the Excellence in Financial Inclusion award were selected from a pool of other finalists who have made significant contributions to society. These individuals and institutions have developed innovative solutions that have transformed the fintech landscape.
This is not the first time Omniscient has been recognized for demonstrating excellence. In 2023, the company was distinguished as a Technology Pioneer by the World Economic Forum, and also received Fast Company’s ‘Next Big Things in Tech‘ award.
Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a controlled, secure environment in which data can be analyzed.
The startup, which last month announced a $7.5 million investment from Arise, has also achieved the milestone of participating in TechCrunch’s Startup Battlefield 200 competition in San Francisco.
🇿🇦FUNDING | South African Fintech, Omniscient, Secures $7.5 Million After Crossing 160 Million Users
Its approach to preserving privacy also enables retailers, financial services, and healthcare firms to collaborate on consumer intelligence.
This has reportedly earned the… pic.twitter.com/ZndGK9O55O
— BitKE (@BitcoinKE) August 29, 2024
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