Milken Institute and Motsepe Foundation Announce Winner of the Milken-Motsepe Prize in FinTech and Launch New Prize
LOS ANGELES & JOHANNESBURG--(BUSINESS WIRE)--The Milken Institute and the Motsepe Foundation are proud to announce the winner of the Milken-Motsepe Prize in FinTech, a $2 million innovation award designed to reward companies working to expand access to capital and financial services for small businesses in emerging and frontier markets. The winner was announced at the Milken Institute Global Conference in Los Angeles.
Verto, based in the United Kingdom, won the $1 million Grand Prize for its business-to-business cross-border payments platform, which enables businesses in emerging markets to send and receive payments, eliminating intermediary fees, supporting 49 currencies, and settling transactions quickly.
FinTech is the third prize awarded as part of the Milken–Motsepe Innovation Prize Program, a series of competitive multimillion-dollar global competitions and awards designed to incentivize and reward bold, innovative solutions to address pressing economic and environmental challenges in Africa.
A Rigorous Award Cycle: From Application to Award
Launched in May 2024, the Milken-Motsepe Prize in FinTech attracted more than 3,000 entrepreneurs from 126 countries across six continents. A total of 400 teams applied, with just 10 being selected as semifinalists.
Each team underwent a comprehensive judging process that evaluated five key criteria: affordability and accessibility, ethical and responsible practices, scalability in other markets, the use of cutting-edge technology, and the potential to promote equitable access to financial services.
In December 2024, 10 semifinalists pitched their innovations to investors at the Milken Institute Middle East and Africa Summit in Abu Dhabi. From this group, an expert panel of judges selected three finalists—Chumz, Oze, and Verto—to advance to the final stage of the innovation award at the 2025 Milken Institute Global Conference.
'Across the African continent, technology and innovation are disrupting traditional finance and banking approaches. Investment in this space is profitable and, more importantly, necessary for financial inclusion," said Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation. "My heartfelt congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the global South, while influencing the financial sector all over the world."
Since its launch in 2021, the Milken-Motsepe Innovation Prize Program has awarded over $6 million in funding to more than 50 innovators worldwide. Participating teams have raised nearly 10 times the Grand Prize in additional outside investments, reaching and impacting over 530,000 community members.
The Milken-Motsepe Innovation Prize Program offers free, curated resources and online events not only to award winners but also to nearly 9,000 global entrepreneurs.
New Prize in AI and Manufacturing
The fourth Milken-Motsepe Innovation Prize, which focuses on AI and manufacturing, launched at the 2025 Milken Institute Global Conference. The new $2 million award is designed to recognize established companies driving innovation in Africa's manufacturing sector. Focused on advanced data analytics and artificial intelligence, the prize rewards technological breakthroughs that create long-term economic resilience in the supply chain in Africa.
Registration is open until July 31, 2025.
With $2 million in total prizes, including a $1 million Grand Prize, 'AI and Manufacturing' seeks companies that accelerate technological advancements, create jobs, and improve access to essential goods and services for communities across Africa. The award represents an opportunity to support companies leading the next wave of transformative change in manufacturing.
'We have witnessed our prize programs bring forward some of the most visionary thinkers across sectors, from agriculture to financial technology. Now we're excited to see what bold entrepreneurs are doing for the manufacturing sector to harness the power of AI and other advanced technologies to improve the supply chain in Africa,' said Emily Musil, PhD, managing director of environmental and social innovation at the Milken Institute. 'Prizes like this have the power to reveal new and better ways to operate in the digital age and shape how we can do better for people and the planet in the new future we are building.'
For more information about the winners and the Milken-Motsepe Innovation Prize Program, visit https://milkenmotsepeprize.org/.
ABOUT THE MILKEN INSTITUTE
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information, visit milkeninstitute.org.
ABOUT THE MOTSEPE FOUNDATION
The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute toward eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed, and marginalized people in South Africa, Africa, and the world. In January 2013, Dr. Motsepe and Dr. Moloi-Motsepe joined the Giving Pledge, which was started by Warren Buffett and Bill and Melinda Gates. Dr. Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond. For more information, visit https://www.motsepefoundation.org/.
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