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Omnisient, a South African fintech startup specializing in privacy-preserving data cooperation, has been awarded the prestigious Excellence in Financial Inclusion Award at the Finovate 2024 event. This recognition places Omnisient as the only African company to be honored at this year’s global fintech awards.

The Finovate Excellence in Financial Inclusion Award celebrates institutions and innovators making significant strides in providing financial access to underbanked and unbanked populations around the world. This US-based award highlights businesses delivering groundbreaking products and services that have a lasting impact on the financial services industry.

Omnisient was recognized for its innovative use of privacy-enhancing technologies and AI in financial services. The startup developed AI models using retail shopping data to predict loan repayment for individuals without a traditional credit history, enabling South African banks to approve affordable loans for over 3.2 million people.

“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.”

Omnisient has garnered widespread international acclaim for its contributions to financial inclusion. In 2023, it was named a Technology Pioneer by the World Economic Forum, earned a spot on Fast Company’s ‘Next Big Things in Tech’ list, and was one of only two African startups to participate in TechCrunch’s Battlefield 200 competition in San Francisco.

The company’s success continues to grow, fueled by a $7.5 million Series A funding round led by Arise, an investor focused on advancing financial inclusion across Africa.