Frollo Wins MetLife Foundation Australian Innovation Competition Powered by Verb, Secures AUD65,000 Grant
Sydney August 22, 2018
MetLife Foundation and Verb have announced Frollo as winner of the Inclusion Plus competition in Australia.
The competition was open to entrepreneurs, non-profits, and other social impact organisations focused on addressing the financial health needs of low to moderate income Australians. Standing out among more than 50 entries, Frollo received a grant from MetLife Foundation of AUD65,000. The results were announced at a gala dinner at the Hilton Sydney on 16 August 2018.
Frollo has developed a financial engagement platform and mobile apps that are designed to help Australians to improve their financial wellbeing. Frollo helps consumers see where their money is going, engage them to form new money habits and encourage them with inspiration from the Frollo community.
“This is amazing, and we are so excited. It has been a real joy to through this process and get the recognition that we did,” said Frollo founder Gareth Gumbley. “I want to say thank you to MetLife, which has given us the platform to enable our business to scale, and to our MetLife mentor Luke Broekman, who supported us through the pitch process. We plan to use the winnings to help us develop our trademark ‘Frollo Score’, which will help our users better engage and understand their finances and find ways to get ahead. Lastly, I want to say thank you to my team – without them, we wouldn’t be here today serving our customers and delivering on the purpose we’ve set out to achieve,” Gumbley said.
MetLife Foundation is proud to support this first-of-its-kind innovation competition that supports organisations at the forefront of financial inclusion in Australia. MetLife Australia employees acted as mentors and judges, helping participants refine their business pitches and competition entries.
“The great ideas, innovation, and passion we’ve seen in the ventures we’ve worked with in this competition have been truly inspiring,” said Vince Watt, Acting Chief Executive Officer of MetLife Australia. “Frollo has the potential to make a significant difference to the financial wellbeing of many Australians at risk of being left behind. This has been a great opportunity for our business and people to be able to support this, and we’re very pleased to help Frollo and the other winners work towards scaling their businesses and achieving their goals.”
Good Shepherd Microfinance, in second place, won AUD30,000. Hip Money, in third place, took home AUD15,000, while MoneyPlace and Roll It Super were each awarded AUD8,000.
“It’s very encouraging to see how corporate foundations and multi-national businesses can partner with social entrepreneurs to fuel innovation and impact. MetLife Foundation and MetLife Australia have come together to demonstrate how competitions can be a powerful engine to help address some of the world’s biggest economic problems,” said Verb Co-Founder and CEO, Suzi Sosa. “We congratulate the winners who have developed a powerful new way to include more people in planning for their financial futures.”
The Inclusion Plus Australia competition is part of a broader program that was developed in partnership between MetLife Foundation and Verb and is running across twelve countries over a three-year period. Competitions have already concluded in Ireland, China, India, Mexico, Egypt, Lebanon, Bangladesh, Spain and Portugal. These competitions help advance financial inclusion for the estimated two billion people globally who do not currently have access to formal financial services. To learn more about the competitions, visit inclusionplus.com.
Media Contacts
Sarah Kelly, MetLife Australia
+61 0411 893 890
Meredith Hyland, MetLife Foundation
1 (212) 578-9415
Kylene Reese, Verb
1 (800) 232-8899
About MetLife
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit www.metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.