Behind the numbers: Spotlight on the 2X Challenge Qualified Investments
What does it really mean for an investment to be “2X qualified”? A 2X Challenge qualified investee is a company, fund, or financial institution that has received investment from a 2X Challenge participating investor and meets the 2X Criteria. This investment then counts towards the total collective commitment by the participating investors to invest at least US$20 billion over three years (from 2024-2027) to direct financing towards women’s empowerment. Behind each qualification lies a unique journey, an inspiring business case, and a vision for inclusive, sustainable finance and growth.
Since the 2X Challenge 2024-2027 was launched, 41 transactions have been officially qualified. These include 12 companies, 23 financial institutions, and six funds. The financial services sector was the most represented among the qualifications, followed by the agriculture, manufacturing, and energy sectors. These transactions span 25 countries and reflect the applicability of the 2X Criteria across diverse markets, regions and sectors and the growing innovation in gender smart investing practices.
Below, we spotlight four investees, each showcasing how they meet the 2X Criteria and how their work is driving progress in gender finance. From financial inclusion to inclusive employment, here’s a glimpse into their impact.
A Financial Institution in Ecuador
Qualifying Investor: Developing World Markets (DWM)
They meet 2X Criteria 2 (Leadership), 3 (Employment) and Criteria 5 (Products & Services).
Banco Solidario has been a leading microfinance institution in Ecuador since 1996. The Bank focuses on meeting the needs of micro, small, and medium-sized enterprises across the country. Banco Solidario aims to become “the preferred bank for women in Ecuador” and to that end, has developed a comprehensive gender inclusion strategy called Mujer Solidaria. The strategy includes initiatives focused internally at all levels of the organisation and externally on providing financial and non-financial services that meet women’s needs and preferences.
They meet 2X Criteria 2 (Leadership), 5 (Products & Services) and a commitment to meet Criteria 3 (Employment).
Since its establishment in 2014, BURN Manufacturing has built a successful business while demonstrating that clean cookstoves can deliver transformative social, economic, and environmental benefits. BURN Manufacturing has several measures in place including a gender action plan to advance gender equality and women's economic empowerment through its products and employment opportunities. Women are the primary user of their products constituting 70% of its customer base. BURN Manufacturing products are reducing women’s time poverty, improving life quality and family health.
A Company in Argentina
They meet 2X Criteria 3 (Employment) with a Commitment to meet Criteria 4 (Supply Chain).
Qualifying Investor: FinDev Canada
Genneia S.A. is Argentina’s leading renewable energy company, specialising in wind and solar power. It holds around 20% of the country’s installed renewable capacity. The company plays a key role in Argentina’s energy transition through large-scale sustainable infrastructure projects. This investment is expected to strengthen gender-inclusive practices and gender representation in Genneia's workplace and on project sites, as well as facilitate greater women's participation in the renewable energy supply chain.
Science for Society Technologies (S4S Technologies)
A Company in India
Qualifying Investor: Global Innovation Fund
They meet 2X Criteria 4 (Supply Chain) and 5 (Products & Services).
S4S Technologies is an India-based company that has developed an innovative dryer to preserve the produce of smallholder farmers in India. This provides farmers with a solution to reduce post-harvest losses as well as a profitable route to market for produce that would otherwise go to waste. S4S works with 5,000 female micro-entrepreneurs to source and process the produce, seeing their incomes double or triple.
More details on the 41 qualified transactions are available on the public database of 2X Challenge qualified investments. Keep following here and on social media for regular updates and spotlights on new 2X Challenge qualified investments!
