Read time: 3 minutes

Seedstars to empower women migrants with fintech

By , ITWeb
Africa , 05 Jul 2023

Switzerland-based firm Seedstars Capital today announced the launch of a growth programme that aims to support fintech companies that promote financial inclusion for women migrants across Asia, MENA, and Sub-Saharan Africa.

The Financial Innovations for Women Affected by Migration (FIWAM) programme is accepting applications until 30 July.

The programme is funded by the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), managed by the Impact-Linked Finance Fund (ILFF) and supported by the Swiss Agency for Development and Cooperation, as well as the Austrian Development Agency, the operational unit of Austrian Development Cooperation.

The ILF for GIF has partnered with Seedstars to foster improved access and utilisation of financial products and services for women affected by migration.

Through the FIWAM growth programme, selected fintechs from Asia, MENA, and Sub-Saharan Africa will receive technical assistance to attain investment potential and scale their impact, targeting women migrants and women affected by migration.

Each cohort of 10-15 fintechs per region will also receive direct support from experts in residence (EIR) and mentors drawn from their respective regions, over a period of three months.

To qualify, the fintech must be a for-profit entity and have operations in a Sub-Saharan African, MENA or an Asian country.

Provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration

The entity must have product market fit, be at growth stage, and generating monthly revenue of ±$10K USD

Woman-led companies as well as founders who are women migrants are highly encouraged to apply.

Susanne Thiard-Laforet, programme manager private sector & development, Austrian Development Agency, says: “We're eager to collaborate with Seedstars in this pivotal initiative to enhance access and utilisation of financial services for women impacted by migration, encompassing not only migrants themselves but also their families and host communities.

“This program transcends mere acceleration; it is a catalyst for meaningful change, dismantling barriers and biases in order to recognize migrant groups, especially women, as a viable market segment.

“We are looking forward to supporting and learning from the innovative solutions that will be developed through this program, and the impactful strides they will make in fostering financial inclusion."

Commenting on the launch of the programme, Elizabeth Jones, global lead programme operations of Seedstars, says: "We're thrilled to launch the FIWAM growth programme, as it has the potential to create a lasting impact on the lives of women migrants and women affected by migration. We're eager to witness the transformative financial inclusion these innovative solutions will bring about in their communities."

Daily newsletter