Seedstars, a global startup community and investment platform, has unveiled a new initiative called the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program.
Financial Innovations for Women Affected by Migration (FIWAM) is a Growth Program for later-stage fintech startups that have an impact focus on women migrants and women affected by migration.
Recognizing the unique challenges faced by women migrants in accessing financial services and products, this program aims to identify and support fintech companies dedicated to promoting financial inclusion for women migrants and those affected by migration in Asia, MENA, and Sub-Saharan Africa.
Elizabeth Jones, Global Lead Program Operations of Seedstars, expressed enthusiasm about the launch, stating, “We’re thrilled to launch the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program, 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.”
The FIWAM Growth Program is made possible through funding from the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), managed by the Impact-Linked Finance Fund (ILFF). It also receives support from the Swiss Agency for Development and Cooperation and the Austrian Development Agency, the operational unit of Austrian Development Cooperation. The ILF for GIF has partnered with Seedstars to improve access and utilization of financial products and services for women affected by migration.
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Susanne Thiard-Laforet, Program Manager Private Sector & Development, Austrian Development Agency, highlighted the significance of collaboration in enhancing financial services for women impacted by migration, including migrants, their families, and host communities. She emphasized the program’s role as a catalyst for meaningful change, aiming to recognize migrant groups, especially women, as a viable market segment.
“We’re eager to collaborate with Seedstars in this pivotal initiative to enhance access and utilization 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.”
According to the recent report “Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants” by Village Capital, the global population of international migrants has exceeded 281 million, along with over 55 million internally displaced persons. These numbers continue to rise due to factors such as protracted conflicts, the effects of climate change, and increasing poverty levels worldwide.
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Women migrants face numerous barriers when it comes to accessing financial services, including legislative constraints, documentation deficiencies, language barriers, cultural differences, and limited mobility. Therefore, there is a growing need to enhance the financial inclusion of migrants, particularly women migrants.
Benefits and Eligibility of FIWAM Program
The FIWAM Growth Program offers a range of benefits for selected fintech startups, including enhancing financial inclusion for migrant women and their families in Asia, MENA, and Sub-Saharan Africa. Startups will receive technical assistance to help them reach their investment potential and scale their impact. They will also have access to experts in residence (EIR) and mentors who will provide regional expertise and guidance. The program spans three months, during which fintech startups can refine their solutions and strategies.
Eligibility for the FIWAM Growth Program requires startups to be for-profit entities operating in Sub-Saharan African, MENA, or Asian countries. They must provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration. The startups should also be at the growth stage, with a monthly revenue of approximately $10,000. Woman-led companies and founders who are women migrants are strongly encouraged to apply.
Interested fintech startups can submit their applications on the FIWAM Growth Program website before July 30, 2023. Additional information about the program, its benefits, and selection criteria is available on the website.
About Seedstars
Seedstars is a Swiss-based company with a mission to impact people’s lives in emerging markets through technology and entrepreneurship. Seedstars works with the private and public sectors to implement entrepreneurial capacity-building programs in order to create jobs and fuel economic growth.
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