CAF's Fourth Annual Call to Fund Fintech Startups Focusing on Migrants

The Financial Inclusion Laboratory (LIF 2023), coordinated by the CAF - Development Bank of Latin America, has announced its fourth annual call. This year’s focus is on elevating financial inclusion for migrant populations and migrant-owned small and medium-sized enterprises (SMEs) in Latin America and the Caribbean.

Main Focus of LIF 2023

LIF 2023 aims to assist startups from all CAF member countries, focusing on three primary areas. First, the initiative aims to improve the education, financial, and digital skills of migrants. Secondly, it plans to create financial products and services specifically designed for migrants. Lastly, the program intends to impact the entrepreneurial abilities of migrants and boost the productivity of their SMEs.

Rewards for Winning Startups

The ten winning startups will have the opportunity to take part in acceleration programs with either Endeavor or Seedstars, starting in January 2024. Furthermore, the top 20 finalist startups will gain free access to Seedstars content for technological onboarding. All participants will have access to funding rounds and other resources such as MentorDay and scoring services.

Timeline and Support

The call for applications is open from August 28 to October 13, 2023. The review of projects will take place from October 16 to November 22. The organization will announce the preselected proposals on November 30, with a pitch presentation and matchmaking event scheduled for December 13, 2023.

LIF 2023 is backed by over 80 allies from public and private sectors, investors, and entrepreneurs in the region. Notable supporters include Mastercard, the International Organization for Migration (IOM), UNHCR, along with numerous financial and governmental organizations from Argentina to Venezuela.

Driving Innovation in Fintech

The initiative aims to stimulate innovation in the fintech sector while addressing the specific challenges that migrant populations in Latin America and the Caribbean face in terms of financial inclusion. This call represents an opportunity for fintech startups to make a substantial impact on this underserved community.