Resources: The FIWAM Growth Program – Championing Financial Solutions for Women Migrants /

Would you like to know how the ILF for GIF accelerates the growth of FinTech startups developing gender-inclusive financial solutions? The FIWAM program by Seedstars is a great example.

The Financial Innovations for Women Affected by Migration (FIWAM) Growth Program is the second accelerator program implemented under the Impact-Linked Fund for Gender-Inclusive Fintech (ILF for GIF). In partnership with Seedstars, the program aimed to accelerate the growth of FinTech startups developing gender-inclusive financial solutions. By addressing the significant barriers women migrants face in accessing financial services, the FIWAM growth program supported innovative enterprises creating tailored solutions for this underserved population.

A powerful growth program for 29 FinTech startups from MENA, Sub-Saharan Africa and Asia

The program’s objective was pegged on building a strong pipeline of investable companies, nurturing them to develop and/or improve their already existing market-fit solutions addressing these crucial societal challenges. This was achieved by adopting global best practices tailored to their respective contexts across Asia, the Middle East and North Africa (MENA), and Sub-Saharan Africa. By providing technical assistance, hands-on support, and network building, the program strengthened their business and impact management capacities, increasing their attractiveness to investors.

To maximize the impact, the accelerator employed a highly individualized approach. Each FinTech underwent a comprehensive needs assessment at the beginning of the program, allowing them to receive customized support from service providers in areas critical to their business growth. This tailored assistance ensured that the unique challenges and opportunities faced by each startup were effectively addressed. The program successfully engaged 29 FinTech start-ups from MENA, Sub-Saharan Africa, and Asia, 31% of which were women-led, till its completion. The engagement covered areas such as impact measurement, product development, and growth strategies. The FIWAM program culminated in 3 regional events in Dubai, Nairobi, and Phnom Penh, and 1 global event in Malta. These events played a crucial role in providing fintech startups with the necessary exposure and connections to scale their impact and growth. Additionally, the program engaged 26 mentors, 62% of whom were women, and 12 technical service providers who supported 14 startups.

What the FIWAM program achieved

The FIWAM Growth Program facilitated significant financial achievements for participating fintech startups, with nearly half securing investments. By the program’s end, these enterprises collectively raised US$ 2,738,500 in equity and grants, reflecting strong investor confidence in their growth potential and impact. This amount includes US$ 2,335,000 in equity and US$ 403,500 in grants. While no funding was raised through debt, the substantial equity and grant investments reflected strong investor confidence in the startups’ growth potential and impact.

The program also had a notable impact on job creation and employment stability, resulting in 26 new jobs, 16 of which were specifically for women. This emphasis on gender inclusion contributed to a more dynamic and robust workforce, with a significant number of enterprises reporting an overall increase in staff.

Additionally, the program enabled participating enterprises to extend financial access to over 275,000 women affected by migration. During the program, 65.5% of the enterprises successfully reached this target group through various fintech solutions:

• Loan and Savings Services: 267,212 women accessed these services.
• Transaction Solutions: 7,900 women utilized these solutions.
• Insurance Products: 408 women received insurance products.

What we take away from the program

The FIWAM Growth Program has demonstrated its capacity to drive meaningful change by empowering fintech startups to address the unique financial needs of women affected by migration. Through substantial investments, job creation, and expanded financial access, the program has not only strengthened the participating enterprises but also contributed to broader economic and social development. The success of the FIWAM program highlights the importance of continued support for fintech startups focusing on financial inclusion for women affected by migration. The results demonstrate the potential for driving growth and impact when these enterprises are provided with suitable resources, mentorship, and networking opportunities.

Looking forward, sustaining and expanding such initiatives will be crucial to advancing financial inclusion and economic empowerment for vulnerable communities worldwide. By building on these achievements and fostering a supportive ecosystem, future programs can continue to drive transformative change, ensuring that FinTech solutions reach those who need them most and contribute to broader economic development and social progress.