CAF -development bank of Latin America (LifCAF) Financial Inclusion Lab 2024

Application Deadline: October 27, 2024.

Applications are now open for the 2024 CAF -development bank of Latin America Financial Inclusion Lab. CAF -development bank of Latin America- organizes the sixth edition of the Financial Inclusion Lab (LIF 2024) with the objective of promoting digital solutions based on artificial intelligence for the financial inclusion of vulnerable groups and MSMEs.

LifCAF 2024 Objectives

• Promote innovative technological solutions that contribute to improving the financial inclusion of vulnerable groups and MSMEs in Latin America and the Caribbean.
• Scale and replicate solutions focused on financial inclusion of vulnerable groups and MSMEs to other countries in the region.
• Promote the generation of investment agreements with the private sector to strengthen the selected ventures.
• Strengthen the Fintech entrepreneurial ecosystem with a focus on inclusion and financial education in the region.

LifCAF 2024 Categories

• AI Services for financial institutions – Fintech as a Service (cybersecurity, credit scoring, risk management, etc.).
• Design of AI-based financial products focused on the needs of different vulnerable segments and MSMEs.
• Digital and financial education, training, advice and consulting.
• AI-based solutions with govtech, regtech and/or suptech focus.

Requirements

• Early-Stage with Revenue: Proposed solutions must be in the pre-seed or seed stage, with active operations and revenue, showing product/market fit.
• Legally Established in CAF Countries: Participants must be legally constituted in a CAF member country.
• Focus on Financial Inclusion based in AI: Projects should be tech-based, focusing on financial inclusion and education, review the 4 categories of the current LIF call for applications.

Prizes and rewards

• Selection of outstanding startups

CAF, in collaboration with the evaluation committee and key partners from the public and private sectors, will identify the 20 most promising proposals from CAF member countries.

• Exclusive invitation to Pitch Day

The selected startups will have the exceptional opportunity to present their innovative initiatives at our virtual Pitch Day on December 11, 2024. This event offers unmatched visibility and the opportunity to present and network with key decision makers from allied organizations.

• Benefits from Google for Startups.

To the 8 winning startups of LIF, Google will give them USD 25,000 in credits for Google Cloud, as well as technical support for the implementation of their solution. This is part of the Google for Startups program.

• Personalized support and growth opportunities for winners

The 8 winning proposals will access prestigious acceleration and preparation programs for investment and matchmaking, as well as support in impact measurement.

Program Details

• These programs will begin in January 2025 and end in November 2025 and will provide personalized mentoring from industry experts, strategic guidance in monitoring and impact evaluation, and extensive networking opportunities. Participants will also benefit from greater exposure within the entrepreneurship ecosystem, paving the way for future investment and partnership opportunities.
• In the first phase, the 8 winning proposals will participate in the Seedstars acceleration program, tailored to the needs of each of the ventures. This program will begin in January 2025 and will end in May 2025. 
• Subsequently, the 8 winning proposals will begin an investment readiness and matchmaking program with Endeavor Colombia, which will begin at the end of May 2025 and will end in November 2025.

• Impact measurement

The 20 finalist proposals will receive support in identifying the theory of change and key impact indicators of their ventures. Likewise, they will be able to participate in a virtual workshop on the importance of measuring, as well as define the first steps to begin carrying out an impact measurement, with the aim of it serving as a driving force for raising funds.

Application Timeline:

• Closing date for applications: October 27, 2024.
• Pitch Day: December 11, 2024.

More Info: CAF -development bank of Latin America Financial Inclusion Lab