(MENAFN- Caribbean News Global) WASHINGTON, USA - IDB Lab, the innovation and venture capital arm of the Inter-American Development Bank Group (IDB Group), announced a strategic investment of $1.5 million in the financial technology startup Aviva in Mexico. Founded in 2022, Aviva leverages AI-powered kiosks to expand access to financial services among underserved communities across the country.

As its first venture-debt operation in Latin America, a type of financing offered to startups that are backed by venture-capital firms, this investment represents a strategic milestone for IDB Lab, and it positions the multilateral institution to potentially become one of Aviva's key equity shareholders in the future. It also reinforces IDB Lab's commitment to support innovative and high-growth companies in scaling impact, while also spotlighting efforts to strengthen Mexico's entrepreneurial ecosystem.

Aviva offers loans of up to $1,000 to individuals living in cities with fewer than 500,000 inhabitants where formal financial services are still limited. Through its kiosks, Aviva offers a paperless, document-free, conversational loan-origination process and credit onboarding that takes only seven minutes. By leveraging technologies such as machine learning, computer vision, and natural-language processing, Aviva transforms conversations into data to accurately assess creditworthiness in real time, breaking with conventional, form-based credit applications.

“We recognized how Aviva's innovative 'phygital' approach directly addresses persistent barriers to financial inclusion in underserved markets. Aviva has gained strong growth and market traction in the last years, and IDB Lab's financing reinforces its commitment to scalable innovative solutions for inclusive finance,” said Magdalena Coronel, acting chief of the Venture Capital Investments Division at IDB Lab.

“At Aviva, we ask customers to share their stories instead of imposing rigid requirements like employment records or bank statements. Their stories matter, and using the latest technology, we turn them into tangible value, giving our customers access to premium financial products,” said Filiberto Castro, co-CEO and founder of Aviva.

IDB Lab's convertible venture financing will support Aviva as it scales its loan portfolio and expands operations into additional underserved areas of Mexico. Aviva currently operates more than 70 kiosks and expects to reach 150 by the end of the year. To date, Aviva has raised over $16 million in equity, underscoring significant investor confidence in its innovative model and market potential. With IDB Lab's support, Aviva aims to tap at a 70 million people market.

This milestone is especially relevant within IDB Lab's broader efforts to deepen collaboration with local stakeholders by channeling resources towards high-impact solutions.

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