IDB Lab Invests $1.5M in Aviva to Boost Financial Inclusion in Mexico’s Underserved

The Inter-American Development Bank Group’s innovation and venture capital arm, IDB Lab, has announced a $1.5 million strategic investment in Aviva, a fast-growing Mexican financial technology startup. Founded in 2022, Aviva uses AI-powered kiosks to provide financial services to underserved communities, particularly in smaller cities where access to formal banking remains limited.

This transaction marks IDB Lab’s first venture debt operation in Latin America, positioning the multilateral institution as a potential key equity shareholder in Aviva in the future. It underscores IDB Lab’s commitment to supporting innovative, high-growth companies that are scaling impact-driven solutions and strengthening Mexico’s entrepreneurial ecosystem.

A Phygital Model for Financial Inclusion

Aviva’s business model combines physical kiosks with cutting-edge digital technology — an approach often described as phygital. These kiosks are installed in cities with fewer than 500,000 inhabitants, where traditional financial institutions have little or no presence.

The company offers loans of up to $1,000 through a fully paperless, document-free process. Customers undergo a conversational credit onboarding experience that takes only seven minutes. Using machine learning, computer vision, and natural language processing, Aviva converts customers’ personal stories into structured data to assess creditworthiness in real time — eliminating the need for conventional form-based applications, bank statements, or formal employment records.

“We recognized how Aviva’s innovative phygital approach directly addresses persistent barriers to financial inclusion in underserved markets,” said Magdalena Coronel, Acting Chief of the Venture Capital Investments Division at IDB Lab. “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.”

Filiberto Castro, Co-CEO and Founder of Aviva, emphasised the human-centred nature of the model: “At Aviva, we ask customers to share their stories instead of imposing rigid requirements. Their stories matter — using the latest technology, we turn them into tangible value, giving our customers access to premium financial products.”

Scaling for Greater Impact

The convertible venture financing from IDB Lab will help Aviva expand its loan portfolio and grow its presence in more underserved areas. The startup currently operates over 70 kiosks and plans to double that number to 150 by year’s end.

To date, Aviva has raised more than $16 million in equity, signalling strong investor confidence in its innovative approach and long-term market potential. With IDB Lab’s backing, Aviva is targeting a market estimated at 70 million people who remain excluded from formal financial systems in Mexico.

Part of a Broader Development Strategy

This investment aligns with IDB Lab’s mission to channel resources toward high-impact solutions and strengthen collaboration with local stakeholders. By leveraging private sector innovation, the organisation aims to close the financial inclusion gap and foster sustainable economic growth across Latin America and the Caribbean.

Through partnerships with companies like Aviva, IDB Lab is not only deploying capital but also building pathways for scalable, inclusive finance models that can be replicated in other countries and regions.