Colombian fintech AAvance’s journey in 2020 began a mission to address barriers the country’s women faced in accessing financial services. Gender-smart action became an integral part of the business at all levels, from designing gender-sensitive products to ensuring equitable representation across their team.
AAvance was among the first companies to obtain 2X Certification, alongside Beyond Capital Ventures, Verod Capital Management and S4S Technologies, for its comprehensive gender strategy.
2X launched its certification process last year to bring transparency and rigor to the field of gender-lens investing. Now, at a moment when global development funding is receding and the current geopolitical environment is challenging gender and equity initiatives, we expect 2X Certification and other benchmarking initiatives to become even more important in proving the strong business and impact case for investing in women.
The certification process is not only about recognizing and rewarding good practice but a means for reflecting and learning on a continuous journey toward better gender outcomes. Actors see it as a way to differentiate themselves in the market and demonstrate their performance when it comes to investing in women along the business value chain.
“It’s a great way to encourage more entities to adopt practices that drive both social and economic value,” AAvance’s Magreth Carolina Gutierrez Vargas said, when the company was invited to participate in the certification’s pilot program.
2X Certification was developed over the last two years with 600 stakeholders who participated in a global co-creation process. Its aim is to promote greater transparency, accountability and rigor in gender lens investing.
I spoke with Gutierrez Vargas and the founders of venture capital firm Beyond Capital Ventures, private equity firm Verod, and representatives from three of our third-party verifiers – PwC, Sagana and Value for Women – about takeaways and learnings since the roll-out of 2X Certification last September.
What did the 2X certification process teach you on your learning journey about better gender outcomes?
Gutierrez Vargas, AAvance: The 2X Certification process revealed the importance of having clear metrics to track progress. We learned that incorporating gender-smart strategies isn’t just about meeting benchmarks; it’s about embedding intentionality into our organizational culture.
Intentionality ensures that gender equity isn’t treated as a byproduct but as a core objective. By designing programs and policies with clear goals for empowering women, we’ve seen a tangible increase in their participation and success rates. Intentionality transforms aspirations into measurable outcomes, making progress more sustainable.
This shift has inspired internal innovation, particularly in designing financial products that are more inclusive and accessible. One standout example is our microfinance initiative, which has enabled women entrepreneurs in migrant communities to start and sustain small businesses, empowering them economically and socially.
Within our organization, it has fostered a stronger commitment to promoting women in leadership roles.
2X Certification is not just an endpoint but a milestone in a larger journey toward creating an inclusive financial ecosystem. Our focus now is on scaling our impact across Latin America, ensuring that more women migrants can access the tools and resources they need to thrive.
Nieros Oyegun Soerensen, Verod: Embedding gender-lens criteria into governance practices not only strengthens our impact but also enhances the overall performance of our portfolio.
Eva Yazhari, Beyond Capital Ventures: We discovered that we were leading in taking action on gender lens investment best practices. For instance, we learned that BCV is one of few firms regularly collecting gender pay gap data from portfolio companies. This revelation emboldened us to deepen our focus and extend public awareness of our methodologies.
The structured evaluation of the 2X Certification process [also] allowed us to critically assess our practices and identify areas for improvement.
The experience has highlighted the power of taking stock, collaboration and shared learning, which we plan to integrate even more deeply into our work with portfolio companies and partners.
The 2X Certification process starts with a comprehensive self-assessment, followed by third-party verification and ultimately the issuance of a 2X Certificate. What is your take on the role of the verifiers in this process?
Shweta Poddar, Sagana: A key part of the verification process is identifying opportunities to strengthen diversity, governance, policies and practices, and risk management systems. We support entities applying for certification by highlighting gaps and opportunities that not only help them meet their gender commitments but also contribute to building more resilient and successful businesses.
Oyegun Soerensen, Verod: This independent assessment validates our approach, providing an objective and credible mark of quality that reassures our investors, partners, and portfolio companies of our commitment to high standards.
Charlotte Levionnois, PwC: Third-party verification ensures that the data and claims made by companies and funds are independently assessed and verified, providing a clear and unbiased view of their gender-related efforts. This transparency helps investors make informed decisions and builds trust in the gender-lens investing market. Companies and funds are held accountable for their gender equity practices. This accountability, in turn, encourages them to implement robust gender practices and continuously improve their efforts. This adds credibility to their claims and sets a benchmark for what good looks like.
2X Certification differentiates between three levels of ambition: good, advanced and best-in-class, with the aim of nudging institutions to adopt gender-smart practices that go beyond the 2X Criteria. What has been the impact of the new certification standard on your business?
Yazhari, Beyond Capital Ventures: Achieving 2X Certification at the best-in-class level for our fund validates our long-standing commitment to gender equity while providing a roadmap for continuous improvement. We are proud to set standards for the industry. Receiving both third-party verification and recognition from a globally respected brand benchmarking gender-smart practices has definitely strengthened our firm’s market positioning.
Gutierrez Vargas, AAvance: At an ecosystem level, our 2X Certification has positioned AAvance as a thought leader in financial inclusion for migrants, particularly women.
Oyegun Soerensen, Verod: For firms like ours, working in dynamic and high-growth markets, it provides a structured framework to embed gender equity across all levels — spanning from our portfolio companies to our internal operations. This [best-in-class] recognition reinforces our belief that commercial fund managers can drive purpose-driven change, setting new standards for diversity, equity and inclusion within the industry.
And impact on the broader field of gender-lens investing?
Yazhari, Beyond Capital Ventures: As a former Wall Street investor, I have seen how standard ratings and data pave the path to growth of investment categories. The 2X Certification process [offers] a comprehensive framework that brings credibility, transparency and accountability to the field.
Luis Marquez, Value for Women: Certification that requires third-party verification is a signal that the field is growing, that gender-lens investing is becoming more sophisticated and rigorous and accountable to a broader public.
