Fintech accelerator DFS Lab has opened applications for its third startup bootcamp, which looks to identify and invest more than US$1 million in African startups.

The event will be held in early December in Dar es Salaam, Tanzania, with the entrepreneurs with the most innovative solutions receiving up to US$50,000 in funding and six months in DFS Lab’s accelerator.

Funded by a US$4.8 million three-year grant from the Bill and Melinda Gates Foundation, DFS Lab supports high potential entrepreneurs in Africa and Asia, and has invested in 18 startups since its 2015 launch, most recently in July.

“We are excited to have the opportunity to invest in breakthrough technologies that can help reach the billions of people in South Asia and Africa who lack financial services,” said DFS Lab director Dr Jake Kendall. “Our goal is to identify, invest, and work with early-stage companies who are building transformative technologies that will help improve the lives of unbanked citizens.”

The Lab is currently interested in entrepreneurs that are creating solutions for customers that use non-smartphones, as well as new approaches for closing the financial services gender gap. Applications are open here until November 3.