Catalyst Fund, a global inclusive fintech accelerator managed by BFA Global and Rockefeller Philanthropy Advisors, received a £12m GBP ($15m USD) commitment from UK aid and J.P. Morgan.
Created in 2016 with support from J.P. Morgan and the Bill & Melinda Gates Foundation, and led by Director Maelis Carraro, Catalyst Fund will support the development, growth and reach of 30 new fintech solutions to boost financial inclusion for an additional 1 million underserved people in Kenya, Nigeria, South Africa, India and Mexico.
Over the next three years, the accelerator will support the growth of 30 additional startups across five key emerging markets for fintech innovation: Kenya, Nigeria, South Africa, India, and Mexico.
In addition to its expansion, Catalyst Fund is announcing its latest cohort of inclusive fintech startups, including:
– Pesakit – Kenya-based app for mobile money agents
– Kwara – Kenya-based online and mobile banking platform for Savings + Credit Cooperatives (SACCOs)
– Cowrywise – savings and investment tool targeted toward Nigerian youth – Meerkat
– South Africa-based debt counseling and savings product
– Farmart – India-based digital credit platform for farmers
– Spoon – South Africa-based savings and credit offering for women-owned, subsistence enterprises.
This new commitment will enable the program to focus on:
– Providing critical pre-seed capital and bespoke venture building support;
– Broadening the pool of investors who receive 1:1 connections with Catalyst Fund companies;
– Accelerating the innovation ecosystems in each market to improve startups’ access to capital, corporate partnerships and talent; and
– Sharing best practices toolkits, learnings and insights with the global fintech community to spur innovation across markets.