Global fintech accelerator Catalyst Fund has secured a GBP12 million (US$15 million) commitment from UK Aid and JP Morgan to advance financial inclusion in emerging markets.
Catalyst Fund, managed by BFA Global and Rockefeller Philanthropy Advisors (RPA), will us the funding over the next three years to support the growth of 30 additional start-ups across five key emerging markets for fintech innovation: Kenya, Nigeria, South Africa, India, and Mexico.
“We’re thrilled to enter the next phase of this journey, building on lessons learned over the last four years, to position ourselves as the best partners for innovators building affordable, accessible and appropriate solutions designed to improve the financial health of underserved populations in emerging markets,” said Catalyst Fund director Maelis Carraro.
“The additional support from UK Aid and continued support from JP Morgan will enable us to deepen our local footprints and ecosystem development role in each of our key markets, as well as welcome new partners that can support our mission.”
In addition, Catalyst Fund is announcing its latest cohort of inclusive fintech start-ups, which includes Kenyan start-ups Pesakit and Kwara, Nigeria’s Cowrywise, and South African companies Meerkat and Spoon.
The latest cohort have received GBP80,000 (US$104,000) in grant funding from Catalyst Fund and will receive venture building support through its accelerator for the next six months.