JPMorgan Chase and the United Kingdom’s Department for International Development (UK Aid) have announced a $15 million commitment to, Catalyst a fintech accelerator fund managed by BFA Global and Rockefeller Philanthropy Advisors, to support the advancements of financial inclusion for underserved people in the world.
The fund will use the capital over the next three years to expand its investments in fintech solutions that help boost financial inclusion for a million people in India, Kenya, Mexico, Nigeria, and South Africa.
The investments will be focused on providing critical pre-seed capital and customized venture-building support; broadening the pool of investors who receive one-to-one connections with Catalyst Fund companies; strengthening the innovation ecosystems in the target markets with the goal of improving startups’ access to capital, corporate partnerships, and talent; and sharing best practices, learnings, and insights with the global fintech community.
Created in 2016 with support from JPMorgan Chase and the Bill & Melinda Gates Foundation, the fund aims to help entrepreneurs build solutions that improve the financial health of underserved communities. In addition to the new commitment, the fund announced its latest cohort of fintech investees: Cowrywise (Nigeria), a savings-and-investment tool targeted to Nigerian youth; Farmart (India), a digital credit platform for farmers; Kwara (Kenya), an online and mobile banking platform; Meerkat (South Africa), a debt counseling and savings product; Pesakit (Kenya), a mobile app for money agents; and Spoon (South Africa), a savings and credit offering for small women-owned enterprises.
“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 JPMorgan 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.”
Source: PND
