African fintech startups to benefit after Catalyst Fund nets $15m from UK Aid, JP Morgan

Fintech startups in Kenya, Nigeria and South Africa that target financial inclusion, are among those set to benefit from grants of up to $100 000 after US fintech accelerator Catalyst Fund secured $15-million in funding from JP Morgan and UK Aid.

Catalyst Fund — which is managed by US consulting firm BFA Global — is supported by the UK Department for International Aid and JP Morgan, as well as sponsored by Rockefeller Philanthropy Advisors.

US tech publication TechCrunch said in an article on Monday (20 January) that the funding will enable Catalyst Fund to support 30 fintech startups in Kenya, Nigeria, South Africa, India and Mexico over the next three years.

Catalyst Fund will over the next three years support startups from countries that include Kenya, Nigeria and South Africa

The publication added that the inclusive fintech accelerator will over the next three years choose an annual cohort of 10 early-stage startups from the five countries for Catalyst Fund’s six-month programme.

Programme participants also stand to benefit from venture building support and access to one-to-one connections with investors.

Inclusive fintech startups looking to join the Catalyst Fund accelerator can learn more here.

Five African startups in latest cohort

Catalyst Fund yesterday announced in a series of tweets the five African fintech startups that it accepted into its latest programme.

These are:

• Kwara (Kenya): Provides digital banking solutions for savings and credit co-operations
• Meerkat (South Africa): Debt advisory that aims to help reduce the large volume of debt households take
• Cowrywise (Nigeria): Provides financial access to under-served markets through mutual funds and saving products
• Spoon Money (South Africa): Provides sustainable loans and micro saving products to women
• PesaKit (Kenya): Facilitates easy access of funds to mobile money agents and lenders

Featured image: Erik (HASH) Hersman via Flickr (CC BY 2.0)