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Six African fintech startups have been selected to participate in a prestigious accelerator programme facilitated by the Catalyst Fund.
Six African fintech startups have been selected for Catalyst Fund accelerator
The selected six African fintech startups will receive a reported £80,000 in grant capital, bespoke and expert-led venture building support from BFA Global, and 1:1 connections with investors and corporate innovators that can help them scale.
This cohort showcase fintech startups that have created solutions tailored to improving the financial health of low-income users, a challenge faced by many consumers in Africa.
In addition, the selected cohort features five startups founded by women and with female co-founders.
Maelis Carraro, Catalyst Fund Managing Director touches on the importance of fintech’s and expresses that this cohort has showcased incredible innovation in the fintech space.
“Today, fintech is rapidly evolving to the point where it’s no longer a standalone vertical. Embedded finance offerings have the potential to significantly improve the value of products in adjacent sectors, while finding new ways to better reach and serve low-income individuals via touchpoints they already know and trust. We’re particularly excited about the solutions put forward by this innovative cohort of companies, many of whom are led or co-led by incredible women leaders. They have the potential to really expand the reach of digital financial services by testing new business models and by building the tech infrastructure layers needed to embed financial products in other services.”
The Catalyst Fund cohort
Each startup was selected by members of Catalyst Fund’s Investor Advisory Committee (IAC). The IAC is made up of individuals considered experts in the fintech industry and emerging market investors such as Flourish Ventures, Accion Venture Lab, and more.
Here is a list of the new cohort:
- Lami, providing an insurance platform and API that enables more individuals and businesses to access insurance coverage in Kenya
- Koa, enabling users of existing tech solutions to more easily save and invest, gaining control over their finances, in Kenya
- Power, enabling gig and salaried workers to easily access earned wages, loans, insurance, payments, and contribute to savings via partner banks to reduce financial stress in Kenya.
- Indicina, facilitating lending for individuals and small businesses through AI-powered digital credit infrastructure and credit underwriting services in Nigeria
- Jetstream, enabling businesses to efficiently and affordably export goods across borders and access trade financing in Nigeria and Ghana
- Kandua, empowering skilled home service professionals with greater access to customers, professional tools, and digital financial services, in South Africa
Featured image: Indicina team, (Supplied)