Global inclusive tech accelerator Catalyst Fund, managed by BFA Global, has announced its Circle of Corporate Innovators, with its first members, Fidelity Bank, Ecobank, Sterling Bank, Access Bank and the VFD Group.
Catalyst Fund will accelerate their efforts by enhancing their capacity to source, assess, test and continue to bring new innovations to their customers across Kenya, Nigeria, Ghana, South Africa, Mexico and India.
The Circle of Corporate Innovators is a collaborative, global community of organisations – from major banks and telecommunications companies, to FMCGs, logistics providers and more – that share Catalyst Fund’s goal of developing inclusive tech innovations in emerging markets. One key element of the Circle’s offering is to facilitate corporate-startup partnerships, which can better enable startups to reach scale, while providing market leaders with access to and data on the last mile.
Members receive bespoke support, including:
- Access to vetted, de-risked startup partners from the Catalyst Fund portfolio
- Global technology industry landscaping
- Innovation strategy development
- Custom toolkits to help strengthen and streamline startup partnership processes
- Deep dive startup partnership workshops with Catalyst Fund experts in products including digital lending and eKYC, and customer segments including MSMEs and gig workers.
- Knowledge sharing roundtables with other leading global corporate innovators
- Support in developing effective, de-risked partnerships with Catalyst Fund startups
“Corporate leaders have a significant role to play in facilitating the growth of inclusive tech in our markets. They bring a deep understanding of the market and its nuances, as well as a wide user base with whom they’ve already built trust. These industry leaders, however, stand to benefit from the agility, innovation, and flexibility offered by startup solutions, which can enable them to provide more value to their customers and accelerate their own journey towards digital innovation,” said Maelis Carraro, Managing Director, Catalyst Fund. “The goal of the Circle of Corporate Innovators is to actively facilitate and de-risk these partnerships, equipping both innovators and startups with the tools and expert support they need to better discover technical and commercial synergies, while sharing learnings and insights with the wider industry. We’re excited to welcome strong innovators like Fidelity Bank, Ecobank, Sterling Bank, Access Bank, and the VFD Group as pioneer members of the Circle.”
Successful startup-corporate partnerships are already demonstrating benefits for both sides. Unilever has partnered with Catalyst Fund portfolio company Sokowatch in East Africa, enabling them to reach millions of new consumers through Sokowatch’s network of tens of thousands of informal retailers. Bamba is working with BBVA to deliver bank accounts and other financial products to 8,000 domestic workers in Mexico. Mobilife’s partnership with Standard Bank in South Africa has allowed for 7,000+ life insurance claims to be processed.
“As a proprietary investment firm with a very significant commitment to improving financial services delivery across Africa, partnering with Catalyst Fund is an opportunity to accelerate our vision of reaching the last mile with practical and empowering solutions. We are excited by the sheer possibilities that lay ahead,” said Gbenga Omolokun, Executive Director Group Risk, Compliance & Technology at VFD Group Plc.
“At Ecobank, innovation is a growth engine and at the heart of everything we do. We are committed to building and working with the entrepreneurship ecosystem across Africa to drive this innovation. The partnership with Catalyst Fund is a major step in building a framework for a productive engagement with startups and other key stakeholders to make this a success”, said Nvalaye Kourouma, Chief Digital Officer at Ecobank.
Catalyst Fund has already begun working with members of its Circle, offering innovation diagnostic workshops, facilitating partnerships with portfolio companies, advising on partnership strategies, and more. This is part of Catalyst Fund’s wider focus on ecosystem acceleration, which also includes a Circle of Investors with over 80 global members. Interested partners operating in Nigeria, Ghana, Kenya, South Africa, Mexico and India are welcome to contact the team to explore collaboration opportunities.