Catalyst Fund, a global inclusive tech accelerator, has announced the ninth cohort of its Inclusive Fintech accelerator, with three African startups among the six selected to develop solutions that will help underserved customers and communities become more resilient.
BFA Global manages Catalyst Fund, a global accelerator that supports inclusive fintech innovators and enables emerging market innovation ecosystems grow. Its Inclusive Fintech program provides startups access to a worldwide network of investors and corporate partners, as well as catalytic grant capital and bespoke venture building support from emerging markets and fintech experts.
The UK Foreign, Commonwealth and Development Office (FCDO), JPMorgan Chase & Co., and latest partner PayPal are all supporting the flagship Catalyst Fund inclusive fintech accelerator, which is fiscally sponsored by Rockefeller Philanthropy Advisors.
The companies joining the ninth Inclusive Fintech cohort include three from Africa – Nigeria’s Crop2Cash, which unlocks affordable financing for smallholder farmers and provides digital finance solutions along the agriculture value chain; South Africa’s HealthDart, which offers easy and affordable access to medication and primary health services; and Kenya’s Kazi, which connects skilled and casual informal workers with jobs.
Also selected are Ohm Mobility (India), PocketFin (India) and Verqor (Mexico). These companies will join Catalyst Fund’s existing portfolio of 45 companies and receive catalytic capital, bespoke and expert-led venture building support from BFA Global, and direct connections with investors and corporate innovators that can help them scale.
“We are extremely excited to welcome PayPal as the latest supporter of the Catalyst Fund, and to announce an additional focus on digital finance solutions for climate resilience,” said Maelis Carraro, managing director of Catalyst Fund.
“Climate change is already severely impacting low-income populations in emerging markets, who lack financial safety nets to cope with these additional shocks. Digital finance can be a game changer in enabling climate resilience solutions to better reach vulnerable populations, as we’ve already seen the ways in which it can enhance the breadth, depth, and affordability of solutions across industries. We look forward to exploring this space and continuing to build the resilience of vulnerable populations across emerging markets via fintech innovation, with the invaluable support of PayPal, JPMorgan Chase, and FCDO.”