Six African Fintech Start-ups to be funded by Catalyst Fund Accelerator Programme
The esteemed Catalyst Fund-facilitated accelerator program has selected six African start-ups to participate in the program.
The Catalyst Fund Inclusive Fintech Accelerator supports early-stage innovators in emerging market who are building affordable and accessible inclusive fintech solutions for the world.
Participants for the 8th cohort of the Inclusive Fintech Program were announced by the Catalyst Fund, a worldwide accelerator operated by BFA Global.
Catalyst Fund Managing Director, Maelis Carraro, touched on the importance of fintech 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.” she concluded
The selected start-ups, five of which consist of female founders or co-founders, will join Catalyst Fund’s existing portfolio of 37 companies and receive $110,000 in grant capital, bespoke and expert-led venture building support and one-on-one connections with investors and corporate innovators that can help them scale.
Below is a list of the start-ups selected in the 8th cohort:
· Lami: Provides 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: Enables 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: Facilitates lending for individuals and small businesses through AI-powered digital credit infrastructure and credit underwriting services in Nigeria
· Jetstream: Enables businesses to efficiently and affordably export goods across borders and access trade financing in Nigeria and Ghana
· Kandua: Empowers skilled home service professionals with greater access to customers, professional tools, and digital financial services, in South Africa
Each start-up 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.