ImpactAlpha, Jan. 21 – Catalyst Fund, an early stage accelerator for financial technology in emerging markets, pulled in $15 million in grant funding from J.P. Morgan and UK Department for International International Development.
The accelerator has backed 25 fintech startups building products to reach the global poor since 2016 (see, “The Catalyst Fund’s gateway to financial services for the world’s next billions”).
With the fresh funding, Catalyst Fund, managed by BFA Global and Rockefeller Philanthropy Advisors, will support 30 additional companies in Kenya, Nigeria, South Africa, India, and Mexico. The funding “will enable us to deepen our local footprints and ecosystem development role in each of our key markets, as well as welcome new partners that can support our mission,” said Catalyst Fund director Maelis Carraro.
Alongside the funding, the accelerator announced its latest cohort, including Kenya-based Pesakit, an app for mobile money agents; India-based Farmart, a digital credit platform for farmers; and Spoon in South Africa which provides savings and credit services for women-owned, subsistence enterprises.