January 21

Catalyst Fund Secures $15M Commitment from UK Aid, JP Morgan

By Pramugdha Mamgain

Global fintech accelerator Catalyst Fund, managed by BFA Global and Rockefeller Philanthropy Advisors (RPA), Monday announced a new $15 million commitment from UK Aid and JP Morgan.

With the additional investment, Catalyst Fund will support the development, growth and reach of 30 new fintech solutions to boost financial inclusion for an additional 1 million underserved people in Kenya, Nigeria, South Africa, India and Mexico, it said in a statement.

The fund said it is focusing on these markets because of their vibrant fintech industries, which house a significant number of early-stage startups across Africa, Latin America and Asia, and the need to address critical challenges faced by local underserved consumers.

Concurrently, the Boston-based accelerator also announced its latest cohort of fintech startups, which also includes India’s Farmart, a digital credit platform for farmers.

Photo courtesy of Rory.

Source: DealStreet Asia (link opens in a new window)

digital finance, financial inclusion, fintech, philanthropy, startups