NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Catalyst Fund, a global accelerator managed by BFA Global, announced the 8th cohort for its Inclusive Fintech Program today.

The accelerator runs the flagship program annually and with a focus on Kenya, Nigeria, South Africa, Mexico and India, selected startups receive £80,000 (~$100,000) in grant capital, six months of support and connections with follow-on investors.

In 2020, all five countries had representatives in the accelerator. However, the selected six startups this year are from Kenya, Nigeria, and South Africa. These startups offer embedded finance solutions; Maelis Carraro, Catalyst Fund MD, explains the thought process behind this selection in a statement.

“Today, fintech is rapidly evolving to the point where it’s no longer a standalone vertical. Embedded finance offerings have the potential to improve the value of products in adjacent sectors significantly while finding new ways to better reach and serve low-income individuals via touchpoints they already know and trust,” she said.

Photo courtesy of Christina Morillo.