Nigerian Startups, WellaHealth and Flex Finance, have both been selected for the Catalyst Fund seventh cohort of inclusive fintech startups.
WellaHealth and Flex finance will be joined by 4 other startups from South Africa (Paymenow), Mexico (Mango Life and Graviti) and India (KarmaLife).
All seven startups are joining its existing portfolio of 31 companies and receiving £80,000 in grant capital, bespoke and expert-led venture building support for six months and 1:1 connections with investors and corporate innovators that can help them scale.
Catalyst Fund’s latest cohort includes fintech companies who are all developing solutions that equip households and businesses with financial tools that support their livelihoods and build financial resilience in the wake of the COVID-19 crisis.
Each startup in this cohort was sourced and approved by Catalyst Fund’s Investor Advisory Committee (IAC), comprising experienced fintech and emerging markets investors, including: Anthemis, Quona Capital, 500 Startups, Flourish Ventures, Accion Venture.
Meet the startups
Nigeria
-WellaHealth
Nigeria-based platform offering affordable healthcare coverage to protect families from the financial shock that comes from unexpected health emergencies, including hospital cash during COVID-19.
-Flex Finance
Nigeria-based financial management tool that enables micro- and small businesses to digitize operations and establish a digital footprint that can enable them to improve operations, operate digitally, and become eligible for credit lines and other financial services.
South Africa
-PayMeNow
South Africa-based financial wellness app that allows low-income workers to access part of their earned wages before payday, providing access to much-needed liquidity while empowering them to avoid the costs and dangers of debt.
Mexico
-Mango Life
Mexico-based digital insurance platform offering affordable and accessible health and life insurance plans for underserved individuals.
-Graviti
Mexico-based pay-as-you-go service which offers unbanked families access to sustainable household infrastructure appliances via affordable financing, so they can save money on essential services, stabilize earnings, and begin to rebuild after the COVID-19 crisis.
India
KarmaLife
India-based financial services suite enabling India’s growing population of gig and essential services workers to smooth uneven cash flows, stabilize incomes and access savings and insurance.
Catalyst Fund, the global inclusive fintech accelerator managed by BFA Global, supported by UK aid and JPMorgan Chase & Co. and fiscally sponsored by Rockefeller Philanthropy Advisors.
