Global inclusive tech accelerator Catalyst Fund, managed by BFA Global, has selected four African fintech startups for its tenth cohort. They will be joined by two others from Mexico.
These fintech companies are building solutions designed to improve the resilience of underserved and climate-vulnerable communities in emerging markets.
“Low-income and underserved communities in emerging markets will bear the brunt of the climate crisis, yet contributed the least to it. The impacts of climate risks are predicted to be expansive, affecting communities in wide-ranging and unforeseen ways. It’s fundamental to invest in solutions that build resilience to shocks and ensure these solutions are reaching the most vulnerable,” said Maelis Carraro, Managing Director of Catalyst Fund.
“We have explored models that push the frontier of current thinking around resilience-building for climate-vulnerable people, and we are energized to explore how fintech innovation can help these populations, by supporting pioneering entrepreneurs in Kenya, Nigeria and Mexico. We look forward to exploring this innovation frontier for fintech with the invaluable support of JPMorgan Chase, FCDO, and PayPal.”
The companies joining the tenth Inclusive Fintech cohort are:
- AquaRech [Kenya]: Platform for fish farmers to source quality feed, reduce growth cycles by monitoring via sensor technology, find new routes to market, and access credit to enable growth
- ColdHubs [Nigeria]: A “plug and play” modular, solar-powered walk-in cold room, for 24/7 off-grid storage and preservation of perishable foods, enabled through digital payments
- Koltin [Mexico]: Digital health insurance solutions and preventative care for the region’s growing senior population
- Mujer Financiera [Argentina and Mexico]: Financial wellness with a multi-tiered approach to build the financial literacy, financial health, and resilience of underserved women
- TopUp Mama [Kenya and Nigeria]: Online B2B platform for restaurants to purchase all inventory required at wholesale prices, including perishable goods requiring an adapted (cold) supply chain, and access working capital to grow their business
- Tulix [Kenya]: A digital payment wallet to enhance visibility of funds and collaboration between African migrants and their beneficiaries back home
These companies will join Catalyst Fund’s existing portfolio of 55 companies and receive catalytic capital, bespoke and expert-led venture building support from BFA Global, and direct connections with investors, corporate innovators and talent networks that can help them scale. Catalyst Fund will continue to explore the opportunity for inclusive fintech innovators to enhance the resilience of vulnerable populations.
To date, Catalyst Fund has raised more than $446 million in follow-on funding and reached over 10 million low-income customers. Startups in this cohort were approved by Catalyst Fund’s Investor Advisory Committee (IAC), formed by six leading fintech and emerging market investors from around the world: Anthemis, Quona Capital, Better Tomorrow Ventures, Flourish Ventures, Accion Venture Lab and Gray Ghost Ventures.
