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UK and US invest ￡12 million in fintech startups’ accelerator

Jan 21, 2020

During the next 3 years, Catalyst Fund will support the growth of 30 additional startups across 5 key emerging fintech markets: Kenya, Nigeria, South Africa, India, and Mexico

Catalyst Fund

UK and US invest ￡12 million in fintech startups’ accelerator. Source: shutterstock.com

Catalyst Fund announced a ￡12 million commitment from UK aid and J.P. Morgan. The investment aims to enhance financial inclusion for underserved people worldwide.

The announcement is taking place in the framework of the UK-Africa Investment Summit. It aims to bring together businesses, promoting prosperity and equality of investment opportunities across Africa.

According to data, nearly half of the world’s population lives on less than $5.50 per day. Thanks to the investment, Catalyst Fund will support the development and growth of 30 new fintech solutions, thus boosting financial inclusion for 1 million people in Kenya, Nigeria, South Africa, India, and Mexico.

Catalyst Fund will focus on providing pre-seed capital and venture building support. What is more, it will accelerate the innovation ecosystems of each market to improve startups’ access to capital.

With the support of UK aid, Catalyst Fund is connecting more fintech start-ups in emerging African markets with expertise and investment from the UK and around the world. This innovative work is crucial to changing the lives of people around the world by providing access to basic services like pensions, lending, and health care. The UK-Africa Investment Summit will create more partnerships that will boost investment, jobs, and growth to benefit both people and businesses across Africa and the UK
Andrew Stephenson, the UK Minister for Africa

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