Six African startups have been selected for the 8th cohort of the Catalyst Fund’s Inclusive Fintech.
The fund is managed by global accelerator BFA Global and backed by the JP Morgan Chase and Bill & Melinda Gates Foundation.
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
On selecting 6 African startups for the 8th cohort, Maelis Carraro, Catalyst Fund MD said: “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.
These startups will join the Catalyst Fund’s existing portfolio of 37 companies, which have raised over $122 million in follow-on funding since 2016.
Here are the startups in the 8th cohort:
1. Koa: Koa enables users to save and invest, gaining control over their finances.
2. Lami is an insurance platform and API that enables more individuals and businesses to access insurance coverage.
3. Power allows gig and salaried workers access to earned wages and other financial services, and contribute to savings via partner banks.
4. Indicina facilitates lending for individuals and small businesses through AI-powered digital credit infrastructure.
5. Jetstream allows businesses to export goods across borders and access trade financing in Nigeria and Ghana.
Kandua connects skilled home service professionals with access to customers, professional tools, and digital financial services.
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