Cowrywise and 5 other early-stage fintech startups have been selected to participate in the Catalyst Fund accelerator program. The selected startups are eligible to receive the $100,000 grants offered to participants of the 6-month accelerator.
Launched in 2016, Catalyst fund seeks to support entrepreneurs that build affordable, accessible and reliable solutions that improve the financial health of underserved communities. It offers venture building training as well as patent capitals worth £80,000 to selected startups.
Cowrywise and other selected startups will be introduced to the Catalyst Fund’s partners during the program.
The 6 startups selected for Catalyst Early stage startup fund II include:
- Pesakit – a Kenya-based mobile money application, and agent.
- Kwara – a mobile banking platform for Savings, Credit, and Cooperatives (SACCOs).
- Meerkat – a South Africa based debt and saving solution platform.
- Spoon: It offers credit and savings for female-owned businesses in South Africa.
- Cowrywise: an automated saving and investment platform that enables users to save and invest funds through the mobile app.
Meanwhile, the Catalyst Fund received a $15 million support fund from JP Morgan and UK Aid. Catalyst will use the fund to accelerate 30 fintech companies across Africa, Asia, and Latin America over the next 3 years.
Thrilled to announce $15M in support from @UKaid and @jpmorgan to accelerate 30 more #fintech companies building solutions for the world’s 3B underserved – along with our new cohort. Thanks to @JakeRBright @TechCrunch @BFAGlobal https://t.co/4PyTvLOyZU
— Catalyst Fund (@CF_BFA) January 20, 2020
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