Catalyst Fund has committed KSh1.5 billion towards growing and developing Kenyan fintech startups.
Other countries whose fintechs stand to benefit from the funding include Nigeria, South Africa, India and Mexico.
With this, the Fund will choose an annual cohort of 10 fintech start-ups in the aforementioned countries. Thereafter, those selected will receive funding and go through an accelerator program for six months.
“We’re thrilled to enter the next phase of this journey, building on lessons learnt over the last four years, to position ourselves as the best partners for innovators building affordable, accessible and appropriate solutions designed to improve the financial health of under-served populations in emerging markets,” Business Daily quotes Catalyst Fund Director, Maelis Carraro.
Earlier this year, the Catalyst Fund received $15 million JP Morgan and UK Aid, set to support 30 fintech startups in Africa, Asia, and Latin America over the next three years.
Catalyst Fund is an accelerator for inclusive fintech startups. It works with innovators in emerging markets who are building affordable, accessible, and appropriate solutions for underserved communities, and accelerate the local innovation ecosystems around them.
It receives backing from JP Morgan and the UK Department for International Development (DFID).