The Catalyst Fund Inclusive Fintech Accelerator supported early-stage innovators in emerging markets who are building affordable, appropriate, and accessible inclusive fintech solutions for the world’s 3 billion underserved.
1.7 billion people globally remain excluded from the formal financial system and 3 billion lack the financially tools they need to be financially healthy and resilient. The Catalyst Fund Inclusive Fintech Accelerator provided catalytic capital (grants and recoverable grants), coupled with bespoke, hands-on venture building to inclusive fintech startups building solutions to close this gap. The program supported fintech and embedded fintech startups across three main innovation areas: financial health, essential services, and the future of work.
The Catalyst Fund Inclusive Fintech Accelerator, managed by BFA Global and fiscally sponsored by Rockefeller Philanthropy Advisors, was supported by the UK Foreign, Commonwealth and Development Office (FCDO), JPMorgan Chase & Co., PayPal, and FSD Africa. It was originally launched in 2015 with the support of the Bill & Melinda Gates Foundation and raun until December 2022.
Six leading fintech and emerging market investors supported sourcing for our early-stage inclusive fintech accelerator. Each member nominated one high-potential startup for the program in each cohort, and mentored and supported that company. The IAC included BTV, Accion Venture Lab, Anthemis, Gray Ghost Ventures, Quona and Flourish.
Investors considered seven criteria when selecting fintech companies. Preference was given to local entrepreneurs from the five focus markets, and women entrepreneurs.
Startup has an innovative product and business model enabled by technology
To potential to scale and meaningfully increase financial inclusion and financial health of excluded populations
Capital would substantially impact team’s ability to test and improve their product
Product is at MVP stage or built, has at least one customer, working to achieve product-market fit
At Target market/operations of the startup is in emerging markets, focusing on Kenya, Nigeria, South Africa, India, and Mexico
Preference for teams led by local and/or women founders, with local teams in the country of operation
Potential for insights from the company to meaningfully contribute to a learning agenda to advance the collective knowledge of the industry
We selected startups operating in five key markets: Kenya, Nigeria, South Africa, Mexico and India. These countries are home to fintech startup hubs within their regions, but their populations also demonstrated significant gaps in financial health at the inception of the program.