PayPal joins global fintech accelerator, Catalyst Fund as it announces 9th cohort of its inclusive fintech programme
PayPal joins global fintech accelerator, Catalyst Fund as it announces 9th cohort of its inclusive fintech programme
Catalyst Fund, a global fintech accelerator managed by BFA Global, has announced the selection of the ninth cohort of its Catalyst Fund Inclusive Fintech program.
Over the course of the next two cohorts, it will investigate the role that digital finance can play in enabling climate resilience with a small number of companies.
As part of its Inclusive Fintech program, the accelerator also announced that payment platform PayPal has joined as a new supporter. JPMorgan Chase & Co. has been a supporter in the past, as has the UK Foreign, Commonwealth and Development Office (FCDO).
“At PayPal, we believe that financial technology can help underserved individuals and communities build resilience to climate-related disasters and capture economic opportunities as the world transitions to a low-carbon economy,” says Franz Paasche, Chief Corporate Affairs Officer at PayPal.
In conclusion, he says, "We are proud to partner with Catalyst Fund to support these innovative startups at the forefront of developing new tools and technologies focused on the intersection of financial inclusion and climate resilience."
Catalyst Fund has a history of investing in African startups in Nigeria, Kenya, and South Africa through its Inclusive Fintech program, with Cowrywise, a savings and investment platform, being the first Nigerian company to be included in the accelerator's portfolio.
From JP Morgan and the UK Aid, the accelerator will receive $15 million in 2020 to support 30 fintech startups from Africa, Asia, and Latin America. A total of three years were allotted to put this bonus to use.
This cohort will consist of six fintech companies. HealthDart from South Africa, Kazi from Kenya, Crop2Cash from Nigeria, Indian startups Ohm Mobility and PocketFin, and Verqor from Mexico are among the companies in the list.
All six fintechs provide low-income individuals and smallholder farmers with access to financial services.
They were approved by the Catalyst Fund's Investor Advisory Committee (IAC), which included representatives from Anthemis Capital, Quona Capital, Better Tomorrow Ventures, Flourish Ventures, Accion Venture Lab, and Gray Ghost Ventures, among others.
