During the next 3 years, Catalyst Fund will support the growth of 30 additional startups across 5 key emerging fintech markets: Kenya, Nigeria, South Africa, India, and Mexico

UK and US invest ￡12 million in fintech startups’ accelerator. Source: shutterstock.com

Catalyst Fund announced a ￡12 million commitment from UK aid and J.P. Morgan. The investment aims to enhance financial inclusion for underserved people worldwide.

The announcement is taking place in the framework of the UK-Africa Investment Summit. It aims to bring together businesses, promoting prosperity and equality of investment opportunities across Africa.

According to data, nearly half of the world’s population lives on less than $5.50 per day. Thanks to the investment, Catalyst Fund will support the development and growth of 30 new fintech solutions, thus boosting financial inclusion for 1 million people in Kenya, Nigeria, South Africa, India, and Mexico.

Catalyst Fund will focus on providing pre-seed capital and venture building support. What is more, it will accelerate the innovation ecosystems of each market to improve startups’ access to capital.

SEE ALSO:

• The International Monetary Fund: brief history & major functions
• Magento for beginners: tips and lifehacks
• PAN Card: what is it and why it is important