Catalyst Fund has added another 5 "inclusive fintech" companies to its early-stage accelerator, now totaling 20 companies that leverage innovative technologies, in order to deploy financial service solutions in emerging markets where there is enormous pent-up demand. Mobile technology, machine learning, AI, and blockchain are making it possible and profitable to build the full range of financial services for previously underserved populations in places like Africa, India, and Southeast Asia. Catalyst Fund's highly successful model de-risks companies and gets them investment ready — the 12 companies that sought follow-on funding after completing the program secured an average of $1.5 million each.
"Bank accounts and payment transfers are receiving a lot of attention and are growing in the number of subscribers, but they aren't being used with the frequency that you'd expect," said David del Ser, Catalyst Fund Program Director and Director of the AI Studio at BFA. "We're accelerating inclusive fintech companies whose solutions will achieve greater usage and help address the complete financial lives of these populations — there is great need and demand for these kinds of products and services in emerging markets."
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Inclusive Fintech refers to a wider range of modern financial services, beyond bank accounts and digital transfers, that are tailored to the unmet needs of emerging market customers to ensure adoption and to enable users to move up the financial ladder.
Catalyst Fund, a partnership between BFA, the Bill & Melinda Gates Foundation, JPMorgan Chase & Co., and Rockefeller Philanthropy Advisors, encompasses both B2B and B2C companies that either directly provide inclusive fintech solutions and services, or build the rails for needed technological and financial infrastructure. The five latest portfolio additions are:
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1. HOVER
Hover's proprietary and patent-pending technology enables mobile developers to turn an existing communications protocol, USSD, into an invisible transport layer, allowing the facilitation of in-app mobile payments so that users who can't access or afford data plans can still connect to transact.
Innovation: In-App Mobile Payments / Classification: Rails/Infrastructure
2. PAYAGRI
PayAgri is an agri-fintech startup that brings together key players in the Indian agriculture value chain to facilitate trade and funding flows to low-income farmers who struggle to access funding and establish credit history. Be alert to read related news.
Innovation: Connecting to agricultural markets through digitization / Classification: Rails/Infrastructure
3. BANCO MARE
Banco Mare is a digital bank, serving consumers in one of Rio de Janeiro's largest favelas, who are excluded from the formal financial system. The mobile app allows users to pay bills, make peer-to-peer transfers and pay at local merchants its blockchain-based digital currency "Palafita."
Innovation: Blockchain / Classification: Product/Service
4. LEAF
Leaf was founded with the mission of helping refugees transfer their assets across borders safely using blockchain technology.
Innovation: Blockchain / Classification: Product/Service
5. SOKOWATCH
Sokowatch is an e-commerce platform for African informal retailers that offers on-demand and free delivery of store products and credit lines to address common stockouts, lack of access to working capital and business management tools.
Innovation: Digitizing the informal retailer / Classification: Product/Service
"Consider that just a few years ago there were 2.5 billion unbanked globally and even today, 3.8 billion people still do not have access to insurance — we haven't begun to scratch the surface of the need for financial services among this demographic," said Maelis Carraro, Catalyst Fund Deputy Director and Senior Associate at BFA. "But pre-seed capital is a challenge here just as anywhere else, that's why our model is set up in a way that de-risks the investment so that we can get these companies to market where they can have the greatest impact." Read all the related news.
The accounts of one-fifth of banked individuals worldwide are inactive. In India 80 percent of the population has a bank account but 48 percent of those accounts haven't had a transaction in the past year. Another 190 million Indians remain unbanked.
"We are proud to invest in solutions that have the potential to transform the financial lives of people across the world and in technology that is reinventing the global financial services landscape," said Janis Bowdler, President, JPMorgan Chase Foundation. "We look forward to seeing the impact that the 20 Catalyst Fund companies will make on consumers' lives."
Participating Catalyst Fund cohort companies must first be nominated by a sponsoring investor in order to be considered, and a pre-selected group of investors can make follow-on investments once the companies have been de-risked by completing the program. The program draws on BFA's business intel from 12 years of using finance to create solutions for low-income people in emerging markets. Companies receive flexible grant capital, tailored technical assistance, mentoring by potential investors and access to networks of follow-on investors. A fifth cohort is planned for later in 2018.
About BFA
BFA is a global consulting firm specializing in using finance to create solutions for low-income people. Our approach is to seek out, create and implement financial solutions to help people manage challenges and seize opportunities. We partner with cutting-edge organizations that touch the lives of low-income consumers such as financial institutions, fintech companies and information providers. In creating solutions, we integrate our deep expertise in customer insights, business strategy, new technology, and growth-enabling policy and regulation. Founded in 2006, BFA's clients include financial institutions, technology companies, donors, investors and policymakers. BFA has offices in Boston, Medellín, Nairobi, New Delhi, and New York. For more information, please visit: http://www.bfaglobal.com.
About Catalyst Fund
Catalyst Fund is a philanthropic grant fund at the forefront of Inclusive Fintech, an initiative supported by the Bill & Melinda Gates Foundation and JPMorgan Chase & Co. Since 2016, as a project managed by BFA and fiscally sponsored by Rockefeller Philanthropy Advisors, Catalyst Fund has been accelerating startups developing financial services for the needs of the low-income demographic. We also seek to build up industry knowledge and customized tools from our direct work supporting and accelerating that early-stage startups building digital financial services for the next billion.
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