Catalyst’s main agenda is to drive financial inclusion in emerging markets.

Boston-based fintech accelerator, Catalyst Fund, which specializes in emerging and frontier markets, is now armed with an additional $15 million, according to TechCrunch.

Catalyst will use the funds, received from JP Morgan and UK Aid, to back 30 fintech startups in Africa, Asia, and Latin America over the next three years. The investment remit is to drive financial inclusion. Annually, Catalyst will choose ten successful applicant startups from five countries. These are Kenya, Nigeria, South Africa, India, and Mexico.

Financial inclusion

These startups will address financial inclusion applications such as banking, credit, and personal loans.

Colleen Briggs, JP Morgan’s Head of Community Innovation, said: “We find financial health and financial inclusion is a…cornerstone for inclusive growth…For us, if you care about a stable economy, you have to start with financial inclusion.”

“We’re offering grants of up to $100,000 to early-stage companies, plus venture building support…and really…putting these companies on a path to product-market fit,” Catalyst Fund Director Maelis Carraro told TechCrunch.

Catalyst Fund’s successes

So far, Catalyst has accelerated 25 startups through its program. It includes mentorship, non-equity funding, and exposure to investor networks. Startups also have access to Catalyst’s investor advisory committee.

African payments venture ChipperCash and SokoWatch, an East African B2B e-commerce startup for informal retailers, are Catalyst success stories.

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