Through Innovations in e-Commerce, Blockchain, Mobile Money Integrations, and Agrifintech
At Catalyst Fund, we have been working with a wide range of startup companies to bring much-needed essential financial products and services to improve the lives of people on low incomes. We are proud to announce the five latest “inclusive fintech” companies to join Catalyst Fund: BancoMare, Hover, Leaf, payAgri, and Sokowatch. These startups are tackling enormous challenges to bring more accessible, affordable, and appropriate financial services to the 1.7 billion underbanked customers in Africa, India, Brazil, and Southeast Asia.
There has been progress in financial inclusion over the past 5 years, with 515 million people gaining access to a bank or mobile money account, bringing the percent of adults globally with bank to 69 percent. However, too few people on low incomes actually use financial services, and we are yet to see the variety of products that can truly improve the financial health of these customers. We invested in these startups because their solutions can accelerate financial inclusion by: 1) overcoming infrastructure barriers currently limiting mobile money innovation; 2) facilitating partnerships among ecosystem players such as digitizing data for financial service provision; and 3) bringing tailored products to the most vulnerable people through advanced technology.
Read more about these companies here.