Banks use fintech to make up for lost time on financial inclusion

Picture Credits: FT

Picture Credits: FT

JPMorgan Chase has joined up with the Bill & Melinda Gates Foundation and specialist financial inclusion consultancy BFA to create the Catalyst Fund. It provides early-stage capital and other support across emerging markets to help “impact-oriented fintechs get to scale”, says Colleen Briggs, JPMorgan’s head of community innovation and corporate responsibility.

“We’re seeing a tonne of funding going into fintech but we’re not necessarily seeing that those are focused on low-income [clients],” Ms Briggs says. “That to me is the market opportunity and the gap.” Since 2015 the Catalyst Fund has worked with 20 start-ups, 12 of which are in Africa. JPMorgan focuses on companies that can make a meaningful impact on the financial health of their local populations. Read more..