Cowrywise part of Catalyst Fund’s accelerator portfolio
Cowrywise – An inclusive financial technology accelerator, Catalyst Fund has added Cowrywise as the only Nigerian startup among 19 other African and African-focused fintech startups in its portfolio.
The UK-DFID-backed accelerator announced this via its Twitter handle on Monday.
Daily Times states that Catalyst Fund is an accelerator for inclusive fintech startup, working with innovators in emerging markets who are building affordable, accessible, and appropriate solutions for underserved communities, and accelerate the local innovation ecosystems around them.
In a tweet the accelerator wrote, “Proud to announce @cowrywise as one of the newest #CatalystFund portfolio companies.
Adding that, the #Nigerian based #fintech #startup provides financial access to undeserved markets through mutual funds and saving products. #InclusiveFintech @BFAGlobal @DFID_UK @jpmorgan @RockPhilanthMonday.
Meanwhile, according to reports, the Nigerian fintech startup has undergone a 6-month journey of exposure to remote and in-person support from a team of venture builders as is the practice for all startups selected into the Catalyst Fund’s accelerator program.
Since launching in 2016, Catalyst Fund has accelerated 31 fintech companies across 14 markets globally. Nigeria has now become a focus market along with Kenya, South Africa, India, and Mexico from where the next cohorts of 10 fintech startups will be picked.
According to Techcrunch, the accelerator just gained $15 million in new support from JP Morgan and UK Aid to back 30 fintech startups across Africa, Asia, and Latin America in the next three years.
It is, however, uncertain what value this new achievement adds to the savings and investment platform, but it is expected to have a relatively huge impact on the startup’s current funding status being already backed by three investors.
Cowrywise which was founded in 2017 by Razaq Ahmed (CEO) and Edward Popoola (CTO), has since made its way into YCombinator and Microtraction’s investment portfolios during its early years.
The startup will possibly use the investment to add new products on its platform while focusing on the goal of bringing wealth management services to young Africans irrespective of their income level as revealed by the startup’s CEO.
Catalyst Fund is supported by The UK Department for International Development (DFID) and JPMorgan Chase & Co., managed by BFA Global and fiscally sponsored by Rockefeller Philanthropy Advisors, reports say.
