Inclusive fintech 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 yesterday.
Proud to announce @cowrywise as one of the newest #CatalystFund portfolio companies. The #Nigerian based #fintech #startup provides financial access to undeserved markets through mutual funds and saving products. #InclusiveFintech @BFAGlobal @DFID_UK @jpmorgan @RockPhilanth pic.twitter.com/yrbnbgzPlb
— Catalyst Fund (@CF_BFA) January 20, 2020
Apparently, 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.
Suggested read: Announcing Microtraction’s investment in CowryWise
Founded in 2017 by Razaq Ahmed (CEO) and Edward Popoola (CTO), Cowrywise 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 — a commitment revealed by the startup’s CEO.
NEW REPORT ALERT: “Millionaire West African startups” raised over $1.806 billion between 2010 and 2019, 97.9% of which went to Nigerian startups. Find out more in the full report.
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