[South Africa] Meerkat selected in Catalyst Fund’s latest cohort of fintech startups
South Africa’s fintech startup Meerkat have been selected to participate in Catalyst Funds latest cohort to launch their innovative low-cost savings product to the South African market.
Catalyst Fund, managed by BFA Global is a global inclusive fintech accelerator supported by J.P Morgan, UK aid and Rockefeller Philanthropy Advisors. The Fund recently announced a new $15million (USD) commitment from UK aid and J.P. Morgan to advance financial inclusion in emerging markets.
“We’re thrilled to enter the next phase of this journey, building on lessons learned over the last four years, to position ourselves as the best partners for innovators building affordable accessible and appropriate solutions designed to improve the financial health of underserved populations in emerging markets,” said Catalyst Fund Director Maelis Carraro. “The additional support from UK aid and continued support from J.P Morgan will enable us to deepen our local footprints and ecosystem development role in each of our key markets, as well as welcome new partners that can support our mission.”
Meerkat will receive mentorship from the Fund and global tech consulting firm BFA and will go through a 6-month accelerator program to launch their innovative low-cost savings product to the South African market.
David O’Brien, Managing Director & Founder of Meerkat says “We are excited to be part of the latest Catalyst Fund cohort. When we opened our doors in 2016, we had the vision to help consumers do more with their money. The launch of our simple savings product is another step on the journey to assist the South African mass market reduce their reliance on debt and improve their financial health.
We use digital technology to reduce the cost to service the customer and then explicitly share the value that is created. This enables us to offer value for money to the consumer while profitable accessing mass market segments. “
Being part of this cohort creates many opportunities for Meerkat. In addition to the funding, Meerkat will share learnings with the local and international cohort members and the Fund’s impact investor networks and investor advisory committee that includes Quona Capital, Flourish and Accion Ventures.