This archive report was first published on 23 October 2019.
On October 23, 2019, the Catalyst Fund announced that it had received £10 million in UK Aid from the Lord Mayor of the City of London, Peter Estlin, to support early-stage fintech companies in emerging markets, including Kenya.
The funding, which is part of a larger effort to support fintech development in Africa, will help connect a further 30 local fintech companies with international investors and mentors.
“Today’s announcement highlights the mutual benefits of closer financial co-operation to both the UK and Kenya,” said the Lord Mayor. “By forging partnerships across Africa, the UK’s financial services sector can turbocharge national economies and empower individuals financially, creating thousands of jobs and enriching lives across the continent.”
The Lord Mayor made the announcement during his visit to Nairobi, Kenya, which came ahead of the first UK-Africa Investment Summit next year. The summit aims to bring together businesses, governments, and international institutions to encourage investment in a range of sectors, including fintech.
During his visit, the Lord Mayor also met with four fintech innovators who recently graduated from the Catalyst Fund portfolio, including Daniel Yu of Sokowatch, Ed Magema of Chipper Cash, Ted Pantone of Turaco, and Fausto Marcigot of Paygo Energy.
The Lord Mayor also announced that five startups under the Catalyst Fund will be selected to attend the Innovate Finance Global Summit, taking place during UK Fintech week in 2020, to strengthen the links between the UK and African fintech sectors.
British High Commissioner to Kenya Jane Marriott praised Kenya’s fintech sector, saying, “Kenya’s FinTech sector is strong, diverse and growing quickly. The innovators we met today show the future of Kenya’s economic growth and I am proud that the UK is able to support their work, helping create growth, jobs and the achievement of the Global Goals in partnership between our two countries.”
