Local start-up, Meerkat have been sleected to participate in Catalyst Funds latest cohort to launch their innovative low-cost savings product to the South African market.
Maelis Carraro, Director, Catalyst Fund at BFA Global says
'We're extremely excited to welcome Meerkat to our portfolio. One of the key focus areas for Catalyst Fund is solutions that improve the overall financial health of low-income consumers. We look forward to working closely with the Meerkat team to help them hone their offering and develop an even deeper understanding of the challenges faced by the millions of South Africans that are struggling with their debt'
Meerkat's Founder & MD, David O'Brien at the launch event, Guildhall, London
The 2020 cohort
Meerkat is proud to announce they are a participant in the latest Catalyst Fund cohort aimed at advancing financial inclusion in emerging markets.
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.
About the sender:
Meerkat is a financial wellness company whose vision is to help low income consumers do more with their money. Launched in 2016, Meerkat has assisted consumers to better manage their debt repayments through their debt counselling process. The team are launching a simple savings solution that will positively impact the lives of South African mass market consumers.
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