The mayor of London Peter Estlin has announced £10 million (KSh1.3 billion) of UK Aid support towards the Catalyst Fund. Catalyst Fund is a fund manager that provides financing to fintech startups in emerging economies.
Catalyst will enable 30 fintechs in emerging markets including Kenya to connect with international investors and mentors.
The Fund enables fintech startups to access early-stage capital, partnerships that can enable them to scale, and access to the high potential talent pool.
According to British High Commissioner to Kenya Jane Marriot, fintechs create growth, jobs, and promote economic growth.
Five fintechs from the Catalyst fund will be selected to attend the UK Fintech week in 2020.