Kenyan fintech companies will receive the funds through the Catalyst Fund, an initiative that supports upcoming fintech companies in emerging markets like Kenya.
Speaking at Nairobi Garage, Lord Mayor Peter, said, “Today’s announcement highlights the mutual benefits of closer financial co-operation to both the UK and Kenya. 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,”
He also added “Fintechs in Nairobi such as PayGoEnergy and Sokowatch Kenya have the potential to transform the lives of thousands across Kenya. I want UK investors to work with DFID_UK to get behind these opportunities at the UK-Africa Investment Summit.”
The Catalyst Fund supports business development and investor opportunities for early-stage fintech companies in emerging markets. With support from the UK Department for International Development, the Catalyst Fund will help connect a further 30 local fintech companies with international investors and mentors, including Kenyan fintech companies.
The meeting also encompassed business leaders, who came to discuss among other things the upcoming UK-Africa Investment Summit.
He was accompanied by British High Commissioner to Kenya Jane Marriott, Amolo Ng’weno, CEO of BFA Global who manages the Catalyst Fund and a delegation of some of the UK’s best organizations working across infrastructure, green finance and fintech who included Arup, Cambridge Centre for Alternative Finance, Bibimoney, FSD Africa, Banking Circle, Octopus, Investec, Standard Chartered and Banking Circle.
The Lord Mayor was in Nairobi for a two-day visit had an opportunity to meet with four fintech innovators that recently graduated from the Catalyst Fund portfolio. Among them; Daniel Yu, Sokowatch, Ed Magema, Chipper Cash, Ted Pantone, Turaco, Fausto Marcigot, Paygo Energy.
The Lord Mayor also announced through the City of London Corporation 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, helping to strengthen the links between the UK and African fintech sectors.
His visit comes ahead of the first UK-Africa Investment Summit next year, which will bring together businesses, governments, and international institutions to encourage investment in a range of sectors, including fintech.