资源描述
Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model Caren Holzman, Enabling Outcomes Ltd., prepared in collaboration with Maelis Carraro, BFA Cover Photo: AbalobiAbalobi, a Catalyst Fund company, offers a mobile app suite and programme aimed at social justice and poverty alleviation in the small-scale fisheries chain.Catalyst Fund is a global accelerator program that supports early-stage inclusive fintech startups in emerging markets with flexible capital, tailored venture-building services, and connections to investors. Catalyst Fund helps early-stage innovators build accessible, affordable and appropriate solutions for the low-income customer. Direct learning from the startups is captured in shareable knowledge products, such as the AAA Framework, a blueprint for designing products and services for the poor, and shared with other ecosystem actors to spur innovation, unlock capital, and attract talent to inclusive fintech. Catalyst Fund is managed by BFA and was founded in 2016 with the support of the Bill networks and mentoring; financial and non-financial resources (such as collaboration or office space); and access to follow-on investors. Some accelerators also seek to share lessons learned from their work to influence and spur additional innovation in the sector. 515 milliongained accessto a bank accountover the past 5 yearsadults worldwide2/3 of adultsa mobile phonetoday own Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model | 76 | Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model One such initiative is Catalyst Fund, a global accelerator program that supports early-stage inclusive fintech startups in emerging markets with flexible capital, tailored venture-building support services, and connections to investors. Catalyst Fund also captures and shares learnings about what makes fintech inclusive to influence the sector and contribute to improving the ecosystem for innovation in financial inclusion. Catalyst Fund is managed by BFA with the support of JPMorgan Chase 2) focus on early-stage companies (pre-seed); 3) work with startups based in or focused on emerging markets or have substantial participants from emerging markets; and 4) had active programs in 2017-2018. We recognize that our research may have inadvertently left out some programs.2For all of the programs with the exception of Catalyst Fund, the authors relied upon information available in the public domain. For Catalyst Fund, the authors had access to supplemental information about the program. Yet, 1.7 billionremain unbankedadults around the worldpromising businesses Accelerators around the world seek to identify to spur innovation in inclusive fintechAccelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model | 76 | Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model Among the larger group of 50 organizations we identified, few organizations share Catalyst Funds exclusive focus on fintech in emerging markets. Many acceleration programs group fintech startups with other tech startups, thus making it hard to address the unique needs of fintech startups, especially when they are in a minority. Similarly, many programs do not focus exclusively on emerging markets. Even those that include emerging markets may not support startups that are physically present in these markets, focusing instead on startups serving these markets from their headquarters abroad. Moreover, among those that focus on emerging market fintech, few specialize in inclusive, early-stage fintech. By inclusive we mean businesses focused on underserved segments of the population. Being inclusive is important, because startups often focus on serving more affluent customer segments in urban centers. For example, in India, most fintech firms serve well-to-do, tech-literate customers in Tier One geographies, leaving over 80 percent of the addressable Iow- and middle-income market untapped. The same study found that 82 percent of fintech companies focus on just the top three metro cities.3Other programs are focused on later- rather than early-stage businesses. For The Accelerator Landscape for Emerging Market Fintech3 Microsave analysis for “Fintech Study to Model a Financial Inclusion Lab”. 2018.Photo: PayGo EnergyCatalyst Fund company PayGo Energy is a metering solution and distribution system that enables customers to access clean and efficient fuel at a low price.Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model | 98 | Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model example, Mastercard StartPath Global works with more advanced startups that have already secured seed or series A funding. Even among those that focus on early-stage, inclusive fintech in emerging markets, few share Catalyst Funds hands-on model. Some programs are pitch competitions with awards, which are very distinct from acceleration programs. Even among the acceleration programs, few are designed to sustain cohorts over multiple years. We found various accelerators which were active in 2014, 2015 or 2016 but had no programs running in 2017 or 2018. For some organizations, the accelerator was either a one-off program or was perhaps found to be too costly, insufficiently effective, or lacked organizational support to continue.Across the landscape, we found that there is only a small number of acceleration programs that can be compared to Catalyst Fund. For the remainder of this report we focus on the 11 accelerator programs that bear the greatest similarity to Catalyst Fund. Of the 11 programs we considered, only two (including Catalyst Fund) focus solely on inclusive fintech startups, while suggesting there is room for growth for these kinds of models.Sectoral FocusDefinitionsFintech Only Fintech Track/CohortInclusive Fintech Track/CohortInclusive Fintech OnlyAgnostic, High Number of Fintech Companies01234Early-stage: we refer to startups that have a proof of concept but are pre-revenue (or early revenue) and have raised a pre-seed round.Fintech startups: we refer to any type of business-to-consumer or business-to-business ventures that provide tech-enabled financial services or solutions. A sub-segment of fintech startups are “inclusive” as they focus their business on the financial health of low- to moderate-income consumers. We adopt an encompassing definition of fintech solutions, which include but are not limited to companies offering credit, payments, insurance, savings, pensions, other financial products, and alternative credit scoring and data analytics companies, platform and SaaS companies, PAYGo companies, supply chain and agriculture finance companies, and more that are touching other economic sectors through fintech (energy, health, education etc.).Emerging markets: we refer to fintech solutions that have development impact as they address the needs of low- and moderate-income consumers in emerging economies in Africa, Asia, and Latin America.Our sample reveals few programs focus exclusively on inclusive fintechAccelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model | 98 | Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model 01020304The Elements of Acceleration Even among the group of 11 programs that are comparable to Catalyst Fund, the programs are quite diverse. Some are on-site, some are virtual, and others have hybrid delivery models. They have varying degrees of focus on fintech; some work only on fintech, some offer a fintech track or cohort, How the pipeline of startups is cultivated and how the program participants are selected.How the startups are supported through venture-building services, including capacity building; technical assistance; access to investors and mentors; access to talent; and other resources. Support can also include direct resource provision such as funds, office space, and software.How lessons are captured and disseminated across the ecosystem.Whether the accelerators are stand-alone or embedded in larger organizations, such as banks or mobile network operators, and how the acceleration programs are funded.We found that accelerators differ across four key areas:Sourcing & SelectionSupportSynthesizing & SharingStructure & Sustainabilityand others are open to any type of company but accelerate a substantial number of fintech companies. Some are focused on inclusive fintech and development outcomes, while others are agnostic and take a more commercial approach.Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model | 1110 | Accelerating Early-stage Inclusive Fintech Startups in Emerging Markets: Assessing the Landscape and Catalyst Funds Model DELIVERY METHODGEOGRAPHY FOCUSMODEL SOURCING & SELECTIONCatalyst Fund500 StartupsDFS LabsEcobank Fintech ChallengeISME ACEMandiri Digital IncubatorNxtpLabsStartupboot-campVillage CapitalY CombinatorYES FINTECH6 months4 months6 months12 months4 months6 months3 months3 months3 months3 months4 monthsVirtualOn-siteVirtualVirtualOn-siteOn-siteVirtualOn-siteHybridOnsiteHybridGlobal Donor SupportedDonor SupportedDonor SupportedVenture CapitalLinked to a BankVenture Capital Linked to a BankLinked to a UniversityLinked to Venture Capital FirmLinked to Venture Capital Firm /Sponsorship modelGlobalGlobalPan-AfricanGlobalIndonesiaGeography SpecificGeography SpecificSponsorship modelGeography SpecificGlobalGlobalInclusive Fintech Fintech Track/CohortInclusive FintechFintech OnlyFintech OnlyFintech OnlyFintech Track/CohortFintech Track/CohortInclusive FintechAgnostic, High Number of Fintechs firmsFintech OnlyInvestors Open CallBoot CampCompetitionOpen CallCompetitions, Hackathons,NetworksOpen CallFast TrackOpen CallOpen CallOpen Call(PrimaryMethod) DURATION
展开阅读全文