Catalyst will provide each firm with an investment as large as GBP 80,000 ($105,000) and arrange non-financial support from the staff of BFA and various partner investment and consulting firms.

Nova Credit is on a mission to accelerate financial inclusion for millions of creditworthy individuals who immigrate to new countries every year.

Voyager, which serves 47 million people through its consumer platforms that include e-wallet and digital payments, said the fresh capital will fund its digital banking venture and other services like cryptocurrency and micro-investments.

Finalists will deliver a technical presentation of their innovations within a global audience of AFI member institutions, fintech experts and relevant stakeholders in virtual sessions across 12-13 April.

The new products and services offered by the digital banking platform NowNow will further enhance its already existing services, consumer banking, agency banking and merchant payment solutions.

Fintech is the latest financial innovation thought capable of dramatically improving the lives of the global poor, but a more critical look is necessary to challenge this narrative.

The fund is an implementation of the country’s strategic vision to support young innovators, with Nclude by Global Ventures to focus on accelerating fintech innovation and driving financial inclusion. 

The move is expected to affect companies such as credit card issuer Nubank, payment company PagSeguro, financial technology solutions firm StoneCo and digital wallet PicPay.

Its seven-member board now comprises four women board members including Geeta Goel, Michael & Susan Dell Foundation, Suvalakshmi Chakraborti, Founder Finreach, Treasa Mathew, Omidyar Network, and Sucharita Mukherjee, Co-founder, Kaleidofin.

DISCAI will initially offer an innovative and high-performance AI-based solution that closely monitors money laundering ("Know Your Transaction" under anti-money laundering regulations).