Mango Life and Graviti each earn US$98,000 through the Catalyst Fund

Contxto – The Catalyst Fund has chosen two applicants from Mexico as part of its seventh cohort of inclusive fintech startups. 

As the chosen beneficiaries, insurtech Mango Life and fintech Graviti both received £80,000 (~US$98,000) in grant capital as well as access to experts and investors to scale their projects.

These startups were chosen because their products address the problems faced by many in emerging markets within the Covid-19 context and beyond it.

“We believe we are facing a catalytic moment during which there is an opportunity to use technology to help low-income consumers and small businesses recover from the impact of Covid-19 and build greater financial resilience for the future,” said Maelis Carraro, Catalyst Fund Director. 

Rightly so, the pandemic is illustrating just how exposed people and businesses outside the financial system are. This exposure may take the form of a lack of savings to weather the storm, an absence of infrastructure to offer electronic payments, as well as little to no access to formal lending services.

Now, onto the startups.

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Mango Life

Mexicans are generally distrustful of private insurers. This has led to few actually having an insurance plan in place. That means millions are just one emergency away from a financial disaster. 

But Mango Life wants to make their life easier when it comes to insurance. Through its platform, users can sign up for life insurance or insurance to cover your hospital bill with just a few clicks (no paperwork). And if Covid-19 has taught us anything, it’s to expect the unexpected so we must be prepared.

Graviti

Despite all the amazing advances in tech, there are still millions of homes with no access to essential services like electricity and drinking water. But it shouldn’t have to be that way. 

Mexican Graviti offers a marketplace to connect users with distributors of sustainable products and credit institutions. It even provides an alternative credit score to offer unbanked consumers affordable financing.

Related articles: Tech and startups from Mexico!

-ML