FSD Africa and BFA Global announced the creation of TECA, a unique venture launcher.
Launcher will launch fintech startups that provide solutions to climate resilience in the most vulnerable areas of the globe. Initial focus is on Africa.
With FSD Africa’s $3.3m investment over 4 years, TECA will support pioneering entrepreneurs from the idea stage to launch, expanding the pipeline of investable opportunities in the fintech for climate resilience space.
FSD Africa’s support will also accelerate the ecosystem around the ventures by engaging with multiple stakeholders to unlock capital, attract talent and create proof points to spur more innovation for climate resilience.
Juliet Munro, Director, Digital Economy at FSD Africa: “At FSD Africa, we believe that a strong, fair and accessible financial system is crucial to a sustainable future for Africa’s people and its environment. We believe that finance can play an important role in combating climate vulnerability. By harnessing the power and potential of fintech innovation, we can help remove market barriers and build out needed climate resilience solutions.
“The challenge for Africa is that this innovation is stifled by a weak ecosystem, reflected in low early-stage investment. Our partnership with BFA Global on TECA aims to address this by originating, investing in and growing a pipeline of climate resilience ventures, while helping to influence and expand the pool of investment into this space.”
David del SerBFA Global’s Chairman and Chief Innovation officer: TECA will create a pipeline that links fintech and climate resilience. It will back entrepreneurs with bold ideas and help build resilience for vulnerable communities as well as natural ecosystems.
“We are looking for top talent that can push the boundaries in solving these large systemic challenges. By helping to launch new ventures responding to these emerging issues, our vision is to help create an ecosystem abundant with innovative solutions fortifying the climate resilience of vulnerable populations and the planet.”