BFA Global partners FSD Africa to create $3.3M Fintech Venture Launcher (TECA)

Today, FSD Africa and BFA Global announce the creation of TECA (Triggering Exponential Climate Action), a venture launcher that is unique in its kind.

The launcher will help create fintech startups to provide solutions for climate resilience in the most affected communities around the globe, with an initial focus on Africa.

With FSD Africa’s $3.3m investment over 4 years, TECA will support pioneering entrepreneurs from 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 is Director of 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 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.

Africa’s challenge is that innovation is constrained by a weak ecosystem. This is evident in the low level of 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.”

The IPCC Sixth Assessment Report, released earlier this year, estimates that up to 3.6bn people live in climate-vulnerable areas. Some of the most severe impacts have been observed in Africa and in communities throughout Africa.

Solutions require substantial further development, and they are not often accessible, affordable or readily available for the most vulnerable populations.

David del Ser is the Chairman and Chief Innovation Officer of BFA Global. “TECA will help to create a pipeline at the nexus of fintech and climate resilience by backing entrepreneurs with bold ideas that build the resilience of vulnerable communities and natural ecosystems.

We are looking to hire top talent that is able to push the boundaries and solve large systemic issues. 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.”

TECA’s mission is to launch 100 ventures by 2026, including at least 60 in Africa. These ventures will increase the resilience of vulnerable communities to climate change and provide investment opportunities for others in the ecosystem.

The Blue Economy in East Africa is the initial focus for TECA entrepreneurs. It will include activities that generate livelihoods or ecosystem services from water bodies such as rivers and oceans. Applications are now being accepted for potential founders.

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