The United Kingdom group, Catalyst Fund, has announced that two Nigerian firms, WellaHealth and Flex Finance, are to receive about N38.7 million (£80,000) grant capital.

The companies will also benefit from a six-month programme from experts of the research, advisory and data analytics firm, BFA Global.

The grant is expected to assist them in the provision of affordable healthcare coverage to protect families from the financial shock that comes from unexpected health emergencies, including hospital cash during COVID-19.

A statement on Wednesday from the British High Commission said the two Nigerian companies were awarded the grant alongside four other fin-tech startups from Mexico (Mango Life and Graviti), South Africa (PayMeNow) and India (KarmaLife).

All six are now part of a cohort of 31 companies from around the world receiving Catalyst Fund support.

The statement read that Catalyst Fund has accelerated 31 companies that have gone on to raise more than $64M in follow-on funding and reached over two million low-income customers.

The Catalyst Fund is also supported by JPMorgan Chase & Co. and fiscally sponsored by Rockefeller Philanthropy Advisors.

Catalyst Fund Director, Maelis Carraro said, “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.”

“If we support the right companies now, these innovations can grow to play a critical role in improving financial health globally.”