Non-profit group Accion International is enhancing its investment initiative for seed-stage fintech startups focused on financial inclusion, successfully raising $61.6 million from global investors.
Limited Partners in this fund include the Dutch entrepreneurial development bank FMO, Proparco, ImpactAssets, Ford Foundation, MetLife Asset Management, and Mastercard Worldwide.
Accion Ventures supports investments across Africa, South and Southeast Asia, Latin America, and the United States, targeting innovative tech companies that promote financial inclusion and have the potential for attractive returns.
The fund’s recent initial investments include PaidHR in Nigeria, Foyer in the United States, FinFra in Indonesia, and Flowcart in Kenya. Since establishing its investment strategy in 2012, Accion Ventures has deployed $59.4 million across 76 companies in 39 countries, achieving 13 exits. The latest exits include Apollo Agriculture, which provides tech-enabled inputs and financing for smallholder farmers in Kenya and Zambia; Lula, a digital lender and bank account provider for small and medium enterprises in South Africa; and Pula, which offers agricultural insurtech solutions to smallholder farmers across Africa and Asia.
Michael Schlein, President and CEO of Accion, stated, “With the significant increase in mobile technologies in emerging economies, we see a major opportunity to connect many small businesses and low-income consumers to the digital economy for the first time. Using third-party capital to achieve social and financial goals is a crucial aspect of Accion’s strategy. This fund aims to support the growth of early-stage, disruptive companies that provide high-quality, affordable financial services to help reduce poverty and create opportunities for millions of people worldwide.”