Accion Ventures Launches $61.6M Fund to Power Fintechs Globally, With a Focus on Africa
Accion, a global non-profit organization dedicated to financial inclusion, has announced the successful final close of its second venture capital fund, now rebranded as Accion Ventures, with a substantial $61.6 million raised. This fund will target early-stage tech startups across a range of emerging markets, including Africa, Latin America, Southeast and South Asia, and the United States. This strategic investment aims to fuel the growth of innovative fintech companies, ultimately contributing to broader financial inclusion initiatives within these regions.
Investing in the Future of Fintech
The newly formed Accion Ventures has garnered support from several notable Limited Partners (LPs). These include the Dutch entrepreneurial development bank FMO, Proparco, ImpactAssets, the Ford Foundation, MetLife, and Mastercard. This diverse group of investors reflects a shared commitment to supporting ventures that address critical financial needs. The fund’s primary objective, as stated by Accion’s President and CEO, Michael Schlein, is “to support the growth of early-stage, disruptive companies providing high-quality, affordable financial services that can help reduce poverty and create opportunity for millions of people globally.” Schlein also highlighted the potential stemming from the rapid adoption of mobile technologies, particularly in emerging economies like those within Africa. Accion Ventures intends to leverage these technological advancements to connect small businesses and underserved populations with the digital economy, fostering economic growth and broader access to financial services across the continent.
In conclusion, Accion Ventures’ $61.6 million fund signifies a significant investment in the future of fintech, with a clear focus on creating positive social impact through financial inclusion. The backing of prominent investors and Accion’s proven track record in the field position the fund well to support and scale promising fintech startups, specifically targeting the African market and other emerging markets, and ultimately, contribute to a more equitable financial landscape.
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