The Accion Frontier Inclusion Fund, the first global fintech fund focused on startups in emerging markets, has raised US$141 million from an array of leading institutional investors.
Managed by Quona Capital, the fund focuses on emerging markets in sub-Saharan Africa, Latin America, and Asia that have demonstrated the greatest potential for inclusive fintech.
The fund invests in startups that innovate to expand access to financial services to underserved consumers and businesses in emerging markets.
“Three billion people are left out of, or poorly served by, the global financial system. The Accion Frontier Inclusion Fund – the world’s first global fintech fund for the underserved – will help address this,” said Michael Schlein, CEO and President of Accion.
He added, “The Fund will support innovators using new technologies to help create a financial system that works for everyone. By focusing on both social impact and financial returns, we believe the Fund shows the importance of harnessing the capital markets to solve society’s most challenging problems.”
To date, the Accion Frontier Inclusion Fund has invested in 9 startups including South African Fintech startup, Yoco, which has a mission to empower the growth of entrepreneurial business in South Africa.
Its integrated card payment and point-of-sale system enables small businesses and entrepreneurs to securely accept card payments wherever they are. The startup just raised funds in a Series A earlier this month.