Accion Closes USD 61.6 Mn Fund to Back Early-Stage Fintech Startups The new fund aims to support early-stage fintech startups across multiple regions, including Africa, South and Southeast Asia, Latin America, and the United States.
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Accion, a global nonprofit organisation focused on financial inclusion, has closed its second fund with a target corpus of USD 61.6 million.
The new fund aims to support early-stage fintech startups across multiple regions, including Africa, South and Southeast Asia, Latin America, and the United States.
The fund drew commitments from both new and existing investors, including commercial and impact asset managers, development finance institutions, family offices, and strategic financial service companies.
Limited partners in the fund include the Dutch entrepreneurial development bank FMO, Proparco, ImpactAssets, Ford Foundation, MetLife, and Mastercard.
Accion said the launch also marks a rebranding of its investment strategy. The initiative, previously known as Accion Venture Lab, will now operate as Accion Ventures under its impact investment-focused division, Accion Impact Management. The new identity reflects a sharpened focus on identifying technology-driven solutions that advance financial inclusion while offering the potential for attractive financial returns.
Rahil Rangwala, Managing Partner of Accion Ventures, said, "We are excited to support the growth of incredible innovators across the globe in early-stage fintech who are using technologies ranging from satellite imagery to conversational commerce and embedded finance, leveraging the power of mobile phones and the internet to seek to deliver sustainable financial returns, alongside real-world impact for underserved people globally."
"We believe we have a strong pipeline and team in place and will continue to leverage our networks to deliver quality, affordable financial services for small businesses and consumers globally," he added.
Beyond financing, Accion Ventures provides operational support across the fintech lifecycle, from board governance to access to markets.
To date, the firm claims to have invested USD 59.4 million in 76 companies across more than 30 countries, including Indian non-banking lenders Aye Finance and Prayaan Capital.
