The first FinTech fund created to raise money for the underserved has closed, reaching millions in capital contributions.The Accion Frontier Inclu
The first FinTech fund created to raise money for the underserved has closed, reaching millions in capital contributions.
The Accion Frontier Inclusion Fund, managed by Quona Capital, is a global non-profit whose goal is to build a more financially inclusive world. They managed to raise $141 million that are said to be donated to people and companies in need of assistance.
“We have made great strides in recent decades, but the fact remains that more than 2 billion people around the globe still lack the basic financial products they need to realize their dreams. Changing this will require a coordinated effort across many sectors, and over time we have developed a multifaceted approach to address this challenge.”, stated the organization on their website accion.org.
According to Finews.asia (finews.asia), the Funds aims to accelerate solutions such as alternative credit, payments, small and medium enterprise (SME) finance and insurtech.
Investing in emerging markets
The Fund partners with a range of organizations in regions such as sub-Saharan Africa, Latin America and Asia. They have showed particular interest in India and Southeast Asia.
The organization also partners with institutional investors like AXA Impact Fund, JPMorgan Chase, Mastercard and MetLife.
The Accion Frontier Inclusion Fund has to date invested in several Asian fintechs, as Finews.asia wrote:
- Coins, a mobile payments platform leveraging the blockchain to provide a comprehensive suite of services for low income consumers in the Philippines
- NeoGrowth, the first company to offer card and other electronic payments receivables financing to – SMEs in India
- IndiaMART, India’s largest B2B listing and transactions platform for SME’s
- CreditMantri, a credit advisory platform in India, providing consumers enhanced credit profiles and access to improved credit options.