Accion Venture Lab Fund II reaches final close
Accion has announced the final close of its $61.6 million Venture Lab Fund II.
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Accion has announced the final close of its $61.6 million Venture Lab Fund II, which will invest in early-stage fintech companies.
The fund secured commitments from both existing and new investors, including commercial and impact asset managers, development finance institutions, foundations, family offices and financial services groups. Limited partners include Dutch development bank FMO, Proparco, ImpactAssets, the Ford Foundation, MetLife and Mastercard.
Recent initial investments from the fund are PaidHR in Nigeria, Foyer in the United States, FinFra in Indonesia and Flowcart in Kenya.
Michael Schlein, president and CEO of Accion, commented: “With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect many small businesses and low-income consumers to the digital economy for the first time. Leveraging third-party capital to deliver social and financial objectives is a critical part of our strategy. This fund seeks 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.”
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.”
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