Accion Impact Management’s global fund will support up to 30 fintech ventures
Accion has announced the final close of a $61.6 million fund dedicated to investing in early-stage fintech companies that address the needs of financially underserved populations around the world. The new fund, Accion Venture Lab Fund II, LP, builds on a decade-long investment strategy that balances both social impact and financial returns, supporting startups with the potential to transform how underserved communities access financial services.
The fund closed with commitments from both existing and new investors, including commercial and impact asset managers, development finance institutions, foundations, family offices, and strategic financial services companies. Notable Limited Partners include FMO, Proparco, ImpactAssets, the Ford Foundation, MetLife, and Mastercard. Its first investments are already underway, supporting promising fintechs like PaidHR in Nigeria, Foyer in the U.S., FinFra in Indonesia, and Flowcart in Kenya.
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With the launch of the fund, Accion Impact Management’s early-stage fintech strategy has rebranded to Accion Ventures. The team seeks out innovative tech companies that promote financial inclusion worldwide, combining deep local knowledge with global expertise to support startups across Africa, South and Southeast Asia, Latin America, and the United States. Their focus spans areas like embedded finance, alternative data, and mobile-first solutions, aiming to reduce the barriers that leave 1.6 billion people unbanked globally and close the $5.7 trillion financing gap for micro, small, and medium-sized businesses.
Since 2012, Accion’s strategy has deployed $59.4 million in 76 companies across 30+ countries, producing 13 full or partial exits. Recent success stories include Apollo Agriculture, providing tech-enabled financing and training to smallholder farmers in Kenya and Zambia; Lula, a fully digital SME lender in South Africa; and Pula, offering agricultural insurtech solutions across Africa and Asia. Beyond capital, Accion Ventures works closely with startups to provide operational guidance, market expertise, board governance support, and networking opportunities helping them navigate often limited debt and equity funding environments.
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Michael Schlein, President and CEO of Accion, said, “With mobile technologies spreading rapidly in emerging economies, we see a huge opportunity to connect small businesses and low-income consumers to the digital economy for the first time. Leveraging third-party capital to deliver both social and financial impact is at the heart of our strategy. This fund will help early-stage, disruptive fintechs provide high-quality, affordable financial services, creating opportunity for millions globally.”
Rahil Rangwala, Managing Partner at Accion Ventures, added, “We are thrilled to support innovators using technologies from satellite imagery to embedded finance to deliver sustainable financial returns alongside real-world impact for underserved communities. Our strong pipeline and experienced team will continue to provide the guidance and networks necessary to scale these companies effectively.”
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Amee Parbhoo, Managing Partner at Accion Ventures, emphasized, “With this funding, we aim to build on our success, scaling fintech companies that provide comprehensive financial products to small businesses worldwide. Our global portfolio combined with a local approach allows us to spot trends early, drive local innovation globally, and remain one of the first institutional investors for promising startups, supporting them as they grow.”
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