African fintech startups have a new fund to pitch to. Quona Capital, a venture firm focused on financial inclusion in emerging markets, has announced the final close of the Accion Quona Inclusion Fund at US$203 million in commitments from an array of leading investors.

“This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry. Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. Fintech for inclusion brings marginalised consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities,” said Monica Brand Engel, Quona Capital co-founder and partner.

Here Is All You Need To Know

• Investors in the latest fund include global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions.
• The Accion Frontier Inclusion Fund is the first fund managed by Quona and sponsored by Accion, and will pursue Quona’s usual strategy, which was deployed in a strong portfolio of investments with two exits to date.

“Our fund performance, robust pipeline of inclusive fintechs, and growing LP interest are a ringing endorsement of our thesis about the power of emerging market venture capital,” said Monica Brand Engel. 

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• Quona Capital, which has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa, has a strategic relationship with Accion, a global non-profit focused on microfinance and fintech impact investing. 
• Together, the two organisations have launched the Accion Quona Inclusion Fund, which has just closed at US$203 million, significantly exceeding its $150 million target.
• African startups that have previously benefited from the fund include South Africa’s online SME working capital lender, Lulalend; Kenya’s ecommerce platform for informal lenders, Sokowatch; South Africa’s mobile payments and agent network Zoona, among others. 

How Africa Fintech Startups May Pitch To The Fund

For enquiries contact Accion Quona Inclusion Fund by filling a form here.

Read more: A New $20m Fund For African Logistics Startups Launched By Imperial, Newtown Partners 

A Look At Quona Capital

Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets, and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. Quona has a global team covering all its markets, with team members in Washington DC, Bangalore, Cape Town, and Mexico City. For more information, visit quona.com.

A Look At Accion

Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. More at
http://www.accion.org.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.
He could be contacted at udohrapulu@gmail.com