Quona Capital, a venture firm focused on financial inclusion in emerging markets, has closed its second fintech fund with $203 million in commitments, led by anchor investor Accion International.
The Accion Quona Inclusion Fund beat its $150 million target thanks to commitments from asset managers, insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions.
The fund focuses on scale-up stage fintech companies that are expanding access to financial services for underserved consumers and small businesses in Latin America, Africa, India and Southeast Asia.
Quona got its start at nonprofit financial inclusion specialist Accion before becoming independent in 2015. The venture firm now has $363 million in assets under management and two exits under its belt.
The new fund has already invested in nine fintechs, including Pakistani payment and financing platform Finjs, Indian consumer lender ZestMoney, and Mexican challenger bank Klar.
Monica Brand Engel, partner, Quona, says: "Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose.
"Fintech for inclusion brings marginalized consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities."