Accion Venture Lab adds $33m to new fintech fund
Seed-stage fintech investment initiative Accion Venture Lab is adding $33 million to its capital pool, bringing the lab’s total capital under management to $42 million.
The Accion subsidiary raised $23 million of the new fund from investors such as Ford Foundation, Visa and partially French government-owned Proparco, with help from its parent Accion for the remaining $10 million.
The new fund, known as the Accion Venture Lab Limited Partnership, will invest in inclusive fintechs start-ups who “leverage technology to increase the reach, quality, and affordability of financial services for the under-served at scale”.
The lab not only provides financial boosts to fintech start-ups, but it also sources strategic support for the founders, giving them insights into efficient operations.
“Money isn’t enough,” says Accion Venture Lab MD, Tahira Dosani. “”Capital must be paired with strategic and operational support that is informed by a deep knowledge of the sector, target customer, and a deliberate focus on how new technologies can help the underserved build better lives.”
Dosani told TechCrunch that the lab wants to continue to focus on Latin-America, Sub-Saharan Africa and Southeast Asia, as well as the US.
Accion Venture Lab’s portfolio of fintech start-ups stands at 36 and they span across five continents, giving an equal pitch footing to fintech ventures of all markets.