Accion, a pioneer in global financial inclusion, sponsored and is an anchor investor in the Accion Frontier Inclusion Fund, the first global fintech fund for the underserved. The Fund invests in innovative financial technology and services companies that promote financial inclusion for the two billion people around the world who lack access to savings accounts, checking, insurance, credit, and other basic financial services.
Despite this pronounced need, reaching the world’s financially underserved has never held more potential: nearly 85% of the world’s population has mobile phones, which potentially allows financial service providers to reach new markets better, faster, and cheaper than ever before. Other technological trends, including cloud computing, big data, and alternative credit scoring are changing the ways that we can effectively and responsibly deliver financial services—even to those who have never used them before. The growing purchasing power of people at the base of the pyramid and the potential for positive social change motivated Accion to sponsor the creation of this fund.
The Fund is managed by Quona Capital, an early growth-stage venture firm focused on financial technology for underserved consumers and businesses in emerging markets. Quona, which includes alumni from Accion’s Frontier Investments Group, also manages the portfolio of fintech investments made by Frontier that continue to be held by Accion. The Quona partners have deep experience as investors and entrepreneurs in financial services and technology, and they have lived, worked and built companies in both the emerging markets they serve and the developed economies they seek to connect. Quona leverages Accion’s global brand, technical specialists, and institutional relationships to promote and advance the fund. For more information on Quona see www.quona.com. For more information on the Accion Frontier Inclusion Fund portfolio and the Accion Frontier Legacy portfolio, see www.quona.com/portfolio.
Accion has always pursued “double-bottom line” investing, where its impact investments create positive economic and social returns. This fund has resulted from that belief. Accion hopes that the Fund will help channel more attention, resources, and energy to promote financial inclusion, and ultimately help more people around the world access, use, and benefit from financial services.