Press Release

Washington, DC, March 20, 2020 — Accion has been selected for the ImpactAssets 50 2020, marking the ninth consecutive time that Accion has been featured in this database from ImpactAssets.

The <a href="https://www.impactassets.org/publications_insights/impact50">ImpactAssets 50 (IA 50)</a> is the first publicly available, searchable resource of impact investing fund managers featuring a diversified listing of private capital fund managers that deliver social and environmental impact as well as financial returns. With a record number of applicants this year, the IA 50 selected firms that demonstrate a wide range of impact investing activities across geographies, sectors, and asset classes.

“Accion’s mission to support the world’s most vulnerable populations is more urgent than ever,” said Michael Schlein, President and CEO of Accion. “Leveraging the power of the capital markets through impact investments is the only way we can solve a problem that affects three billion financially underserved people around the world. We appreciate this acknowledgment of our efforts to advance financial inclusion from ImpactAssets 50.”

Accion’s impact investment initiatives seek to create and expand new ways to meet the financial needs of the three billion people worldwide underserved by the financial sector. Today, <a href="https://www.accion.org/how-we-work/invest">these initiatives</a> include Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative; Accion Frontier Investments and the recently-announced Accion Quona Inclusion Fund, managed by Quona Capital, focused on scale-up stage inclusive fintech companies; and Accion Global Investments, Accion’s investment initiative focused on established financial institutions and innovative financial service providers leveraging technology to support the underserved.

 

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About 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 <a href="http://www.accion.org">http://www.accion.org</a>.

Global nonprofit Accion recognized by ImpactAssets 50 2020

<ul>
 	<li>Funding to expand the Shelf Life platform</li>
 	<li>Digitizing and financing inventory for community pharmacies in Africa</li>
 	<li>Increasing on-shelf availability of quality-assured medicines for patients</li>
</ul>
11 March 2020, Nigeria, Kenya, and Germany — Field Intelligence is today announcing the successful closing of its Series A funding round led by Blue Haven Initiative, with investors including Newtown Partners via the Imperial Venture Fund, Accion Venture Lab, and Sunu Capital. The US$3.6 million equity raise will fund the scale up of Shelf Life, the technology-enabled supply chain finance platform for pharmacies in Africa.

The annual pharmaceuticals market in Africa is valued at over $60 billion. For 80% of people in Africa their community pharmacy is the frontline of the health system and yet they routinely stock out of essential medicines, incur significant losses to expiry and struggle with substandard and falsified drugs. These inefficiencies cost the health system millions of dollars each year and limit access to quality care.

Field Intelligence has been a pioneer in pharmaceutical supply chain solutions in Africa. Its Shelf Life “Pay-As-You-Sell” subscription service for pharmaceutical products has grown rapidly since first debuting in Nigeria in mid 2017. The new investment will fund Shelf Life’s expansion throughout Nigeria and Kenya, as well as the development of additional services for Shelf Life clients and their patients.

Shelf Life’s pharmacy clients can subscribe to over a thousand quality-assured and price-stabilised drugs from 50 medical, health and wellness categories. Using Field Intelligence’s technology platform, Shelf Life forecasts, procures, delivers, manages, and finances each product the pharmacy has subscribed to.

Over 280 community pharmacies in Nigeria and Kenya have now subscribed to Shelf Life, making it one of the largest networks of pharmacies on the continent. It is making the business of community pharmacy less risky and lower-cost, while improving access to an expanded selection of higher-quality medicines.

Since inception, Shelf Life has maintained 96% stock availability for its clients, up from a pre-Shelf Life baseline of 60%. As an alternative to traditional inventory finance, Shelf Life costs pharmacies between 60 and 82% less than traditional loans - freeing these small retailers from prohibitively expensive capital.

Advisory support to this transaction was provided by CrossBoundary through USAID’s INVEST program funded by the USAID Southern and East Africa Regional Missions in support of the US Government’s Prosper Africa initiative.

Michael Moreland, Co-Founder and CEO, Field Intelligence, says, “We’re delighted to welcome new investors into the business. They share our vision for catalysing change in a huge and vitally-important sector. They bring deep fintech and logistics experience, which will be vital in helping us build a new generation of healthcare supply chains in Africa and beyond.”

Lauren Cochran, Managing Director, Blue Haven Initiative says, “Shelf Life is a proven platform to transform access to medicines through Africa’s private community pharmacy market. The design and development has been done on the ground in Nigeria and Kenya and there’s real experience in the team of what it takes to deliver at scale in African health systems.”

Llew Claasen, Managing Partner, Newtown Partners notes, “We’re excited about the potential for the Field Intelligence technology-first distributor business model to grow the pharmaceutical value chain in Sub-Saharan Africa, by supplying genuine pharmaceutical products, managing stock and providing working capital finance to community pharmacies.”

Michael Schlein, President and CEO, Accion, says, “Shelf Life is a powerful example of the innovative use of financial technologies to address supply chain challenges that hinder small businesses’ efficiency and growth – and ultimately affect their ability to deliver the products and services that communities need to thrive.”

Ashley Lewis, Senior Investment Officer for Africa at Accion Venture Lab, “Accion’s seed-stage inclusive fintech investment initiative, adds, “Its platform increases efficiency, decreases financing costs, and establishes strong rails for transformative payments and inventory services – ultimately improving access to medicines in community pharmacies.”

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For media inquiries, please contact Matt Ward on <a href="mailto:matt.ward@field.partners">matt.ward@field.partners</a>.

<a href="https://twitter.com/ShelfxLife">@shelfxlife</a> <a href="https://twitter.com/fieldintel">@fieldintel</a> on Twitter.

About Field Intelligence

We are a social enterprise, building a new generation of healthcare supply chains in Africa. We develop enterprise platforms and manage logistics information for large-scale public health and community pharmacies. We use technology to amplify human resources and drive innovation. Our multinational team works out of our offices in Abuja, Berlin, Lagos, London and Nairobi. Field is managing commodities with a value of over $1 billion dollars across both the public and private sector.

<a href="http://www.fieldintelligence.co">www.fieldintelligence.co</a>

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About Blue Haven

Blue Haven Initiative is an innovative family office dedicated to putting wealth to work for competitive returns and positive social and environmental change.  In alignment with the goals of the broader family office, Blue Haven's Ventures team makes direct investments into mission-driven companies with rapid growth trajectories and strong potential for catalytic social change. The portfolio consists of sustainable and scalable businesses that target underserved consumers, build out fundamental market infrastructure, and develop economies. With a focus primarily on early stage, energy, fintech, logistics and human capital ventures in Sub Saharan Africa, Blue Haven's portfolio includes CrossBoundary Energy, M-KOPA, Paystack, Shortlist and Twiga Foods.

About Accion Venture Lab
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes 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. For further information, visit <a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.

Investors back Field Intelligence on transforming healthcare supply chain

National leaders come together to scale U.S. microlending and advance financial inclusion

San Francisco, March 11, 2020 — Opportunity Fund, the country’s leading nonprofit small business lender, and the Accion U.S. Network, the U.S. affiliate of global nonprofit Accion that has led a nationwide network of community lenders since 2011, will join efforts to form Accion Opportunity Fund, effective immediately. Leveraging the strengths of both organizations, Accion Opportunity Fund will spearhead the development of a national microlending strategy to meet the credit needs of small businesses – developing new products, establishing new partnerships, promoting research and financial education, and leveraging digital technologies and data analytics to support mission-driven lending.
“Small businesses are the driving force behind America’s economy and around the world, but too often lack the capital and support they need to grow and succeed. For decades, Accion has worked alongside entrepreneurs, business leaders, lenders, and policymakers in the United States to address this need,” said Michael Schlein, President and CEO of Accion. “We are confident that combining our operations in the U.S. with Opportunity Fund is the right next step to scale these efforts and help more American entrepreneurs build a better future.”
The nation’s 30 million small business owners often lack access to affordable credit from responsible lenders offering attractive loans and services. Industry estimates suggest that there is an $87 billion annual market gap in loans less than $100,000 for Main Street entrepreneurs. Addressing this gap can ensure that small business owners can sustain their enterprises; drive job creation; and stimulate regional economies through increased wages, spending and tax revenue.
“Collaboration and partnership are key ingredients to better serving our customers,” said Luz Urrutia, CEO of Opportunity Fund and the newly-formed Accion Opportunity Fund. “Opportunity Fund and Accion share a common vision for an inclusive, healthy financial system that supports the nation’s small business owners. By coming together, we can accomplish what may have seemed impossible to some. This is the first national effort that can transform the small business lending and advising sectors and, with it, the lives of families running small businesses across the country. We are thrilled that building the future of American small business credit and advising services brings our two organizations together.”
Already longtime collaborators on small business research, advocacy, and networking efforts through the Responsible Business Lending Coalition, Opportunity Fund and the Accion U.S. Network will bring their resources together to scale microlending in the U.S. Opportunity Fund has the largest small business loan portfolio of any nonprofit Community Development Financial Institution in the country and a seamless digital integration with LendingClub, the country’s
largest online credit marketplace through which it lends to small businesses across the nation. The Accion U.S. Network brings a strong digital presence, experience with digital tools for financial education, and a track record of local partnership-building to support mission-driven lending in communities around the country. It also leverages the expertise of global nonprofit Accion, which brings nearly 60 years of experience helping financial services’ providers around the globe better meet the needs of underserved individuals and small businesses.
“Opportunity Fund and the Accion U.S. Network are longstanding partners, working together to conduct research, engage the industry, and advocate for the needs of underserved small businesses in the United States” said Gina Harman, CEO of Accion U.S. Network. “By leveraging each organization’s strengths, we can better advance our shared vision of a more inclusive financial system. We look forward to continuing to work with our industry partners to reimagine purpose-driven small business banking.”
Opportunity Fund remains as an independent Community Development Financial Institution (CDFI) focused on expanding its lending and advisory services in California and other markets in the US. Its management team and board of directors will also lead Accion Opportunity Fund – the leadership for the two organizations are identical. As part of the transition:

<ul class="ul1">
 	<li class="li3">Gina Harman, CEO of the Accion U.S. Network, joined Opportunity Fund’s management team </li>
 	<li class="li2">Michael Schlein, President and CEO of Accion, and board member of the Accion U.S. Network; Esteban Altschul, COO of Accion; Mickey Konson, Co-Founder and President at StreetShares, and board member of the Accion U.S. Network; and Solana Cozzo, Senior Vice President, Global Debit Product Management at MasterCard, and board member of the Accion U.S. Network – joined Opportunity Fund’s board of directors.</li>
</ul>
Accion Global Advisory Solutions — the advisory services team at Accion — will consult directly with Accion Opportunity Fund to develop a new national microlending strategy.
###
About Accion 
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes 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. For further information, visit <a href="http://www.accion.org">www.accion.org</a>.
About Opportunity Fund 
Opportunity Fund, the nation’s leading nonprofit small business lender, believes small dollar loans help hard-working entrepreneurs make lasting change in their own lives and build stronger communities by growing businesses and creating jobs. Opportunity Fund’s community of donors and investors is creating an inclusive financial system that empowers women, immigrant, and minority small business owners. Our strategy combines microloans for small business owners and New Markets Tax Credit investments in high-impact community infrastructure projects. Since 1994, Opportunity Fund has deployed more than $900 million and helped thousands of entrepreneurs invest in their families’ futures. The organization has committed to lending an additional $1.2 billion to small business owners across the country and investing $174 million in community real estate projects by 2023. <a href="http://www.opportunityfund.org">www.opportunityfund.org</a> 
&nbsp;
Media contacts 
Caitlin McShane for Opportunity Fund
<a href="mailto:caitlin@emcstrategies.com">caitlin@emcstrategies.com</a>
Katie Mounts for Accion
<a href="mailto:kmounts@accion.org">kmounts@accion.org</a>

Opportunity Fund and the Accion U.S. Network combine efforts to drive small business access to credit and advisory services in the U.S.

Tackling massive need for financial inclusion, Egypt-based FinTech startup Khazna offers app-based banking and financial technology to substitute the informal market among underbanked Egyptians

February 16, 2020 — Cairo, Egypt — Khazna, an Egypt-based startup that extends mobile financial services to the underbanked, has raised an undisclosed amount of seed funding from a group of investors led by Algebra Ventures, the leading technology venture capital firm in Egypt. Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative, has also participated in the round, marking its first investment in Egypt.

Khazna was founded in 2019 to provide mobile financial services to over 20 million underbanked Egyptians who are active smartphone users but have little access to formal financial services. The company’s core value proposition is to allow users to pay, save, borrow and insure conveniently with minimal face-to-face or phone interaction. In partnership with major banking and corporate partners, Khazna is launching products that provide alternatives to the informal market in Egypt. Its first offering is a salary cash advance product that is made available through Khazna’s corporate partners as a benefit to employees, helping individuals with limited access to credit to cover for unforeseen emergencies.

"Khazna is focused on bringing customer-centric services to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services. This wouldn't have been possible without the significant momentum created by the Central Bank of Egypt towards digitization and financial inclusion. The investment will be used to advance our financial inclusion-focused products and use cases to reach the product/market fit stage by leveraging new technologies, data, and analytical tools to serve the underbanked in Egypt." said Khazna’s co-founder and CEO, Omar Saleh.

“We’re seeing the rise of a new wave of Egyptian Fintech startups that are attracting interest from local and international investors. We’re excited to be leading this round with Khazna.” said Algebra Ventures’ Managing Partner, Tarek Assaad. “Omar is an exceptional entrepreneur and we believe that he and his team will grow Khazna to be one of the most transformative startups emerging from Egypt in the next few years.”

“Egypt has made strides in recent years toward greater financial inclusion, but millions of Egyptians still struggle to access the financial services they need to build better lives. Fintech startups like Khazna are uniquely positioned to develop better, faster, safer ways to meet the needs of the underserved,” said Accion’s President and CEO Michael Schlein. “Accion Venture Lab is excited to expand our reach into Egypt with this latest investment in Khazna, whose holistic digital banking app and strong founding team are a valuable addition to our portfolio,” added Ashley Lewis, Senior Investment Officer for Africa at Accion Venture Lab.
###
About Khazna

Khazna, is an Egypt-based fintech company offering convenient mobile financial services to the underbanked population to substitute the informal market.

About Algebra Ventures

Algebra Ventures is a $50-million Cairo-based venture capital fund that invests in early-stage technology companies in Egypt and the MENA region who are changing the way we live and do business. Its LPs include Cisco, the European Commission, EAEF, EBRD, IFC, and private family offices. Algebra has invested in 16 transformative technology companies in MENA, including HolidayMe, Trella, Elmenus, GoodsMart, and Halan.

About Accion Venture Lab
Accion’s seed-stage investment initiative Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide. Venture Lab is a part of Accion, a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes 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. For further information, visit <a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.

For more information please contact: 

Khazna:
<ul>
 	<li>Omar Saleh</li>
 	<li><a href="mailto:omar@khazna.app">omar@khazna.app</a></li>
</ul>
Algebra Ventures:
<ul>
 	<li>Sara Abdelazim</li>
 	<li><a href="mailto:sara@algebraventures.com">sara@algebraventures.com\</a></li>
</ul>
Accion Venture Lab:
<ul>
 	<li>Katie Mounts</li>
 	<li><a href="mailto:kmounts@accion.org">kmounts@accion.org</a></li>
</ul>

Khazna, an Egypt-based fintech startup, raises seed funding round led by  Algebra Ventures, with participation from Accion Venture Lab

Fund’s anchor investor is financial inclusion pioneer Accion

Washington, DC and Bangalore, India, March 04, 2020 — Quona Capital, a venture firm focused on financial inclusion in emerging markets, today announced the final close of the Accion Quona Inclusion Fund. The Fund closed with $203 million in commitments from an array of leading investors including global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions, significantly exceeding its $150 million target. Quona leverages a strategic relationship with Accion, a nonprofit financial inclusion pioneer, which is the Fund’s sponsor, general partner, and anchor investor.
Quona focuses on scale-up stage financial technology companies that are expanding access to financial services for underserved consumers and small businesses in Latin America, Africa, India and Southeast Asia. The Accion Frontier Inclusion Fund—the first fund managed by Quona and sponsored by Accion—pursued the same strategy and was deployed in a strong portfolio of investments with two exits to date—the sale of Coins.ph (a payments company in the Phillipines) to Go-Jek, and the IPO of IndiaMart, a B2B e-commerce company in India.
“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, Quona Capital co-founder and partner. “This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry.”
Engel continued, “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.”
“Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals,” said Michael Schlein, President and CEO of Accion.
Quona got its start at Accion before becoming an independent venture firm in 2015. Its founding team—Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy— has decades of experience as investors and entrepreneurs in financial services and technology in both emerging and developed markets and is passionate about making a lasting impact through its investments. The broader Quona team hails from more than 10 countries and speaks 14 different languages, reflecting the diversity of the markets in which it works.
To date, the Fund has invested in:

<ul>
 	<li class="p1">Contabilizei's SaaS platform, which offers a streamlined, digitized tax process that assists with tax preparation and compliance automation for MSMEs in Brazil, crucial in a country with one of most complex tax filing processes in the world;</li>
 	<li class="p1">Finja, Pakistan’s zero-cost payment and financing platform, offering free, frictionless real-time payments and supply chain financing;</li>
 	<li class="p1">ZestMoney, India's market leader in digital consumer lending, providing digital, unsecured loans via online and offline channel partners and providing instant digital EMIs (equated monthly installments), giving customers with no credit history access to more affordable payment options;</li>
 	<li class="p1">Lulalend, a digital SME working capital lender that provides loans to South Africa's "missing middle" in credit, or those businesses too large to access microfinance and too small to secure large capital loans;</li>
 	<li class="p1">JULO, a digital consumer lender in Indonesia that leverages its proprietary credit scoring method to offer affordable, short-term uncollateralized loans to new-to-credit and low-income consumers;</li>
 	<li class="p1">Klar, a challenger bank increasing access to banking services for underserved Mexican consumers, 63% of whom are unbanked, through a platform that addresses two key pain points in the market: a lack of access to credit and a lack of incentives to use a card instead of cash;</li>
 	<li class="p1">Kovi, a Brazilian mobility startup, which helps ride-hailing and other on-demand app drivers in the region gain access to fairly-priced vehicle financing and tools to help maximize their income and manage their money;</li>
 	<li class="p1">Sunday, which offers end-to-end insurance products and services powered by its machine-learning risk prediction engines, serving customers as the “one-stop insurance shop” for healthcare, mobile gadgets, motor vehicle or travel insurance;</li>
 	<li class="p1">Sokowatch, a platform that puts the power of ecommerce into the hands of informal retailers in East Africa through last mile delivery, fit-for-purpose financing and data analytics.</li>
</ul>
With the close of this Fund, Quona Capital has $363 million in AUM.
###
About 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 <a href="https://quona.com/">quona.com</a>.
&nbsp;
About 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 <a href="http://www.accion.org">http://www.accion.org</a>.
Media Contacts:
Shannon Austin for Quona Capital

<ul>
 	<li class="p1"><a href="mailto:Shannon@quona.com">Shannon@quona.com</a></li>
 	<li class="p1">+1 703.338.8813</li>
</ul>
Katie Mounts for Accion

<ul>
 	<li class="p1"><a href="mailto:kmounts@accion.org">kmounts@accion.org</a> </li>
 	<li class="p1">+1 202.280.5859</li>
</ul>

Quona Capital Closes Second Fund with $203 Million Aimed at Financial Inclusion in Emerging Markets

Chennai-based fintech startup Prayaan Capital leverages an innovative “tech and touch” model to meet the financial needs of underserved small businesses across India 

Chennai, India – February 13, 2020 -- Prayaan Capital Private Limited, a South India-based NBFC that lends to micro, small, and medium-sized enterprises (MSMEs) in India, today announced the closure of a USD $1.2 million seed investment round led by Accion Venture Lab, Accion’s seed-stage inclusive fintech investment initiative.

While access to credit for entrepreneurs in India is beginning to improve, there is still an estimated MSME credit gap of $400 billion, according to the IFC. Prayaan Capital works to meet this need through an innovative business model that leverages Brick &amp; Mortar branches and both back-end &amp; customer-facing digital tools in order to help small businesses digitize their operations and gain access to credit.

“With credit needs that are too small for traditional financial institutions and too large for microfinance lenders, many of India’s entrepreneurs remain unable to access the credit they need to sustain and grow their businesses. Accion Venture Lab exists to help inclusive fintech startups like Prayaan Capital leverage technology to meet this need,” said Accion President and CEO Michael Schlein. “With its innovative approach and strong, experienced team, Prayaan Capital is a welcome addition to our portfolio. The company not only helps entrepreneurs gain access to credit, but also helps accelerate the digital transformation of their businesses, leading to greater efficiency and growth,” said Tahira Dosani, Managing Director of Accion Venture Lab.

Accion Venture Lab provides capital and extensive support to innovative fintech startups that improve the reach, quality, and affordability of financial services for the underserved and have the potential to scale. Backed by commercial and impact investors since the launch of its third-party fund in 2019, Venture Lab has invested in more than 40 early-stage startups that operate in 30 countries worldwide.

Founded by two seasoned bankers, Madhan Mohan and Akash Chelvam, Prayaan Capital has strategically positioned its base in South India, which has a plethora of small scale manufacturers and unorganized tier 3 &amp; 4 traders, all of whom are potential consumers of their products. With six operational branches in Tamil Nadu, Prayaan has already disbursed INR80 million to a varied customer base of small-scale entrepreneurs. Prayaan will use this new influx of capital to invest in technology and expand their operations.

Speaking on this milestone Madhan Mohan, MD &amp; CEO of Prayaan Capital Private Limited, said, “We have a vision to make a difference for India’s MSMEs  by providing a holistic financial journey that addresses all of their business needs and brings them into the formal financial ecosystem. We are excited to collaborate with Accion Venture Lab, which brings insights from its work with fintechs working to reach the underserved across four continents. We take Venture Lab’s investment as a sign of their confidence in our potential for continued growth and impact. We always keep our focus aligned to our customers and join each one on their financial journeys. Our aspiration is to be a ‘neighborhood lender’ to which these small businesses go for credit and other financial products. This latest milestone is the tip of the iceberg, and we expect continued growth and impact thanks to our innovative technology platform and value-add services.”
###
About Prayaan

Prayaan Capital Private Limited was incorporated in December 2018, and was granted the NBFC Certificate of Registration in June 2019 for conducting business as a non-deposit-taking NBFC. The company has its Registered Office &amp; Corporate Office in Chennai and its target segment is MSMEs in the manufacturing and services sector. Their target customers include small to medium-sized stores, traders, and small manufacturing units. It offers small business loans from USD $1,500 to USD $30,000 and focuses on micro and small businesses, often referred to as the “missing middle.” This segment is not serviced by formal financial institutions, neither microfinance companies due to their small ticket size or by banks due to their need for documentation and higher ticket size.

About Accion

Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes 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. For further information, visit <a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.

&nbsp;

Connect with Prayaan Capital at <a href="https://www.prayaancapital.com/">www.prayaancapital.com</a> or on <a href="https://www.linkedin.com/company/prayaancapital/about/">Linkedin</a>, <a href="https://www.facebook.com/Prayaan-Capital-317832065516681/">Facebook</a>, <a href="https://www.instagram.com/prayaan.capital/">Instagram</a> and <a href="https://twitter.com/prayaancapital?lang=en">Twitter</a>

For Media, contact: Akash Chelvam, Media Head, +91 9820186402

<a href="mailto:Akash.chelvam@prayaancapital.com">Akash.chelvam@prayaancapital.com</a>

For Investors, contact: Madhan Mohan, Managing Director

<a href="mailto:Madhan.mohan@prayaancapital.com">Madhan.mohan@prayaancapital.com</a>

&nbsp;

&nbsp;

Prayaan Capital raises seed funding from Accion Venture Lab to support digitization and credit access for India’s MSMEs

Michael Schlein

News

In this podcast, Accion president and CEO Michael Schlein explains why he’s bullish on fintech start-ups and shares how his organisation is leveraging investments in tech-led micro-finance innovation to reach the more than 2-billion people who are currently invisible and/or poorly served by the global financial system.

Read more at <a href="https://www.businesslive.co.za/bd/companies/financial-services/2020-01-30-podcast-making-the-case-for-global-financial-inclusion/">Business Day</a>.

PODCAST | Making the case for global financial inclusion

Neobank startup Joust is rolling out a new banking app to help freelancers and self-employed people manage their businesses, the company <a href="https://www.prweb.com/releases/joust_launches_a_fresh_new_banking_app_for_freelancers_self_employed_workers/prweb16862400.htm" target="_blank" rel="noopener noreferrer">announced</a> on Wednesday (Jan. 29).

The app was designed using input from customers and features an analytical dashboard, Joust Visa debit card management, invoice creation, payments and more. Additional features will be introduced throughout 2020.

Joust Chief Executive Officer and Co-Founder Lamine Zarrad said the Joust app first launched in beta, where the startup “dug deep” to tap into customer feedback.

He added that customers of Joust are “risk-takers who want one place to easily manage their finances.” Feedback indicated that people wanted a “modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments.”

The new features complement PayArmour, Joust’s invoice-guaranteeing product that covers unpaid client invoices. Joust accounts are also FDIC-insured and are combined with a merchant account.

Read more at <a href="https://www.pymnts.com/news/b2b-payments/2020/neobank-joust-targets-freelancers-with-new-app/">PYMNTS</a>.

Neobank Joust Targets Freelancers With New App

Latin America’s banner year for venture capital investing was driven by eight- and nine-figure deals, particularly for fintech investments. SoftBank alone invested more than $1 billion from its $5 billion fund for the region, including in Rappi, a Colombia-based delivery startup, and Clip, a Mexican payments provider initially backed by Accion. Argentina-based digital lender Ualá has raised nearly $200 million, including from Tencent Holdings and SoftBank. Brazil’s neo-bank unicorn NuBank raised $400 million.

Read more at <a href="https://impactalpha.com/flexible-financing-gives-venture-capital-a-run-for-the-money-in-latin-america/">ImpactAlpha</a>.

Flexible financing gives venture capital a run for the money in Latin America

Back in August 2019, we <a href="https://techstartups.com/2019/08/12/fintech-startup-joust-raises-2-6-million-seed-round-nations-first-business-banking-platform-freelancers-entrepreneurs-self-employed-workers/">wrote </a>about <a href="https://joust.com" target="_blank" rel="nofollow noopener noreferrer">Joust</a> when the fintech startup raised $2.6 million seed round for the nation’s first banking platform for freelancers, entrepreneurs and the self-employed workers. Today, Joust announced the launch of a new banking app for freelancers &amp; self employed workers.

The new app has a modern, intuitive re-design, and a slate of new, consumer-driven features — with additional features releasing throughout 2020. Based on customer feedback, these new features include an analytical dashboard, Joust Visa debit card management, invoice creation/payments, and more. Joust will continue to release a host of new app features throughout 2020.

In addition to these new features, the Joust app will continue to boast its invoice-guaranteeing product, PayArmour™, which funds unpaid client invoices, and its FDIC-insured bank account combined with a merchant account.

Founded in 2017 by Lamine Zarrad and George Kurtyka, Joust is the nation’s first all-inclusive banking platform for independent professionals. It serves freelancers, contractors, and self-employed workers in all 50 states. Joust helps its users handle invoices and payments and provides protection against late or missed payments. The round was led by PTB Ventures and also included Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion; Financial Venture Studio; and Techstars. The funds will support Joust as it expands its platform to serve the growing freelance workforce segment.

“We are thrilled to announce our new app. Since our beta launch, we have kept a steady eye on our users and really dug deep into our product feedback,” says Joust’s CEO and Co-Founder, Lamine Zarrad. “Our users are risk-takers who want one place to easily manage their finances — so they can have the time and space to focus on their passions. They wanted a modern, streamlined user experience, ways to quickly visualize their finances, and manage clients, income and payments. Basically, they want one business platform that helps them from point A to Z. Our new app does that and will continue to do so throughout the year.”

Currently, the U.S. has 57 million freelancers, and by 2027, more than 50% of the country’s workforce is expected to freelance in some capacity (Upwork &amp; Freelancers Union, 2019). This rapid increase in independent workers has given rise to a range of new financial needs — including managing clients, accepting a range of payments (e.g. credit card payments), and mitigating the risk of irregular income. The Joust app was created to solve these workers’ often overlooked financial and banking needs.

The new app design is clean, intuitive and aspirational, giving users the flexibility and ability to navigate easily from one function to the next. The customizable dashboard includes bank account analytics, client management, invoice features, and bill pay services. Launched in 2019, the Joust Visa debit card can also be managed within the app.

Read more at <a href="https://techstartups.com/2020/01/28/fintech-startup-joust-launches-a-new-banking-app-for-freelancers-and-self-employed-workers/">TechStartups</a>.

Fintech startup Joust launches a new banking app for freelancers and self employed workers

Accion CEO Michael Schlein explains why he's bullish on fintech startups and shares how his organisation is leveraging investments in tech-led microfinance innovation to reach the more than two billion people who are currently invisible to and/or poorly served by the global financial system.

Listen at <a href="https://www.africantechroundup.com/accion-michael-schlein/">African Tech Roundup</a>.

Accion's Michael Schlein on Financial Inclusion, Fintech & Impact Investment Sceptics

Catalyst Fund, a Boston-based accelerator for early-stage technology start-ups, has raised $15 million with its long-term backer JP Morgan and UK Aid to back 30 fintech start-ups founded across South Africa, Kenya, Nigeria, India and Mexico over the next three years.
The US and UK-backed accelerator offers mentorship and non-equity funding to fintechs tackling financial inclusion in emerging markets. With fresh funding, ten fintech start-ups from across all five countries will be selected each year to take part in the fund’s programme.

The announcement came alongside this week’s UK-Africa Investment Summit, which was hosted by the UK Prime Minister Boris Johnson.

Read more at <a href="https://www.fintechfutures.com/2020/01/catalyst-fund-raises-15m-from-jpmorgan-and-uk-aid-for-emerging-market-fintechs/">Fintech Futures</a>.

Catalyst Fund raises $15m from JP Morgan and UK Aid for emerging market fintechs

The Catalyst Fund has gained $15 million in new support from JP Morgan and UK Aid and will back 30 fintech startups in Africa, Asia, and Latin America over the next three years.
The Boston based accelerator provides mentorship and non-equity funding to early-stage tech ventures focused on driving financial inclusion in emerging and frontier markets.

That means connecting people who may not have access to basic financial services — like a bank account, credit or lending options — to those products.

<a href="https://catalyst-fund.org/">Catalyst Fund</a> will choose an annual cohort of 10 fintech startups in five designated countries: Kenya, Nigeria, South Africa, India and Mexico. Those selected will gain grant-funds and go through a six-month accelerator program. The details of that and how to apply are<a href="https://catalyst-fund.org/accelerator"> found here</a>.

“We’re offering grants of up to $100,000 to early-stage companies, plus venture building support…and really…putting these companies on a path to product market fit,” Catalyst Fund Director <a href="https://bfaglobal.com/member/maelis-carraro/">Maelis Carraro</a> told TechCrunch.

Program participants gain exposure to the fund’s <a href="https://catalyst-fund.org/circles">investor networks</a> and investor advisory committee, that include <a href="https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/">Accion </a>and <a href="https://techcrunch.com/2019/09/23/hear-about-investing-in-african-tech-at-disrupt-sf-with-marieme-diop-wale-ayeni-and-sheel-mohnot/">500 Startups. </a>With the $15 million Catalyst Fund will also make some additions to its network of global partners that support the accelerator program. Names will be forthcoming, but Carraro, was able to disclose that India’s <a href="https://www.crunchbase.com/organization/yes-bank">Yes Bank </a>and University of Cambridge are among them.

Read more at <a href="https://techcrunch.com/2020/01/19/catalyst-fund-gets-15m-from-jp-morgan-uk-aid-to-back-30-em-fintech-startups/">TechCrunch</a>.

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Catalyst Fund gets $15M from JP Morgan, UK Aid to back 30 EM fintech startups

<div>
<div>Aye Finance on Thursday said one of its early investors, Accion has solid its stake in the Indian fintech company to A91 Partners.</div>
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<div>Read more at <a href="https://www.businessinsider.in/business/news/accion-sells-stake-in-aye-finance-to-a91-partners/articleshow/73298710.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">Business Insider India</a>.

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Accion sells stake in Aye Finance to A91 Partners

Accion, a US-based non-profit organisation, has sold its stake in Aye Finance to Indian investment firm A91 Partners.
A91 is a venture capital firm founded by ex-Sequoia executives VT Bharadwaj, Abhay Pandey, Gautam Mago and Kaushik Anand in November 2018. The firm has been focusing on startups in consumer, financial services, technology and healthcare sectors in India.
The first fund of $351Mn was raised in 2019 and its portfolio includes Mumbai-based make-up brand Sugar Cosmetics, Hector Beverages which owns popular drink brand Paper Boat and Atomberg Technologies. A91 Partners is focused on making mid-stage investments, in Series B and C deals ranging between $10 Mn and $30 Mn.
“Over the last 2 years, Aye has grown from INR 500 Cr to over INR 1500 Cr of AUM using technology as a backbone to scale the business,” said Kaushik Anand, Partner, A91 Partners.
Read more at<a href="https://inc42.com/buzz/aye-finance-investor-accion-sells-its-stake-to-a91-partners/"> Inc42</a>.

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