Seed-stage investment initiative Accion Venture Lab has added US$33 million to its initial capital pool, with the team estimating up to 30 per cent of this will go to fintech startups in emerging markets in Africa.
Launched in 2012 with US$10 million in capital, Accion Venture Lab is a leader in fintech impact investing at the seed stage. It has now launched a new fund with an additional US$33 million, including US$10 million from Accion and US$23 million from a co-investment vehicle with third party funds, including the Ford Foundation, Blue Haven Initiative, Proparco, Prudential Financial, Stichting Hivos-Triodos Fund, and Visa.
The Accion Venture Lab team estimates investing between 20 and 30 per cent of this capital in African fintech companies.