Accion Venture Lab (Accion’s seed-stage investment initiative) has announced a capital boost of $33 million to its initial capital pool of $10 million. With the launch of a new $23 million fund and an additional $10 million investment from Accion, the company’s total current capital stands at $43 million.
The new fund has been raised from a group of third-party impact and commercial investors including the likes of FMO, the Dutch entrepreneurial development bank, the Ford Foundation, MetLife Foundation, Prudential Financial, Visa Inc., etc.
With the additional capital, the company is planning to pump up investments in inclusive fintech startups, defined as ventures that leverage technology to increase the reach, quality, and affordability of financial services for the underserved at scale.
“Despite progress, three billion people still have no safe or simple way to save money, get a loan to build a business, pay a bill, or protect their health and property with insurance,” said Michael Schlein, President, and CEO of Accion.