Accion Venture Lab launches $23m fintech-focused fund

Accion Venture Lab, the seed-stage investment initiative of global nonprofit Accion, is adding $33 million to its initial capital pool, with the launch of a new $23-million fintech-focused fund and an additional $10 million investment from Accion.

Accion Venture Lab launched in 2012 with a capital of $10 million. The latest vehicle brings Accion Venture Lab’s total capital under management to $43 million.

Accion estimates it would invest about 30 per cent of the fresh capital in emerging markets in South and Southeast Asia, VCCircle reported.

Investors in Accion Venture Lab now include FMO, the Dutch entrepreneurial development bank; the Ford Foundation, the ImpactAssets Giving Fund of Blue Haven Initiative; Proparco, the French Development Agency (AFD)’s private sector financing arm; Stichting Hivos-Triodos Fund, managed by Triodos Investment Management; and Visa Inc, among others, per a statement.

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