Accion Venture Lab to invest at least $4.5m in African fintechs with new fund

Accion Venture Lab, the seed investment initiative of US-based non-profit Accion, has launched a new $23-million fund aimed at fintech startups that focus on financial inclusion.

The seed investment initiative announced the launch of the new fund today in a statement on its website.

The fund will invest between 20% and 30% ($4.5-million to $7-million) of this capital in emerging markets in Africa, Accion senior director of engagement Katie Mounts revealed to Ventureburn in an email earlier today.

Accion Venture Lab typically invests between $300 000 and $500 000 in seed-stage startups, with the possibility of investing further follow-on funding.

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