Accion Launches $61.6 Million Fund to Boost Fintech Innovations
Accion has unveiled a new fund worth $61.6 million aimed at investing in fintech companies in their early stages. This initiative is particularly focused on addressing the financial needs of underserved populations in Africa and around the globe.
This latest fund represents Accion’s second venture lab initiative, now recognized as Anchoring. It builds on a decade-long investment strategy that emphasizes achieving social and financial goals through early-stage venture capital investments.
The fund plans to support up to 30 new fintech investments, prioritizing companies based in Africa. Michael Schlein, President and CEO of Accion, remarked, “With the drastic rise of mobile technology in emerging economies, there exists a significant opportunity to connect small businesses and low-income consumers to the digital economy for the first time.”
Schlein added, “This fund aims to nurture disruptive early-stage companies that provide high-quality, affordable financial services capable of reducing poverty and creating opportunities for millions globally.” This focus reflects Accion’s commitment to fostering innovation within the fintech sector.
Supporting Impactful Investors and Recent Investments
The fund has successfully closed with commitments from both existing and new investors, including business asset managers, development financing institutions, foundations, family offices, and strategic financial services providers. Notable partners in this fund include the Dutch Bank for Entrepreneurial Development (FMO), Propaco, ImpactAssets, Ford Foundation, Metlife Asset Management, and Mastercard.
Among the recent investments made through the fund are two African fintech companies: Paid, a Human Resources Technology startup based in Nigeria, and Pinball (formerly Sukhiba), an AI-powered trade and customer relations management platform in Kenya. Accion Ventures led a seed round for Paid, raising $1.8 million in June 2025, while Flowcart secured $1.55 million in a similar round in August 2024.
Bridging Financial Gaps for Underserved Communities
The World Bank’s 2025 Global Findex report indicates that 1.3 billion individuals remain unbanked. Accion highlights a significant annual financing gap of $5.7 billion for micro, small, and medium-sized enterprises (MSMEs), representing an immense market opportunity for innovative fintech startups.
Accion Ventures actively supports investments in groundbreaking tech firms across Africa, South Asia, Southeast Asia, Latin America, and the United States, focusing on companies that are at the forefront of emerging fintech trends. These firms leverage integrated finance, alternative data, and generative AI (GENAI) to deliver impactful financial solutions.
Empowering Fintech Innovators with Comprehensive Support
Since its investment strategy’s inception in 2012, Accion Ventures has allocated $59.4 million across 76 companies in 39 countries, achieving 13 successful exits globally. The venture seeks to be among the first institutional investors for startups and aims to maintain reserves to support promising companies as they grow.
Rahil Rangwala, Director of Accion Ventures, emphasized that the fund is dedicated to nurturing fintech innovators using cutting-edge technologies, from GENAI to satellite imaging, aimed at making a real impact in underserved communities. “Our global portfolio and localized approach allow us to quickly identify trends and stimulate local innovations on a worldwide scale,” added Amee Parbhoo, Accion’s Director of Ventures.