Accion, Quona launch US$203 million fund to promote financial inclusion

Contxto – You’ve probably heard of Quona Capital when we talked about the historic mark of US$57.5 million seed equity and debt round that Klar set back in November of last year.

Additionally to leading this unprecedented round in Latin America, Quona Capital also participated in Contabilizei’s Series C, Kovi’s Series A, and Neon’s Series B among others. 

Related article: Klar makes history with US$57.5 million seed equity and debt round

This is Quona’s second fund and it has been christened as the Accion Quona Inclusion Fund. While Quona’s interest in reducing the financial inclusion gap is not really news, the US$203 million destined to fulfill this mission in Latin America, Africa, India, and Southeast Asia is.

The original target of this fund aimed to close with US$150 million. Luckily, the ambitious investors exceded expectations. Among them you can find the likes of global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions.

Quona’s first fund pursued the same goal, to expand access to financial services for both customers and small businesses. The name of this first fund is the Accion Frontier Inclusion Fund.

Why is Accion so important in this equation? Well, it is the main sponsor of both funds. Accion is a non-profit financial inclusion pioneer which also happens to be a general partner in this new fund, as well as an anchor investor.

Therefore, one can guess that this an ever-deepening strategic partnership.

Monica Brand Engel—Quona Capital co-founder and partner—said in a press release that:

“Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. Fintech for inclusion brings marginalized consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities.”

While the fund is destined to spread out invested rather globally, the Latin American startups responsible for executing Quona’s financial inclusive vision to date are Contabilizei, Creditas, Neon, and Kovii from Brazil, as well as Klar from Mexico.

However, they can expect new brothers and sisters in the Quona family any time soon.

Related articles: Tech and startups from Brazil!

-CM