Accion has announced the final close of its US$61.6 million Accion Venture Lab Fund II. Managed by Accion Impact Management under its newly rebranded Accion Ventures strategy, the fund will invest in up to 30 early-stage fintech startups that are solving systemic financial access challenges in underserved markets.
The fund secured backing from a diverse group of Limited Partners, including Dutch entrepreneurial development bank FMO, Proparco, the Ford Foundation, MetLife Asset Management, Mastercard, and ImpactAssets.
Accion Ventures is targeting startups that leverage next-gen technologies—including embedded finance, alternative data, and Generative AI—to create accessible financial solutions.
The fund’s recent initial investments include PaidHR in Nigeria, FinFra in Indonesia, Flowcart in Kenya, and Foyer in the US.
More than just capital, Accion Ventures brings strategic and operational support to its portfolio. Startups benefit from governance, go-to-market expertise, and a dedicated Portfolio Engagement team to help them scale.
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The fund aims to be among the first institutional checks for these companies and retains reserves to support successful ventures in later rounds.
“With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect small businesses and low-income consumers to the digital economy for the first time,” said Michael Schlein, President and CEO of Accion.
Rahil Rangwala, Managing Partner at Accion Ventures, added: “We are excited to support incredible innovators using tech like Gen AI and satellite imagery to deliver sustainable returns alongside real-world impact.”
The new fund builds on over a decade of impact investing under the original Accion Venture Lab strategy. Since 2012, Accion Ventures has deployed US$59.4 million across 76 companies in 39 countries, with 13 exits.
Notable exits include Apollo Agriculture and Pula in Africa, and Lula, a digital SME lender in South Africa.
This shift to the Accion Ventures brand signals a sharpening of strategy: a focus on finding and scaling the most impactful early-stage fintech companies worldwide, especially in markets often overlooked by traditional venture capital.
Also Read: How the global growth of fintech defies age and gender
With one of its earliest investments from this new fund going to Indonesia’s FinFra, the fund underscores its intent to double down on Southeast Asia.
The region’s rapid digitalisation, mobile-first populations, and large unbanked demographics make it a fertile ground for inclusive fintech innovation.
“From Jakarta to Manila, founders are developing localised solutions for unique financial pain points. We’re well-positioned to support them with capital, networks, and expertise,” said Amee Parbhoo, Managing Partner at Accion Ventures.
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Image Credit: Accion Ventures
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