Accion, a global nonprofit focused on financial inclusion, has announced the final close of its second early-stage fintech fund, Accion Venture Lab Fund II, LP, now rebranded as Accion Ventures. The $61.6 million fund will be deployed to support innovative fintech startups that are building solutions for underserved populations across the globe. This marks a continuation of Accion’s decade-long strategy of combining social impact with venture capital discipline to catalyze inclusive financial systems.
The fund attracted a diverse group of investors, including commercial and impact asset managers, development finance institutions, foundations, family offices, and strategic financial services companies. Notable limited partners include FMO, Proparco, ImpactAssets, the Ford Foundation, MetLife, and Mastercard. Their participation reflects growing confidence in Accion’s ability to identify and scale fintech companies that can deliver both financial returns and meaningful social outcomes.
Initial investments from the new fund include PaidHR in Nigeria, which streamlines HR and payroll for small businesses; Foyer in the United States, focused on financial tools for renters; FinFra in Indonesia, which supports small business financing; and Flowcart in Kenya, an AI-powered e-commerce platform. These companies represent the geographic and thematic diversity that Accion Ventures aims to maintain, with a portfolio spanning Africa, South and Southeast Asia, Latin America, and the United States.
The fund’s launch comes at a time when the need for inclusive financial services is more urgent than ever. According to the Global Findex 2025, 1.6 billion people globally either lack access to a financial institution or have inactive accounts. Meanwhile, the annual financing gap for micro, small, and medium-sized enterprises stands at $5.7 trillion. These figures highlight the vast opportunity for fintech startups to disrupt traditional systems and bring meaningful change to underserved communities.
Since launching its early-stage investment strategy in 2012, Accion has deployed $59.4 million across 76 companies in more than 30 countries. The firm has achieved 13 full or partial exits, including recent successes such as Apollo Agriculture, which provides financing and agricultural inputs to smallholder farmers in Kenya and Zambia; Lula, a digital lender serving SMEs in South Africa; and Pula, an insurtech platform offering agricultural insurance across Africa and Asia.
Beyond capital, Accion Ventures offers hands-on support to its portfolio companies. This includes strategic guidance, access to market insights, board governance expertise, and introductions to potential partners and funders. The Portfolio Engagement team, composed of experienced investors and operators, works closely with founders to help navigate the challenges of scaling in emerging markets and building resilient, impactful businesses.
KEY QUOTES:
“With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect many small businesses and low-income consumers to the digital economy for the first time. Leveraging third-party capital to deliver social and financial objectives is a critical part of our strategy. This fund seeks to support the growth of early-stage, disruptive companies providing high-quality, affordable financial services that can help reduce poverty and create opportunity for millions of people globally.”
Michael Schlein, President and CEO of Accion
“We are excited to support the growth of incredible innovators across the globe in early-stage fintech who are using technologies ranging from satellite imagery to conversational commerce and embedded finance, leveraging the power of mobile phones and the internet to seek to deliver sustainable financial returns, alongside real-world impact for underserved people globally. We believe we have a strong pipeline and team in place and will continue to leverage our networks to deliver quality, affordable financial services for small businesses and consumers globally.”
Rahil Rangwala, Managing Partner, Accion Ventures
“With this new funding, we seek to build on our success to date, finding and scaling some of the world’s most innovative fintech companies that provide a full suite of financial products and services to small businesses globally. We believe our global portfolio and local approach mean we can spot and respond to trends faster, driving local innovations on a global scale, and share learnings across geographies. We aim to be one of the first institutional checks a company receives and will continue to engage early, while maintaining sufficient reserves to back our winners as they scale.”
Amee Parbhoo, Managing Partner, Accion Ventures
