The Accion Quona Inclusion Fund will invest in financial technology companies to increase access to financial services for businesses and consumers in developing countries.
Quona Capital is a venture firm focused on financial inclusion in emerging markets. Early March 2020, Quona announced the final close of a new fund, The Accion Quona Inclusion Fund.
The aim is to support the development of new digital technologies that can enable better, faster, and cheaper ways to meet the needs for financial services in Latin America, Africa, India and Southeast Asia.
Access to high quality, affordable financial services is essential for social and economic development, gender equality, resilience, and livelihoods.
of world population lack access to financial services
of firms in Sub-Saharan Africa have a bank account
Quona leverages a strategic relationship with Accion, a nonprofit financial inclusion pioneer, which is sponsor, general partner and anchor investor of the Accion Quona Inclusion Fund.
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 communitiesMonica Brand Engel, Quona Capital co-founder and partner
Norfund’s investment in the Fund
Fintech has a significant impact on the financial industry, and potential ability to increase financial inclusion and promote more suitable and affordable products for low income groups. Investing in fintech funds and companies is an integrated part of Norfund’s strategy to participate in the growth and expansion of this sector.
Norfund’s investment in the Accion Quona Inclusion Fund will contribute to scaling up an expanding reach of an already established fund manager which is strongly aligned with Norfund’s objectives and strategy.