Accion, a nonprofit dedicated to building a fairer financial system, has announced the final close of a $61.6 million venture fund aimed at supporting early-stage fintech startups tackling financial exclusion. The new vehicle, Accion Venture Lab Fund II, LP, marks the evolution of the organization’s decade-long investment strategy and has been rebranded under the umbrella of Accion Ventures.
A Global Coalition of Investors
The fund brings together a diverse set of limited partners, including development finance institutions, commercial asset managers, foundations, and strategic corporates. Notable backers include FMO, Proparco, ImpactAssets, Ford Foundation, MetLife, and Mastercard. The breadth of investors reflects the dual mandate of the fund: delivering measurable social impact while generating attractive financial returns.
Early investments from the new fund are already underway, with startups like PaidHR in Nigeria, Foyer in the United States, FinFra in Indonesia, and Flowcart in Kenya joining the portfolio. These companies represent the type of innovators Accion Ventures seeks to back — businesses leveraging technology to expand financial access to underserved communities.
Tackling a Trillion-Dollar Gap
The case for investment is compelling. According to the World Bank’s Global Findex 2025, 1.6 billion adults remain unbanked, while micro, small, and medium-sized enterprises face a staggering $5.7 trillion annual financing gap. For startups offering embedded finance, alternative data-driven lending, and mobile-first solutions, the unmet demand is both a social challenge and a market opportunity.
Since its initial strategy launched in 2012, Accion has deployed $59.4 million across 76 companies in more than 30 countries, with 13 successful exits. Recent exits include Apollo Agriculture (offering bundled financial and training services to smallholder farmers in Africa), Lula (a digital SME lender in South Africa), and Pula (an agricultural insurance innovator operating across Africa and Asia).
Beyond Capital: Strategic Support
Accion Ventures differentiates itself by combining capital with deep operational support. Startups benefit from access to governance expertise, market insights, and global networks often closed off to early-stage companies. A dedicated Portfolio Engagement team provides guidance on strategy, fundraising, and scaling — a hands-on approach designed to help founders overcome hurdles that often stall early fintech ventures.
Michael Schlein, Accion’s President and CEO, underscored the importance of the initiative: “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. Leveraging third-party capital to deliver social and financial objectives is central to our strategy.”
Scaling Innovation Globally
Rahil Rangwala and Amee Parbhoo, Managing Partners at Accion Ventures, highlighted the fund’s ambition to be one of the first institutional investors into promising fintechs, while maintaining reserves to support scale-ups. They pointed to trends like conversational commerce, satellite-based risk assessment, and embedded finance as areas ripe for disruption.
By blending local market knowledge with global expertise, Accion Ventures is positioning itself as a catalyst for startups that can reshape financial services at scale. As Parbhoo noted, “We aim to spot and respond to trends faster, driving local innovations onto a global stage.”
A Step Toward Inclusion
With nearly two billion people underserved by the global financial system, Accion’s latest fund represents a meaningful step in addressing inequality. By backing fintechs that can bridge the gap, the organization hopes to reduce poverty, unlock opportunity, and prove that early-stage investments can deliver impact alongside returns.
