This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry., Engel continued, Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. Accion Quona Inclusion Fund made a first close in October 2018 at $87.75 million. The firm was formed to improve quality, access and affordability of financial services for underserved consumers and businesses in Sub-Saharan Africa, Latin America and Asia, as per its website.
This information is given at the time of signature, without prejudice to any developments in the operation/project. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. Fintech for inclusion brings marginalized consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities.. The Fund closed with $203 million in commitments from an array of leading investors including global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions, significantly exceeding its $150 million target. Norfund sine nettsteder benytter seg av informasjonskapsler. Accion Quona Inclusion Fund (AQIF, The Fund) is the second fund managed by Quona Capital, a fintech venture capital fund manager spun out of Accion International. Quona Capital also manages the Accion Frontier Inclusion Fund, which remains on Accions balance sheet. This fund, which is closed to new investment, had raised USD 141 million as of 2017. You also have the option to opt-out of these cookies. About Quona CapitalQuona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets.
Our fund performance, robust pipeline of inclusive fintechs, and growing LP interest are a ringing endorsement of our thesis about the power of emerging market venture capital, said Monica Brand Engel, Quona Capital co-founder and partner. The third fund has been backed and supported by both existing and new investors, including global foundations and pension funds, large sovereign funds, development institutions, banks, and insurance companies. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals, said Michael Schlein, President and CEO of Accion. This website uses cookies to improve your experience.
Apart from the international non-profit Accion, which is a sponsor, general partner and anchor investor in the firm, the second fund has attracted multiple sovereign development finance institutions as limited partners including those from Norway, Austria, Germany and France. AQIFs investment objective is to achieve financial returns and measurable social impact by making venture capital (VC) investments in rapidly scaling fintech companies that employ innovative business models to enhance financial inclusion for the underbanked and unbanked populations in emerging markets globally. Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Quona Capital was launched within Accion before spinning off as an independent firm in 2015. Accion has offices in China, India and the United States. It is managed by Accion (large international MFI operating partner). Quonas value creation strategy is based on three pillars: (i) the exchange of information and expertise (between Quona, its partners and its underlying companies), (ii) technical assistance and support for the underlying companies on operational, financial and strategic issues and (iii) Quonas involvement in governance and its structuring. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals, said Michael Schlein, President and CEO of Accion. Quona has a global team covering all its markets, with team members in Washington DC, Bangalore, Cape Town, and Mexico City. We also use third-party cookies that help us analyze and understand how you use this website.
Quona focuses on scale-up stage financial technology companies that are expanding access to financial services for underserved consumers and small businesses in Latin America, Africa, India and Southeast Asia. Quonas first fund, which had a corpus of $143 million, has witnessed two exits so far the sale of Coins.ph (a payments company in the Philipines) to Indonesias Gojek in January 2019, and the IPO of IndiaMart, a B2B e-commerce company, last year. FMO Founded in 2015, Washington-headquartered Quona Capital invests in growth-stage financial technology companies in emerging markets like India. To date, Quona has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa. To date, the fund has invested in African companies such as South Africas LulaLend and Kenyas Sokowatch, as well as companies from Brazil, India, Pakistan, and Mexico. With the close of the latest fund, Quona Capitals assets under management (AUM) currently stand at $363 million.
These cookies will be stored in your browser only with your consent. Accion Quona Inclusion Funds LPs include global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions. This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry, she said. The fund raising is for its second fund, after having successfully invested its Fund 1. Chennai-based fintech startup CreditMantri, , business-to-business (B2B) ecommerce platform, , Mumbai-based non-banking financial company /, , Bengaluru-headquartered consumer lending startup. In terms of direct and indirect impacts, the project should contribute to (i) creating and maintaining employment in the funds and the companies invested in, (ii) increasing access to financial services, (iii) helping start-ups improve governance, accounting practices and reporting and (iv) improving the regulatory framework through the participation of the underlying companies in discussions with the main public decision-makers. and SMEcorner. But opting out of some of these cookies may have an effect on your browsing experience. The fund targets companies that take advantage of technology to tackle the bottlenecks, gaps and inefficiencies in the solutions that financial service operators currently offer. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of or poorly served by the financial sector. https://www.accion.org/quona-capital-closes-second-fund-with-203-million-aimed-at-financial-inclusion-in-emerging-markets, MicroCapital article on Accion Frontier Inclusion Fund Kenya Accion comprises five entities: Accion Frontier Investments (AFI), Accion Global Advisory Solutions, Accion Global Investments, Accion Venture Lab (AVL) and the Center for Financial Inclusion. Following on from the previous fund, the Quona Capital teams aim, via AQIF, to invest in start-up fintechs that have got through the stages of ideation (prototyping) and creation and have already launched their product on the market. Don't hesitate to contact us if you have any questions. Do you want to follow our news and/or participate in our events ? Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Washington and Bengaluru-headquartered venture capital firm Quona Capital has announced the final close of its second fund after securing $203 million in capital commitments. Proparco is confirming its support for start-up fintechs via a new USD 10m (EUR 9,174,310) equity investment in the investment fund Accion Quona Inclusion Fund. With offices in the US city of Washington and the Indian city of Bangalore, Quona Capital has invested in 29 companies seeking to improve the quality, access, and affordability of financial services for underserved consumers and businesses in Sub-Saharan Africa, Latin America, and Asia. The Accion Quona Inclusion Fund has invested in firms including Kenyas e-commerce platform Sokowatch, Pakistans payment platform Finja, Indias digital lending platform ZestMoney, Thailands insurance technology (insurtech) company Sunday, Brazilian ride-hailing startup Kovi and digital tax-assistance platform Contabilizei. Accion, a US-based nonprofit, is the anchor investor in the fund, which had an initial target of USD 150 million. The World Banks private sector investment arm IFC had committed $12 Mn to the fund in 2019. WASHINGTON and BANGALORE, India, March 04, 2020 (GLOBE NEWSWIRE) -- Quona Capital, a venture firm focused on financial inclusion in emerging markets, today announced the final close of the Accion Quona Inclusion Fund. Venture Capital firm Quona Capital is likely to seal its third fund at $325-350 Mn, significantly higher than the target corpus of $250 Mn. It later exited IndiaMart, which was listed in 2019. For more information, visit quona.com. With the close of this Fund, Quona Capital has $363m in AUM. Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. Accion press release on Accion Quona Inclusion Fund The Netherlands This marks the Series A extension round for the company. Quona Capital, Washington, D.C., District of Columbia, UNITED STATES. We focus on scale-up stage financial technology companies that are expanding access to financial services for underserved consumers and small businesses, said Rengaswamy. Since the beginning of our journey, Quona has been aligned with our vision of bringing the benefits of low-cost, long-term secured lending alternatives to consumers across Latin America. Quona Capital, a venture firm focused on financial inclusion in emerging markets, has announced the final close of the Accion Quona Inclusion Fund with $203m in commitments, significantly exceeding its $150m target. They are Series A and Series B minority equity investments. Quona Capitals recent investments in India include B2B-focused identity verification and fraud protection platform Bureau, Bengaluru-based Rupifi Technologies, which operates a B2B buy-now-pay-later platform for micro, small and medium enterprises, and Onsurity, an employee health benefits portal. The project is being implemented in markets characterized by a lack of access to basic financial services and where the emergence of fintechs is structural for the development of financial inclusion.
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The third fund will focus on fintech and related space, including those leveraging financial innovation and services to improve education, healthcare, commerce, supply chain, mobility, and agriculture and food. Accion Quona Inclusion Fund (AQIF) is a venture capital fund dedicated to financing fintechs targeting underbanked populations in Africa, Asia and Latin America. AQIF is the second fund launched by the manager Quona Capital and supported by Accion, an international NGO with headquarters in the USA that is committed to financial inclusion. Since 2008, Quona has been providing early and growth stage capital to innovative financial technology related businesses serving micro and SME clients in low-income markets globally. Fintech for inclusion brings marginalised consumers and small businesses to the mainstream and can inspire even more entrepreneurial problem-solving in traditionally underserved communities.. The Accion Frontier Inclusion Fundthe first fund managed by Quona and sponsored by Accionpursued the same strategy and was deployed in a strong portfolio of investments with two exits to datethe sale of Coins.ph (a payments company in the Phillipines) to Go-Jek, and the IPO of IndiaMart, a B2B e-commerce company in India. The intended investment in is a strong fit with FMO's objectives to increase financial inclusion for unbanked populations, empower entrepreneurs and their local communities, to support innovation, and serve the poorest populations in emerging markets. Copyright 2006-2022 by MicroCapital Affairs LLC. Quona leverages a strategic relationship with Accion, a non-profit financial inclusion pioneer, which is the Funds sponsor, general partner, and anchor investor. According to people aware of the development, Quona Accion Inclusion Fund III has already secured $250 Mn. India Has Banned 94 YouTube Channels Since 2021: Anurag Thakur To Parliament, Congress MP Karti Chidambaram Seeks SFIO Probe In BYJUS Finances, Emami Acquires 30% Stake in Pet Care Startup Cannis Lupus. It will invest instartups focusing on fintech and financial inclusion in markets such as Southeast Asia, India, Latin America, and Africa. Quona Capital the financial resilience of consumers across South East Asia. Quona is a venture fund focused on financial technology for inclusion in emerging markets. The fund, Accion Quona Inclusion Fund, was originally targeting to raise $150 million. This website uses cookies to improve your experience while you navigate through the website. Our fund performance, robust pipeline of inclusive fintechs, and growing LP interest are a ringing endorsement of our thesis about the power of emerging market venture capital, said Monica Brand Engel, Quona Capital co-founder and partner., This oversubscribed fund represents a significant milestone for financial inclusion and the impact investing industry. We live and breathe in the markets we serve, from Bangalore to Mexico City, Cape Town to Jakarta, and Lagos to Washington. https://www.flickr.com/photos/miran/4603130687, Diversity dividend: Female fund managers in Africa Alitheia Capital, Diversity dividend: Female fund managers in Africa The TLcom Ladies, Kenyan career development startup Fuzu bags $3.86m Series A investment, Egyptian fintech startup Khazna raises seed funding round led by Algebra Ventures, Mali-based insurtech OKO raises $500k seed extension round for Ivory Coast expansion, Nigerian mobility fintech startup Moove raises $20m from British International Investment, Kenyan B2B retail distribution startup Duhqa raises $2m seed round to scale regionally, Nigerian auto-tech startup Autochek acquires CoinAfrique to drive Francophone African expansion, SA fintech startup Sava closes $1.8m pre-seed funding round. These cookies do not store any personal information. Quona Capital, which has supported more than 20 financial technology companies expanding access for underserved consumers and small businesses in Latin America, South and Southeast Asia, and Sub-Saharan Africa, has a strategic relationship with Accion, a global non-profit focused on microfinance and fintech impact investing., Together, the two organisations have launched the Accion Quona Inclusion Fund, which has just closed at US$203 million, significantly exceeding its $150 million target. Accion is a nonprofit organization that has 110 partner microfinance institutions providing capital and advisory services to enterprises in 50 countries in Africa, the Americas and Asia. The investors included global asset managers and insurance companies, investment and commercial banks, as well as university endowments, foundations, family offices, and development finance institutions. , according to an IFC disclosure in 2021. At Africa Global Funds (AGF) we are focused on reporting exclusively on the African Asset Management industry (traditional and alternative asset classes). We'll assume you're ok with this, but you can opt-out if you wish. It is mandatory to procure user consent prior to running these cookies on your website. All rights reserved.
Quona Capital was earlier known as Frontier Investment Group, part of Accion International, which remained as an anchor investor in the funds even after it became a separate entity. AQIF wishes to invest in 15 to 20 start-ups with an initial ticket ranging between USD 1m and USD 7m to support their growth and scale-up. The Environmental & Social category of AQIF is C, since the Fund invests in early/growth-stage fintech companies operating in the real economy with limited environmental impacts. It later exited IndiaMart, which was listed in 2019. [emailprotected], FMO All Rights Reserved. Necessary cookies are absolutely essential for the website to function properly. +31 70 314 96 96 In March 2020, Quona Capital closed its second fund at $203 Mn. Engel added: Our portfolio of promising business models promoting financial inclusion in emerging markets demonstrates the connection between profit and purpose. The venture capital firm raised $141 Mn in 2017 for its first fund closure.
https://www.microcapital.org/microcapital-brief-quona-capital-management-raises-141m-accion-frontier-inclusion-fund/. Quonas India portfolio includes Chennai-based fintech startup CreditMantri, business-to-business (B2B) ecommerce platform IndiaMart, Mumbai-based non-banking financial company /digital lending platform NeoGrowth, wealth management platform Fisdom, Bengaluru-headquartered consumer lending startup ZestMoney and SMEcorner. Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. Thank you to the thousands of subscribers and advertisers including those below who built the MicroCapital Monitor into an industry leader: Every month since 2006, our newspaper has been covering financial inclusion and impact investing. Quona Capital, a venture firm focused on financial inclusion in emerging markets, has announced the final close of the Accion Quona Inclusion Fund at US$203 million in commitments from an array of leading investors. Its founding teamMonica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy has decades of experience as investors and entrepreneurs in financial services and technology in both emerging and developed markets and is passionate about making a lasting impact through its investments.