US-based microfinance non-profit organisation Accion has launched a $141m financial technology and services investment fund with contributions from limited partners including insurance groups AXA, MetLife and Prudential, and payment services firm Mastercard.
Accion Frontier Inclusion Fund will invest in startups developing technology that can help expand the range and quality of financial services available to those currently underserved, a figure the organisation estimates is above 3 billion.
The fund will in particular look to investments in sub-Saharan Africa, Latin America, and Asia, where it will prioritise India and Southeast Asia. Its first nine portfolio companies are Konfio, Creditas, Coins, NeoGrowth, Yoco, Invoinet, Eseye, IndiaMart and CreditMantri.
Accion and the corporates were joined by financial services firm JPMorgan Chase, development bank FMO, World Bank subsidiary International Finance Corporation, venture capital firm Quona Capital and investment firm PG Impact Investments.
Other investors included family office Blue Haven Initiative, mutual fund Calvert Equity Portfolio, investment manager Triodos Investment Management’s Triodos Fair Share Fund and Triodos Microfinance Fund, and TIAA Investments, an affiliate of investment manager Nuveen.
Skopos Impact Fund, Wallace Global Fund,Private Market Impact Fund, Dalio Foundation, Heifer Foundation, IDP Foundation, Lemelson Foundation, Sandy River Charitable Foundation and William A. Gee rounded out the LPs. AXA participated through its AXA Impact Fund.