Fintech inclusion pool Accion Frontier Inclusion Fund has announced it has raised $141 mln from major global sponsors to improve finance access in emerging markets.
The fund, based in Washington D.C. and run by Quona Capital, will use cash from companies including MasterCard, JPMorgan Chase and Accion itself to assist the three bln citizens “shut out of” the global financial system.
“The fund will support innovators using new technologies to help create a financial system that works for everyone,” Accion CEO and President Michael Schlein said.
“By focusing on both social impact and financial returns, we believe the fund shows the importance of harnessing the capital markets to solve society’s most challenging problems.”
Accion’s fund has already invested in eight startups, among which was Filipino Blockchain-based mobile payments startup Coins, which raised $5 mln in October 2016.
The latest investment will focus on further projects in Southeast Asia, as well as India and Latin America.
Also looking to revolutionize the financial services landscape – this time in Africa – is Daimler, whose purchase of European Blockchain payments startup PayCash could soon see results in the continent’s transport infrastructure.