Accion Closes $61.6M Fund to Back Early-Stage Fintech Startups
TLDR
- Accion has closed a $61.6 million fund to invest in early-stage fintech companies targeting financially underserved communities in Africa and globally
- The vehicle, managed by Accion Ventures (formerly Accion Venture Lab), is the firm’s second fund and builds on a decade-long strategy of combining financial and social objectives
- Recent investments include Nigeria’s PaidHR, an HR tech startup that raised $1.8 million in June 2025, and Kenya’s Flowcart
Accion has closed a $61.6 million fund to invest in early-stage fintech companies targeting financially underserved communities in Africa and globally.
The vehicle, managed by Accion Ventures (formerly Accion Venture Lab), is the firm’s second fund and builds on a decade-long strategy of combining financial and social objectives through venture capital. The fund expects to make up to 30 new investments.
Backers include FMO, Proparco, ImpactAssets, Ford Foundation, MetLife Asset Management, and Mastercard, alongside other commercial and impact investors, family offices, and foundations.
Recent investments include Nigeria’s PaidHR, an HR tech startup that raised $1.8 million in June 2025, and Kenya’s Flowcart, an AI-driven conversational commerce platform that raised $1.55 million in 2024. Other portfolio additions include U.S.-based Foyer and Indonesia’s FinFra.
Accion Ventures has invested $59.4 million into 76 companies across 39 countries since 2012, with 13 exits to date, including Apollo Agriculture, Lula, and Pula.
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Key Takeaways
Accion’s $61.6 million close highlights rising investor appetite for fintechs serving the world’s 1.3 billion unbanked and underbanked people. The World Bank estimates a $5.7 trillion annual financing gap for micro, small, and medium-sized enterprises, creating opportunities for startups that can provide affordable, tech-enabled financial services. The fund’s focus on embedded finance, alternative data, and generative AI reflects the growing importance of digital tools in expanding access. By writing early institutional checks, Accion positions itself as a launchpad for fintechs in Africa, Asia, and Latin America where traditional finance often underserves small businesses and low-income households. Exits such as Apollo Agriculture and Lula demonstrate that scalable business models in inclusive finance can generate both impact and returns. With fresh capital, Accion aims to replicate those outcomes at greater scale, leveraging its global reach to spot local innovations and transfer lessons across geographies.
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