This archive report was first published on 4 September 2019.
Accion Venture Lab, a pioneering fintech impact investor, has expanded its reach with a $33M capital boost. The new investment includes a $23M fund and a separate $10M investment from Accion.
Launched in 2012 with $10 million in capital, Accion Venture Lab has emerged as a leader in fintech impact investing at the seed stage. The organization has invested in numerous fintech startups across Africa, including Lidya in Nigeria, Apollo Agriculture in Kenya, and Lulalend in South Africa.
According to Michael Schlein, President and CEO of Accion, "Fintech startups are finding new ways to provide products and services that help these underserved people. Yet often startups lack the capital and strategic support they need to grow and scale their impact. Accion Venture Lab addresses this need."
For every dollar Accion Venture Lab has invested, its portfolio companies have raised an additional $13 in equity capital from later-stage investors.
Startups that provide ways to save money, get a loan to build a business, pay a bill, or protect their health and property with insurance are the most targeted.
