Accion Frontier Inclusion Fund

Accion Frontier Inclusion Fund

Accion sponsors and is the anchor investor in the Accion Frontier Inclusion Fund, the first global fintech fund for the underserved. Managed by Quona Capital, the Fund invests in companies that innovate to expand access to financial services to underserved consumers and businesses in emerging markets.

The Problem and  Solution 

Three billion people around the world are underserved by the financial sector, with limited or no access to quality savings, credit, insurance, and payments.

The Accion Frontier Inclusion Fund aims to address this solvable problem by catalyzing fintech innovations that can radically improve the quality and availability of financial services for the underserved. Alternative credit, payments, small and medium enterprise (SME) finance, and insurtech are among the solutions the Fund aims to accelerate. The Fund will focus on emerging markets in sub-Saharan Africa, Latin America, and Asia (with a particular emphasis on India and Southeast Asia) that have demonstrated the greatest potential for inclusive fintech.

Who Is Involved?

The oversubscribed Fund represents $141M in commitments from an array of leading institutional investors including global insurance companies, investment banks and asset managers, a university endowment, prominent foundations and family offices, as well as development finance institutions. (See a complete list of investors further below.)

Accion is the Fund’s anchor investor, general partner, and sponsor. We sponsored the Fund to support innovators using new technologies to help create a financial system that works for everyone. 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.

Quona Capital, a venture firm focused on inclusive financial technology in emerging markets, manages the Fund. The Quona founding team 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. Quona leverages Accion’s global presence, technical expertise, institutional relationships, and global recognition to promote and advance the fund. For more information on Quona see

Portfolio & Investors 

The Accion Frontier Inclusion Fund pipeline is dynamic and growing. Investments to-date include:

  • AllLife, a South Africa-based company disrupting the life insurance space with life coverage for those living with HIV and diabetes
  • Coins, a mobile payments platform leveraging the blockchain to provide a comprehensive suite of services for low income consumers in the Philippines
  • CreditMantri, a credit advisory platform in India, utilizing traditional and alternative data to provide consumers enhanced credit profiles and access to improved credit options
  • Creditas, an innovative provider of secured home and auto equity loan solutions for the emerging middle class in Brazil
  • DunasPlus, Brazil's leading technology platform for high-volume, small ticket invoice financing for micro, medium and small enterprises
  • Eseye, a global Internet of Things service provider enabling pay-as-you-go asset financing and access to prepaid utilities to underserved consumers in emerging markets
  • Fisdom, India's leading digital platform for personal finance management and investment advisory
  • IndiaMART, India’s largest B2B listing and transactions platform for SMEs, which is making a strong foray into associated payment and financial solutions
  • Invoinet, a reverse factoring platform for small and medium enterprises in Argentina and Brazil
  • Konfio, which uses unique data analytics and an online platform to deliver affordable working capital loans to micro-businesses in Mexico
  • NeoGrowth, the first company to offer card and other electronic payments receivables financing to SMEs in India
  • Neon, a mobile-first neo-bank based in Brazil that makes banking services easier and less expensive
  • Yoco, a mobile point of sale and value added service solution for micro and small merchants in Africa, to help expand the acceptance environment for digital payments

The Fund’s investors include Accion; AXA Impact Fund; Blue Haven Initiative; Calvert Equity Portfolio; the Dalio Foundation; FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden); Heifer Foundation; IDP Foundation, Inc.; IFC (International Finance Corporation), a member of the World Bank Group; JPMorgan Chase & Co.; The Lemelson Foundation; Mastercard; MetLife; PG Impact Investments; Private Market Impact Fund; Prudential Financial, Inc.; Quona Capital; The Sandy River Charitable Foundation; Skopos Impact Fund; TIAA Investments, an affiliate of Nuveen; Triodos Fair Share Fund and Triodos Microfinance Fund, funds managed by Triodos Investment Management; Wallace Global Fund; and William A. Gee.

For more information on the Accion Frontier Inclusion Fund portfolio and the Accion Frontier Legacy portfolio, see