Quona is a US-based VC company, which focuses on fintech opportunities in emerging markets in Asia, Africa, and Latin America. Accion, a nonprofit focused on financial inclusivity, acts as the fund’s sponsor, general partner, and anchor investor, according to a statement.
The VC company said it currently has USD 363 million in assets under management following the close of Accion Quona Inclusion Fund. The fund, which exceeded its USD 150 million target, included commitments from entities such as global asset managers and insurance companies, investment and commercial banks, university endowments, foundations, family offices, and development finance institutions.
The new fund has already made four investments in Southeast Asia, including Indonesian digital SME lender Koinworks, productive consumer financing startup Julo, insurtech company Sunday, and commerce and fintech Ula.
The fund’s other investments so far include Brazil’s Contabilizei, Pakistan’s Finja, India’s ZestMoney, South Africa’s Lulalend, Mexico’s Klar, Brazil’s Kovi, and East Africa’s Sokowatch.
Quona got its start at Accion before becoming an independent venture firm in 2015. Since then, the company has supported more than 20 fintech companies looking to expand access for underserved consumers and small businesses.
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