Accion Ventures Closes USD 61.6 M Fund To Back African Fintech Startups

Global impact investor Accion Venture Lab has finalised a USD 61.6 M fund dedicated to early-stage African fintech startups addressing financial inclusion. The fund aims to bridge the USD 5.7 T annual financing gap faced by micro and small businesses and the 1.6 billion people lacking formal financial access.

Initial investments include Nigerian HR platform PaidHR and Kenyan B2B e-commerce startup Flowcart. Accion brings a decade of experience, with past African successes like Apollo Agriculture, Lula, and Pula.

“We connect small businesses and low-income consumers to the digital economy,” said Michael Schlein, Accion CEO. The fund offers capital, mentorship, and network access to help startups scale. Limited partners include FMO, Proparco, Ford Foundation, and Mastercard