Quona closes second fintech fund at $203m
Quona Capital, a VC focused on financial inclusion in emerging markets, has raised $203 million for its second fund. It will target financial technology across India, Southeast Asia, Latin America, and Africa.
LPs in Accion Quona Inclusion Fund (AQIF) include Accion, a US-based non-profit microfinance group, and several other financial institutions. Credit Saison, a Japanese credit card issuer, previously declared capital commitments to the GP as well. The target corpus was $150 million.
In 2017, Quona raised $141 million for its first fund, which has since invested in more than 20 companies. It has achieved two exits from that fund, including the sale of Philippines fintech player Coins to Southeast Asian ride-hailing giant Go-Jek and an IPO for Indian online marketplace Indiamart.
Founded in 2015, Quona provides growth capital to fintech companies offering financial services to underserved consumers and small businesses in emerging markets. Previously a part of Accion, it became an independent entity in 2015. Accion also maintains a separate fintech-only fund known as Venture Lab.
“Access to a full range of high quality, affordable financial services is the bedrock that underpins social and economic development, gender equality, resilience, and livelihoods. By harnessing the power of the capital markets and the digital technologies that enable better, faster, and cheaper ways to meet the needs of the underserved, this fund will serve as a catalyst toward meeting those goals,” said Michael Schlein, president and CEO at Accion, according to a statement.
Quona’s recent activity in Asia includes investments in SMEcorner, an India-based online lender to small businesses, Sunday, a Thailand-based insurance technology firm, Finja, a Pakistani supply chain financing platform, KoinWorks, a peer-to-peer lending platform in Indonesia, and Zestmoney, a consumer lending firm in India.
The firm operates via offices in Bengaluru and Washington, and claims to have $363 million in total assets under management.
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