Accion Launches $152.5M Fund for Financial Institution Digital Transformation

 


Accion, a global nonprofit organization, has recently announced the launch of the Accion Digital Transformation Fund. This fund, totaling $152.5 million, aims to address the financial exclusion of small businesses by providing growth capital and strategic support for their digital transformation.


Drawing on Accion's extensive experience in supporting banks and finance companies worldwide, the fund will facilitate the connection of millions of small businesses and individuals to the digital economy. Accion Impact Management will oversee the management of the fund. The primary focus of investments will be on companies that serve micro, small, and medium enterprises in South and Southeast Asia, Latin America, and Africa.


In addition to equity and quasi-equity investments, the selected companies will benefit from hands-on strategic support and tap into Accion's profound expertise in driving digital transformation. This will enable them to expand their responsible service offerings for small businesses on a global scale. Since its establishment in 1961, Accion has played a pivotal role in building over 230 financial service providers across 75 countries, reaching more than 350 million people.


The initial investments made by the fund include Annapurna Finance and IKF Finance in India, with a total of up to 12 investments expected. Notable limited partners in the fund include British International Investment, the UK's development finance institution and impact investor; FMO, the Dutch entrepreneurial development bank; IDB Invest; International Finance Corporation; Mastercard; OeEB, the Development Bank of Austria; and Swedfund, Sweden's development finance institution.


More Information : https://www.techdogs.com/tech-news/pr-newswire/accion-launches-1525m-fund-investing-in-digital-transformation-of-financial-institutions-serving-small-businesses-globally

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