Accion Ventures, the U.S.-based venture arm of global nonprofit Accion, has closed its second fund at $61.6 million, nearly doubling its inaugural $33 million vehicle launched in 2019. The fund will target early-stage fintech startups expanding access to affordable financial services, even as overall Silicon Valley enthusiasm for the region cools.

Bigger war chest, same inclusion-first thesis

Rebranded from Accion Venture Lab, the new fund is backed by a slate of international investors that includes the Dutch development bank FMO, France’s Proparco, the Ford Foundation, MetLife, and Mastercard. Co-managing partner Amee Parbhoo said the firm plans to write checks up to $1 million to promising founders. “The quality of entrepreneurs who have navigated the ups and downs of the last six years is truly inspiring,” she said.

Portfolio signals and geographic spread

The fund has already backed PaidHR in Nigeria (payroll management) and Flowcart in Kenya (formerly Sukhiba, in e-commerce). It has also invested in Foyer (U.S.) and FinFra (Indonesia), underscoring a strategy that pairs an African focus with a broader emerging-markets and selective U.S. footprint.

Around 30% of the fund is planned for India’s fast-growing fintech landscape, with the remainder directed to Africa, Southeast Asia, Latin America, and the United States. The throughline: solutions that help small businesses and underserved consumers access essential financial tools.

For early-stage fintechs working on inclusion, a specialized investor with a global network and patient thesis can be catalytic. Accion Ventures’ new fund, larger than its 2019 predecessor and backed by development finance and major corporates, positions the firm to stay active in a challenging funding cycle while keeping impact and distribution at the center of product-building.

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