Accion Venture Lab with a focus on emerging markets, plans to invest in inclusive Fintech startups including UAE, Pakistan and MENA worth $33 million.
Tahira Dosani, the Managing Director of Accion Venture Lab stated that they invest in early-stage startups (with average cheque size of USD 500,000) that are leveraging technology or innovation to improve the reach, quality, and affordability of financial services for low-income and underserved individuals and small businesses.
“Our initial investment in a startup is always at the seed stage, but we will follow-on in A and B rounds in companies we have invested in.”
Speaking about their portfolio companies (Now Money and Tez) in MENA and Pakistan, Tahira added, “We see a lot of potential in both these businesses.
Tez provides consumer credit in Pakistan to individuals who struggle to access credit through other formal means. NOW Money serves migrant workers in the UAE, providing them with a digital bank account.We expect both of them to see continued growth over the coming years.
Michael Schlein, President and CEO of Accion addressed the need that , “Fintech startups are finding new ways to provide products and services that help these underserved people. Yet often startups lack the capital and strategic support they need to grow and scale their impact.”