NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

The first FinTech fund created to help the underserved has closed, reaching millions in capital contributions, which will go toward people and companies who need assistance in the financial sector.

The Accion Frontier Inclusion Fund closed with $141 million in capital contributions. This is a global non-profit dedicated to building a financially inclusive world with economic opportunity for all, by giving people the financial tools they need to improve their lives. It is managed by Quona Capital, which invests in entrepreneurs and growth-oriented businesses seeking to change how financial services are delivered in emerging markets.

Michael Schlein, CEO and President of Accion, said in a report from Finews.Asia, that:

With limited or no access to credit, payments, insurance or savings, the fund is aiming to boost alternative solutions among payments, credit, insurtech, and small and medium enterprise finance.