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Proparco invests in Accion Venture Lab Fund II to support financial inclusion in Africa, Asia, and Latin America
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Proparco is renewing its partnership with Accion by investing in its latest venture capital fund dedicated to supporting start-ups working to promote financial inclusion in countries in Asia, Latin America, and Africa. Proparco's $5 million investment in the Accion Venture Lab Fund II will make financing more accessible to disadvantaged populations who have difficulty obtaining it from traditional financial institutions due to their risky investment profile and geographical location.
With a total value of $61.6 million, Accion Venture Lab (AVL) Fund II will invest in early-stage fintech companies that serve the needs of the financially underserved globally. Managed by Accion Impact Management through its Accion Ventures strategy, the global fund will make up to 30 new fintech investments. Accion Venture Lab Fund II builds on a decade-long investment strategy focused on achieving social and financial objectives through early-stage venture capital investments.
By investing in start-ups, this fund will contribute to the financial inclusion and provide access to critical services, as demonstrated in its previous fund, AVL Fund I, and promote high skills jobs within a young workforce. In addition, the fund is part to the 2 X Challenge and places a strong emphasis on gender lens initiative in its investment strategy.