Accion Ventures, the U.S.-based venture capital arm of the global nonprofit Accion, has closed its second fund at $61.6 million, nearly doubling the size of its inaugural $33 million fund launched in 2019.

The move comes as early-stage fintech startups in Africa continue to attract attention from global investors, despite a cooling of overall Silicon Valley interest in the region.

The newly branded Accion Ventures, formerly Accion Venture Lab, aims to support innovative fintech startups that expand access to affordable financial services. The fund counts major international investors including the Dutch development bank FMO, France’s Proparco, the Ford Foundation, insurance giant MetLife, and Mastercard.

Co-managing partner Amee Parbhoo said that the fund will write checks of up to $1 million to promising early-stage startups. “The quality of entrepreneurs who have navigated the ups and downs of the last six years is truly inspiring,” she said.

The fund has already backed several startups, including Nigeria’s payroll management platform PaidHR and Kenya’s e-commerce venture Flowcart (formerly Sukhiba). Additional investments include U.S.-based Foyer and Indonesia’s FinFra, signaling Accion’s intent to maintain a global footprint while addressing financial inclusion challenges.

Accion plans to allocate around 30% of the fund to startups in India, recognizing the country’s rapidly growing fintech ecosystem. The remaining capital will focus on ventures across Africa, Southeast Asia, Latin America, and the United States, prioritizing solutions that help small businesses and underserved consumers access financial tools.

With this fund, Accion Ventures is set to play a pivotal role in shaping the future of financial inclusion. By investing in startups that combine innovation with social impact, the firm hopes to reach the millions of people worldwide who still lack access to formal financial services.

As fintech continues to evolve across emerging markets, Accion Ventures remains a key driver of growth, supporting entrepreneurs who are reimagining how financial services reach the underserved.