Quona Capital has announced a new Fintech venture fund which has raised $332 million to “accelerate financial inclusion investments in emerging markets.”
Quona Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy.
According to the company, Quona’s Fund III exceeded its initial target of $250 million. As the name illuminates, this is the third fund from Quona Capital, bringing the firm’s total committed capital to over $745 million.
Quona focuses its investments to financial services firms targeting underserved consumers and businesses in Latin America, India, Southeast Asia, Africa, and MENA.
Investors were said to include the majority of prior investors as well as 20 new supporters, representing global asset managers, insurance companies, banks, university endowments, family offices and more.
Engel, who leads Quona’s investments in Africa and MENA, said that since their earliest days they have pursued financial including:
“Our prior fund performance, robust pipeline of inclusive fintechs, and growing LP interest in our offerings are ringing endorsements of our view on the prospects of impact-oriented venture investing in emerging markets.”
Whittle, who leads Quona’s investments in Latin America, added:
“The pace of innovation in Latin America is accelerating due to a combination of regulatory reform, a maturing venture capital ecosystem, and a wave of founders who cut their teeth with the first generation of successful technology companies in the region.”
Leading the firm’s investments in India and Southeast Asia, Ganesh Rengaswamy said the rapid digitization of these markets is bringing these consumers and small businesses into mainstream economic and financial systems.
Quona provided some portfolio statistics.
- Served 8.8 million SMEs (with 80% previously underserved)
- Served 30.2 million retail customers (with 77% previously underserved)
- Touched 166 million lives (with 74% previously underserved)
- Generated $836 million in revenue
- Financed $2.4 billion in loans
- Enabled $12.3 billion in payment transactions
- Employed 23.2K people, 35% of which are women
- Raised $3.99 billion in cumulative capital
Quona Capital funds have made more than 65 investments since the firm’s inception.