Despite the ongoing fervor to push the boundaries of digital finance, a large portion of the world’s population is still unbanked or underbanked. Over and above the troubling implications of equity and access posed by this banking gap, the fintech industry has long recognized the massive financial rewards waiting for companies that can help underserved areas join in the fintech revolution.
That’s exactly the goal that investment firm Quona Capital had in mind when it opened its Fund III to attract investors with the industry expertise and the desire to help the world’s unbanked. Having breezed past the goal of $250 million set last year, Quona has now closed the oversubscribed fund at an astonishing $332 million.
“Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion,” said the company’s African market leader, Monica Brand Engel. With the funds raised in the now-closed Fund III, Quona will be able to help companies by “investing with conviction in markets and technology-enabled models, improving access and quality of financial services for the masses.”