Quona Capital Announces $332M Fintech Venture Fund to Accelerate Financial Inclusion Investments in Emerging Markets

by James · November 8, 2022

Quona’s Fund III had its final close of $332 million, surpassing its initial target of $250 million, as the firm continues to invest in Latin America, India, Southeast Asia, Africa and MENA.

Washington DC, USA

–News live–

Emerging markets venture capital firm Quona Capital today announced the final close of its Fund III at $332 million, significantly exceeding its $250 million target. This is the third fund from Quona Capital since inception, bringing the company’s total committed capital to over $745 million.

Quona focuses its investments on innovative technology companies that expand access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa and MENA.

Quona’s Fund III investors include a number of leading global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices and development finance institutions. The majority of Fund III investors returned from previous Quona funds, along with more than 20 new relationships.

Quona Captila Co-Founders and Managing Partners (L to R): Jonathan Whittle, Monica Brand Engel and Ganesh Rengaswamy.

Quona Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittleand Ganesh Rengaswamy. Today, the firm’s global team – which includes investment professionals and other staff from more than 10 countries and speaks 20 languages – brings a unique combination of deep experience as investors and operators in financial services and technology together with a passion for making investments for lasting impact. .

“Since our earliest days, Quona has been dedicated to expanding the boundaries of financial inclusion – investing with conviction in markets and technology-enabled models that improve the access and quality of financial services for the masses,” said Monica Brand Engel, who leads Quona’s investments in Africa and MENA. “Our past fund performance, robust pipeline of inclusive fintechs and increasing LP interest in our offerings lends credence to our view of the prospects for impact-oriented venture investing in emerging markets.”

“Financial services in emerging markets are being transformed by the power of technology, and Quona’s portfolio companies have been at the forefront of this transformation,” added Jonathan Whittle, who leads Quona’s investments in Latin America. “The pace of innovation in Latin America is accelerating due to a combination of regulatory reforms, a maturing venture capital ecosystem and a wave of founders cutting teeth with the first generation of successful technology companies in the region.”

Ganesh Rengaswamy leads the firm’s investments in India and Southeast Asia. “With 35% of the global population and over 150 million small businesses, the Asia region hosts a very large share of the world’s marginalized consumers and small businesses,” he said. “The rapid digitization of these markets – combined with the innovative solutions developed by the companies Quona invests in – brings these consumers and small businesses into mainstream economic and financial systems. Quona is proud to be a catalyst in making these entrepreneurs and their teams possible . . .

A history of power measurement

From the start, Quona has systematically measured the impact of the companies it invests in, and has played a significant leadership role in the impact industry as a result. Prior to its formal launch in 2015, Quona partnered with industry leaders to pioneer an impact framework built for measuring financial inclusion. From being an early adopter of GIIN’s Impact Reporting and Investment Standards (IRIS), to shaping the Impact Management Project’s “5 Dimensions of Impact”, to becoming an early signatory to the Impact Principles, Quona has continued to play a critical role in its development by the impact investing industry, and has been recognized as part of the Impact Assets 50 for three consecutive years.

Recent statistics from Quona’s latest Impact Report reveal that the firm’s portfolio companies:

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
Funded $2.4 billion in loans
Enabled $12.3 billion in payment transactions
Employed 23,2000 people, of whom 35% are women
Raised $3.99 billion in cumulative capital

Quona Capital funds have made more than 65 investments since the firm’s inception.

About Quona

Quona Capital is a venture capital firm focused on fintech that can expand access for underserved clients and small businesses in emerging markets including Latin America, India, Southeast Asia, Africa and MENA. Quona’s global partners are experienced investors and operators in both emerging and developed markets, investing in entrepreneurs whose companies have the potential to deliver exceptional financial returns and drive breakthrough innovation in financial inclusion for both consumers and SMEs. More on