Female co-founded VC firm raises $332M to accelerate financial inclusion investments in emerging markets

Quoana Capital

Quona Capital, a Washinton-based venture capital firm, has announced the final close of its Fund III at $332 million, significantly exceeding its $250 million target. With Fund III, Quona Capital has committed capital of over $745 million.

The VC will use the funds to invest in innovative technology companies expanding access to financial services for underserved consumers and businesses in Latin America, India, Southeast Asia, Africa, and MENA.

“Since our earliest days, Quona has been dedicated to expanding the frontiers of financial inclusion—investing with conviction in markets and technology-enabled models improving access and quality of financial services for the masses,” says Monica Brand Engel, who leads Quona’s investments in Africa and MENA. “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.”

Quona’s Fund III investors comprise global asset managers, insurance companies, investment and commercial banks, university endowments, foundations, family offices, and development finance institutions.

As per the VC claims, most Fund III investors returned from prior Quona funds, joined by more than 20 new relationships.

Fintech focused firm

Founded in 2015 by Monica Brand Engel, Jonathan Whittle, and Ganesh Rengaswamy, Quona Capital is a venture firm focused on fintech that can expand access for underserved customers and small businesses in emerging markets.

Currently, Quona Capital has investment professionals and staff hailing from more than ten countries and speaking 20 languages.

“The power of technology is transforming financial services in emerging markets, and Quona’s portfolio companies have been at the front lines of that 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 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.”

Ganesh Rengaswamy leads the firm’s investments in India and Southeast Asia, says, “With 35% of the global population and over 150 million small businesses, the Asia region hosts a very large proportion of the world’s marginalised consumers and small businesses,” he said. “The rapid digitisation of these markets—combined with the innovative solutions developed by the companies Quona is investing in—are bringing these consumers and small businesses into mainstream economic and financial systems. Quona is proud to be a catalyst in enabling these entrepreneurs and their teams.”

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

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