Accion Invests in Destacame and SME Corner
Posted On: 04 Mar 2019 | Source(s): Accion, Economic Times | Author(s): Pratik Bhakta
Accion Venture Lab, the seed-stage investment initiative of financial inclusion-focused investment firm Accion, has participated in the USD3 million Series A investment round for Destacame, a Chile-based personal financial management platform. Latin America-focused venture capital firms Fen Ventures and Mountain Nazca also participated. Destacame will use the new funds to continue to develop its financial management products and expand operations in Chile and Mexico. Separately, Accion has led an INR900 million (approximately USD13 million) financing round for India-based digital consumer lending platform SME Corner. The round reportedly includes INR450 million (approximately USD6 million) in equity from Accion Venture Lab and the Quona Capital-managed Accion Frontier Inclusion Fund, as well as INR450 million in debt funding from financiers including Northern Arc and Vivriti Finance. Currently operating in nine cities in three Indian states, SME Corner plans to use the capital to expand to an additional 21 cities.