Quona Capital Closes $332 Million FinTech Venture Fund

By Gloria Methri

Emerging markets venture capital firm Quona Capital has closed its third FinTech fund at $332 million, significantly above its $250 million target. This fund brings 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 Capital was established as an independent venture capital firm in 2015 by co-founding managing partners Monica Brand Engel, Jonathan Whittle and Ganesh Rengaswamy.

“Since our earliest days, Quona has invested with conviction in markets and technology-enabled models that improve the access and quality of financial services for the masses,” said Monica Brand Engel, leads Quona’s investments in Africa and MENA. “Our past fund performance, robust pipeline of inclusive FinTechs and growing LP interest in our offerings are a resounding endorsement of our view of the prospects for impact-oriented venture investing in emerging markets.”

Jonathan Whittle, who leads Quona’s investments in Latin America said: “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. 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 company’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.”