Everyone talks about impact, but few deliver numbers to back the noise.

144.5M
lives touched 79% of which were underserved
24.7M
retail customers served
89% of which were underserved
8.4M
MSMEs served
78% of which were underserved
25.2K
jobs created
35% held by women

We fuel global fintech and transformative founders.

Quona has been backing fintech companies driving financial inclusion in emerging markets since 2015. The rest of the world is taking note; fintech and embedded finance models continue to dominate venture globally.

Blue Mark
Impact Management Project
IRIS+
Sustainable Development Goals

Read the Impact Report

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Blue Mark
Impact Management Project
IRIS+
Sustainable Development Goals

Quona’s Impact History

2015

Development of Access-Quality-Markets Framework

Before becoming an independent venture firm in 2015, Quona got its start inside of Accion, a global nonprofit committed to creating a financially inclusive world.

While still a project within Accion, Quona’s founders collaborated with industry leaders—including other fintech funds—to develop a financial inclusion framework relevant beyond impact investors.

2016

IRIS Adoption

Quona was one of the early adopters of the GIIN’s Impact Reporting and Investing Standards (IRIS) and the Pulse industry database used to benchmark investors.

GIIRS Rating

Fund I, or AFIF, was rated via the Global Impact Investing Rating System.

2016-17

Shaping the Impact Management Project

Quona was a key partner of the IMP since its early stages and were instrumental in shaping the IMP’s original framework—for example, helping shift one of the IMP’s “5 Dimensions of Impact” from “attribution” to “contribution,” which Quona finds to be a more reasonable way to assess indirect, systemic impact.

2017-18

Impact Framework Harmonization

Quona harmonized its proprietary impact framework with the UN Sustainable Development Goals (SDGs) and the Impact Management Project.

2018

Guidelines for Investing in Responsible Digital Financial Services

Quona was one of the early private fund members of this initiative, formed to help investors shape a more inclusive digital financial ecosystem. Quona shared its metrics and experience in adapting microfinance social performance approaches to fintech.

2018-19

Operating Principles for Impact Management

Quona invested in team members and resources to refine Quona’s impact key performance indicators (KPIs), focusing on data consistency and aligning with IRIS+ metrics when possible.

2020

Operating Principles for Impact Management

In a commitment to continued learning and driving transparency and rigor in the impact investing industry, Quona became an early signatory of the Impact Principles.

Impact Assets 50

Quona was selected for the 2020 Impact 50 Showcase, and has been selected each year since, including in 2023.

Purpose with Progress

We are excited to see the industry moving toward more transparency and rigor in impact measurement—values which are core to Quona, in addition to compelling financial performance.

How We Measure Impact

+

Every Quona investment is screened for financial inclusion, which Quona has historically measured along three core dimensions:

Our proprietary impact measurement framework—designed in collaboration with industry peers and harmonized with global standards—was built to measure this impact in a way that is comparable to leading players in the field.

Sustainable
Development Goals

Impact Management
Project

ACCESS

Expanding access to financial services for previously underserved segments and market demographics.

Sustainable Development Goals

No poverty Decent work and economic growth Industry innovation and infrastructure Reduced inequalities

Impact Management Project

WHO

QUALITY

Improving the quality of financial services as measured by affordability, product depth and breadth, convenience and efficiency.

Sustainable Development Goals

Decent work and economic growth Industry innovation and infrastructure

Impact Management Project

HOW MUCH
WHAT

MARKETS

Impacting markets for inclusive finance by creating a demonstration effect and building ecosystems conducive for innovation and investment.

Sustainable Development Goals

Gender equality Decent work and economic growth Partners for the goals

Impact Management Project

CONTRIBUTION

Our Impact Scorecard

+

In 2021, we built and implemented an impact scorecard to assess our companies in a robust and systematic way.

Using impact data from Quona’s impact measurement framework, the impact scorecard enables us to analyze a company’s impact performance level in line with the Impact Management Project’s Impact Classes.

Direct Impact

Avoiding
Harm

Advancing Access

Benefitting Stakeholders at Scale

Contributing to Solutions

Market Impact

Portfolio companies that have pivoted away from their original business model/target customer group.

Early-stage companies that have strong impact potential but have not yet reached significant scale or depth of direct impact or influence on the market.

Companies that have demonstrated strong and growing direct impact and have started to influence the market and ecosystem.

Companies that demonstrate significant direct impact on customers or beneficiaries (Access + Quality) as well as significant impact in their market and ecosystem (Markets).

  • Direct Impact
  • MARKET IMPACT
ACCESS
Scale, Focus On Underserved

Accounts for scale (# of MSMEs or customers served) and focus on underserved segments (% underserved).

Quality
Affordability, Product Breadth, Convenience, Product Fit

Accounts for the quality of financial services provided as measured by affordability, product breadth, convenience and product fit.

MARKETS
Market Leadership

Assesses if and to what extent a company is a market leader, informed by the company's scale and traction, launch of new and innovative products, and influence on imitators.

Capital Crowded-In

Captures the extent to which Quona is able to ‘crowd in’ capital to impactful companies in emerging markets.

Inclusivity

Measures the share of diverse senior management in the company (inclusive of gender in all markets; and race in relevant markets).

How We Incorporate Client Feedback

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We believe that hearing directly from customers is critical to understanding impact. So, we've engaged lean data service provider 60 Decibels to achieve three goals:

http://60__decibels

Obtain outcome-level impact data directly from customers

Better understand the impact of embedded finance models within Quona’s portfolio

Assess the value of customer-level data to Quona portfolio companies

Our Impact in 2022

A Snapshot

Every year, we share aggregate impact data aligned with Quona’s impact measurement framework across the 8 most common and relevant financial inclusion KPIs used within the portfolio.

  • ACCESS
  • QUALITY
  • MARKETS

8.4M

MSMEs Served 78% of which were underserved

24.7M

Retail Customers Served 89% of which were underserved

144.5M

Lives Touched 79% of which were underserved

$4.3B

Loans Financed

$16.5B

Payment Transactions Enabled

$1.5B

Revenue Generated

25.2K

Full Time Employees & Inclusivity 35% of which are women

$4.4B

Capital Crowded In

2022 Customer Insights

in partnership with 60 Decibels

Klar is a challenger bank increasing access to banking services for underserved Mexican consumers.

Its platform addresses two key pain points in the market: a lack of access to credit and lack of incentives to use a card instead of cash.

74

Klar's NPS score, which is within the top 20% of the 60dB Benchmark. The most common drivers of positive or neutral feedback from Klar customers:

User Experience
33%
Clarity/Simplicity
23%
Accessible Requirements
9%

Out of 50 family members, I’ve recommended Klar to everyone. It is very practical and accessible because you don’t have to go to the bank, everything is digital.”

Khazna is a digital super app that leverages a partner-first strategy.

The company provides formal credit offerings to the 20 million underbanked Egyptians that are smartphone users but have little access to formal financial services.

60%

of customers reported that quality of life had improved or very much improved. Reported outcomes of these 60%:

Increased Access to Finance Business Growth
43%
Stress Reduction
25%
Increased Ability to Afford Household Expenses
24%

Khazna helped me to feel calmer regarding my financial situation despite goods and services getting higher every day.”

Majoo is a business software-as-a-service platform.

The company provides a comprehensive, seamless experience—inclusive of financial services and business support tools—for SMEs in Indonesia’s retail and food and beverage industries.

86%

of customers reported that quality of life had improved or very much improved. Reported outcomes of these 86%:

Improved Ability to Manage Business
61%
Reduced paperwork
40%
Ability to Track Business Performance
34%

Majoo makes work easier and more practical because all income and stock items can be seen through the dashboard.”

Looking to What’s Next

We are proud of the progress we made this year in strengthening our ability to effectively analyze company-level impact, inclusive of the customer-level data from the 60 Decibels pilots.

Read the Impact Report

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