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

lives touched 74% of which were underserved
retail customers served
77% of which were underserved
MSMEs served
80% of which were underserved
jobs created by portfolio
companies 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. Now, the rest of the world is taking note, and fintech and embedded finance models continue to dominate venture globally. In 2021, global fintech funding reached a record $132 billion, accounting for 21% of all venture dollars.

Blue Mark
Impact Management Project
Sustainable Development Goals
IA 50
OperatingPrinciples ForImpact Management

Read the Impact Report

Blue Mark
Impact Management Project
Sustainable Development Goals
IA 50
OperatingPrinciples ForImpact Management

Quona’s Impact History


Development of Access-Quality-Markets Framework

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


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.


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.


Impact Framework Harmonization

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


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.


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.


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.

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.

Development Goals

Impact Management


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



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



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


Our Impact Scorecard


We spent 2021 building and implementing 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


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
Scale, Focus On Underserved

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

Affordability, Product Breadth, Convenience, Product Fit

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

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.


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


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:


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 2021

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.



MSMEs Served 80% of which were underserved


Retail Customers Served 77% of which were underserved


Lives Touched 74% of which were underserved


Loans Financed


Payment Transactions Enabled


Revenue Generated


Full Time Employees & Inclusivity 35% of which are women


Capital Crowded In

2021 Customer Insights

in partnership with 60 Decibels

Wasoko (formerly Sokowatch) is leveraging e-commerce to revamp Africa’s informal retail supply chain.

The company enables retailers to digitally order goods for quick delivery, powered by partnerships with FMCG manufacturers, and has added on credit offerings to further serve its customers.


of customers reported that quality of life had improved or very much improved. Reported outcomes of these 98%:

Business Growth
Time Savings
Increased Profits

Before Wasoko, I would go to town for products, and that would take up much of my time and transport costs. Now I do not need to, since all of the products that I have ordered are delivered to my shop.”

Ula is a zero friction, low-commission B2B commerce and fintech marketplace addressing B2B value chain pain points.

The company facilitates price discovery, catalog management, transactions, logistics, payments and credit for small retailers.


of customers reported that quality of life had improved or very much improved. Reported outcomes of these 73%:

Increased Income
Extra Time
Increase in Hours of Store Production

The service shipment from Ula is very helpful for me to improve my life, because as a mother I have a lot of time to take care of my baby at home. So, I need not go outside to order stock for my shop.”

Facily has flipped the conventional e-commerce construct on its head with its innovative social commerce model.

This has enabled the company to deliver low-ticket goods—including produce, cleaning supplies, and small-ticket electronics—via a broad network of pick-up points to low to mid income users at a fraction of the cost of traditional retail.


of customers reported that quality of life had improved or very much improved. Reported outcomes of these 52%:

Increase in Savings
Convenience of Ordering Online
Affordability of Better Quality Products

It made my life a lot easier, because I save money. With this money I pay the bills, especially electricity, which is very expensive. And the delivery point is close to my house. It helps me a lot.”

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