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

lives touched 79% of which were underserved
retail customers served
87% of which were underserved
MSMEs served
77% of which were underserved
jobs created
37% 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.

Impact Management Project
Blue Mark
Sustainable Development Goals

Read the Impact Report

Impact Management Project
Blue Mark
Sustainable Development Goals

Quona’s Impact History


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.


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, 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.

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


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


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 2023

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 77% of which were underserved


Retail Customers Served 87% of which were underserved


Lives Touched 79% of which were underserved


Loans Financed


Payment Transactions Enabled


Revenue Generated


Gross Merchandise Value (GMV)


Full Time Employees & Inclusivity 37% of which are women


Capital Raised

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.


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
Accessible Requirements

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.


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

Increased Access to Finance Business Growth
Stress Reduction
Increased Ability to Afford Household Expenses

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.


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

Improved Ability to Manage Business
Reduced paperwork
Ability to Track Business Performance

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