Accion made the investment through Venture Lab, its $10m seed-capital initiative to invest in and support innovative start-up companies that help expand global financial inclusion for the world’s poor.
Venture Lab provides either convertible debt or equity, typically in the range of US$100k–$500k and provides support in areas such as strategy, financial modeling, fundraising, business development and human resources.
Since its launch, it has invested in seven companies in India, Indonesia, Kenya, Mexico and the U.S.
Led by Dylan Higgins, Kopo Kopo provides a solution that allows small businesses to accept mobile money from customers to purchase goods and services.
Launched in Kenya in February 2012, the company recently partnered with Safaricom to bring its M-PESA Buy Goods service to small and medium businesses throughout Kenya.
It currently serves hundreds of businesses from salons to restaurants to office supply stores.
The company also has operations in Tanzania and Rwanda.