Washington DC-based impact investor Accion has closed a $61.6 million fund to invest in early-stage fintech startups that work towards financial inclusion.

This is the second fund for Accion Venture Lab, which has invested in Indian fintech startups such as MSME lending company Aye Finance, consumer lending startup Olyv (previously Smartcoin), and fintech infrastructure startup Transbnk, among others.

“Around 30% of the funds raised will be allocated for India and companies centred around India,” said Rahil Rangwala, managing partner, Accion Ventures.

Accion typically invests in early-stage fintech startups, trying to become the first institutional investor in these companies. Its average investment size hovers between $500,000 to $1 million. One of the latest funding rounds in which Accion participated was with Transbnk in August, where the startup raised $25 million.

Speaking with ET from Washington DC, Rangwala said that the fund will focus on investing in sectors such as business-to-business marketplaces, vertical software companies, fintech infrastructure companies that can power large financial services companies, and others.

“In India, with the growing use cases around digital public infrastructure, I believe there is a huge opportunity opening up for innovative tech startups,” Rangwala said.

The investment firm has already reported 13 complete or partial exits over the life of its first fund. One of the major exits was in Aye Finance, a Gurugram-based lending firm, which is on track to get listed on the Indian stock exchanges.

While typically being the first institutional investor in early-stage startups, Rangwala said that he will participate in follow-on rounds as a part of the fund's investment strategy. Through this new fund, the plan is to invest in 30 companies globally, with adequate focus on India.