Apis closes South Asia, Africa fintech fund at $287m

The PE firm was set up by Matteo Stefanel, a former partner with emerging markets GP Abraaj, and Udayan Goyal, the founder of fintech investor and advisory Anthemis Group, and Apis Growth Fund I was launched in July 2014 with a target of $250 million. A first close of $157 million came in August 2015.

Development finance institutions (DFIs) feature prominently in the LP roster alongside traditional financial institutions and fund-of-funds from Europe, North America, Africa and the Middle East. The likes of the African Development Bank, 57 Stars, Switzerland-based Obviam, South Suez Capital of South Africa, Prudential and Sarona Asset Management came into the final close.

Earlier investors include Intesa Sanpaolo Group of Italy, the UK’s CDC Group, the European Investment Bank, FMO of the Netherlands, Sweden’s Swedfund, and Old Mutual of South Africa. The US-based Overseas Private Investment Corporation (OPIC) has also agreed to commit $75 million to the fund, structured as debt.

The Apis team comprises 16 professionals in London and Lagos, who are supported by a 20-strong operating network in five countries. Of the five deals so far, two are in India: $25 million for ATM provider Electronic Payments & Services and a reported $47 million for Star Health & Allied Insurance, alongside ICICI Venture. A third company, remittance business Transfast, operates in Africa and Asia.

“The fact that a first time manager has been able to put together such a strong team and invest in five solid companies across South Asia and Africa, while raising $287 million across both Public and Private institutions, reaffirms the strong demand for smart capital across emerging markets that brings that unique blend of deep industry know how and seasoned experience that has become the hallmark of Apis,” said Florian Kohler, a managing director at Obviam, in a statement.

The Apis final close follows a $141 million fundraise by Quona Capital and emerging markets microfinance group Accion International. The Accion Frontier Inclusion Fund is said to be the first global fintech fund targeting unbanked and underserved markets.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Fundraising
• Growth
• Financials
• India
• Financial Services
• Growth capital
• Apis Partners