Finance

IFC invests $75M in Apis’ Growth Markets III fund focused on disruptive finance SMEs in Africa

Thursday, 30 November 2023 16:48
IFC invests $75M in Apis’ Growth Markets III fund focused on disruptive finance SMEs in Africa

(Ecofin Agency) - The International Finance Corporation (IFC) announced a second commitment to the latest Apis fund. The move aims to support companies in Africa and Asia that develop disruptive financial solutions.

The International Finance Corporation (IFC) announced a $75 million investment in the Apis Growth Markets III fund. The Corporation announced the news on November 27. This is $15 million more than the institution had initially planned to inject in the Luxembourg-based fund, managed by private equity firm Apis Partners.

The IFC will also allocate another $25 million to the Fund for investing in its portfolio companies. 

The Apis Growth Markets Fund III private equity fund aims to raise a total of $500 million. It plans to invest the money in fast-growing companies focused on providing innovative financial services in Africa and Asia. The fund will be looking to take significant minority stakes or in some cases majority stakes, via ticket sizes of $60-70 million.

Apis Growth Markets Fund III plans to make 10 to 15 investments in South Asia, Southeast Asia, and Africa. In Africa, the fund will primarily target countries such as Egypt, Kenya, Nigeria, and South Africa. These countries, according to the Fund, present significant opportunities for technological disruption in financial markets in areas such as payments, consumer, and corporate finance.

IFC’s latest investment in Apis Growth Markets Fund III "will increase the competitiveness of financial technology companies and micro, small and medium-sized enterprises, while enabling them to offer more innovative financial solutions to individuals and businesses", according to Mohamed Gouled, Vice President of Industries at IFC.

This is the second time that the IFC is investing in Apis Growth Markets Fund III. In 2019, the World Bank Group arm made an initial commitment of $25 million to Apis' second investment fund.

Chamberline Moko





 
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