IFC backs new Apis PE fund

The International Finance Corporation has announced an investment in a new fund by private equity firm Apis Partners.

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The International Finance Corporation (IFC) has announced an investment in a new fund by private equity firm Apis Partners. The fund will back innovative mid-cap financial service providers to expand and boost financial inclusion among individuals and micro, small, and medium-sized enterprises across Africa, South Asia, and Southeast Asia.

IFC is making a $75 million equity investment in Apis Growth Markets Fund III, which will focus on fast-growing companies that are using technological innovations to expand access to financial services. IFC has also allocated an additional $25 million for selectively investing alongside the fund in Apis portfolio companies.

Apis’ new fund will invest in countries such as Egypt, India, Indonesia, Kenya, Nigeria, and South Africa.

”The project will support sustainable economic growth led by the private sector, help create jobs, and boost financial inclusion across Africa and Asia,” said Mohamed Gouled, vice president of industries at IFC. ”It will also increase the competitiveness of fintech companies and MSMEs in these markets and allow them to provide more innovative financial solutions to individuals and businesses.”

This is IFC’s second investment in an Apis fund, following a $25 million investment in Apis Growth Markets Fund II in 2019. In addition, IFC has invested $15 million in two South African companies backed by Apis – Adumo and Peach Payments.

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