Norfund invests in Apis Partners fund
Norfund has committed $20 million to the Apis Growth Markets Fund III.
Norfund has committed $20 million to the Apis Growth Markets Fund III, managed by Apis Partners, a UK-based private equity firm investing in high-growth, tech-enabled financial services companies globally.
“We are impressed by Apis’ professionalism and expertise in guiding the growth of promising mature fintechs through its active and invaluable mentorship. Apis and Norfund share a strong commitment to improving financial inclusion in emerging markets. This partnership enables Norfund to develop our internal fintech expertise and offers opportunities for direct investments through co-investing with the fund,” says Espen Froyn, Senior Vice President, Financial Institutions – Africa, Norfund.
Recognising the crucial role of fintech in improving financial inclusion and reaching economically disadvantaged individuals and small businesses, Norfund broadened its investment focus in 2022 to include fintech companies alongside banks, microfinance and other financial institutions. Norfund now actively supports financial inclusion-oriented fintechs engaging in digital lending, neobanking, embedded finance, insurtech, and payment solutions across sub-Saharan Africa and Southeast Asia.
Norfund typically provides direct investments in high-quality fintech companies, offering between $5-20 million in loans and equity to firms in their early growth stages, generally from Series A onwards. Since establishing the fintech investment strategy, Norfund has invested in Wave Money, Lula Lend, Amartha, Funding Societies, and AwanTunai. Besides direct investment, Norfund also works with fintech funds such as Quona Capital and Integra Partners, to extend its reach to promising early-phase fintech companies.
Norfund’s investment in Apis Growth Markets Fund III represents a strategic decision to further diversify its portfolio into a broader set of mature and high-growth fintechs.
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