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IFC funds LeapFrog To boost growth of Financial services in Africa & Asia

By Gloria Mathias

October 09, 2023

  • Africa
  • Africa News
  • Asia
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IFC, Interntional Finance Corporation, World Bank, Leapfrog, Investment Fund, Asia, Africa, SEA, IFC (International Finance Corporation) has announced an investment in a new fund by LeapFrog Investments, a private equity group to improve health and financial services firms’ access to growth capital and support job creation in Africa, South Asia, and Southeast Asia,

IFC is making a $50 million equity investment in LeapFrog Emerging Consumer Fund IV LP, which targets $1 billion in commitments and will represent the largest offering by LeapFrog to date. IFC’s investment in the fund will be made along with an additional $50 million, which will allow IFC to selectively invest alongside the fund in Leapfrog portfolio companies.

The fund will focus on growing businesses in healthcare and financial services by helping companies adopt digital solutions and offer new products that can reach underserved segments of the population. In addition, IFC will work with LeapFrog to improve gender diversity at the fund manager level and the companies the fund will invest in.

“We are delighted to deepen our relationship with IFC, which shares our ambition to generate life-changing social and environmental impact, as well as robust financial returns, in growth markets,” said Andy Kuper, Founder and CEO of LeapFrog. “IFC’s support over multiple fund vintages and as a regular co-investor constitutes a powerful endorsement of LeapFrog’s distinctive team and of our Profit with Purpose strategy for accessing opportunities across Africa, South Asia and Southeast Asia.”

“The project will support private sector growth in Africa and Asia, bridge the investment gap in healthcare in emerging markets, and further accelerate financial inclusion across these regions,” said William Sonneborn, IFC’s Global Director of Disruptive Technologies, Creative Industries, and Funds.

In addition to its fund commitments, IFC has provided $64 million to five companies backed by LeapFrog’s funds in Africa and Asia, including the largest genomic medicine company focused on emerging markets, MedGenome, and fast-growing Vietnamese bank, HDBank.

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