In 2015, CDC invested $30 million into Apis Growth I, alongside the African Development Bank (AfDB), and other European DFIs including the Netherlands' FMO, Switzerland's SIFEM and Sweden's Swedfund, as well as private investors. The fund manager raised a total of $287 million. Our investment supports the development of technology-driven financial services in underserved areas and help attract other investors to the region.
Lack of access to financial services has proved a major barrier to economic growth in many emerging countries, particularly sub-Saharan Africa and Asia.
However, the availability of new financial technologies, combined with increased mobile phone use, presents an opportunity to reach a greater section of lower income populations.
Our investment supports the fund manager's goal of financial inclusion by producing affordable financial services and products, and distributing them via innovative channels.
This helps to create jobs – direct and indirect – and drive wider economic expansion in these underserved regions.
The fund manager also provides strategic, technical and operational expertise to investee companies to facilitate their growth. Its investments include pan-Africa SME lender Baobab (MicroCred); Indian ATM provider, EPS; pan-Africa payment platform Direct Pay Online; and Indian retail health insurer, Star Health and Allied Insurance.
Environmental and social aspects
We have worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS) for this first-time fund.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Rest of the World
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Communications and IT Services, Financial services, Infrastructure
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Apis Partners
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- August 2015
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- United Kingdom
Investments made by this fund
|Investment name||Country||Region||Sector||Start date||Status|
Electronic Payment and Services Pvt Ltd
EPS offers ATM outsourcing and related services for India's rapidly growing ATM network. It provides transaction processing and card management services which are offered to banks to enable them to concentrate on core banking functions. It has over 5,000 ATMs under management across urban, semi-rural and rural locations.
|India||South Asia||Financial services||January 2016||Active|
Trans-Fast is a leading provider of cross-border remittance solutions to consumer and businesses worldwide. The company covers 88% of the world's population across over 120 countries.
|Rest of the World||Financial services||May 2016||Exited|
Direct Pay Online
Direct Pay Online is the leading online payments processor across East and Southern Africa. During 2016 it merged with PayGate Ltd, a leading Southern Africa online payments processor and the enlarged group now has a presence across 8 countries and processing ability across a further 24 countries.
|Africa||Financial services||June 2016||Active|
Star Health & Allied Insurance
StarHealth is the leading private retail health insurer in India. It was founded in 2006 and has a presence across all 22 Indian states, including over 300 branches.
|India||South Asia||Financial services||August 2016||Active|
|Q Link||South Africa||Africa, Southern Africa||Financial services||October 2017||Active|
|Green Light Planet||Rest of the World||Infrastructure||November 2017||Active|
|Crossfin Apis Transaction Solutions (CATS)||South Africa||Africa, Southern Africa||Communications and IT Services||June 2018||Active|
|GHL Systems Berhad||Rest of the World||Financial services||June 2018||Active|
Efficient Group Limited
Efficent Group Limited is an asset management and advisory firm providing a range of solutions to retail and institutional investors in South Africa.
|South Africa||Africa, Southern Africa||Financial services||October 2019||Active|