Leapfrog Financial Inclusion Fund II

Nigeria, India, Ghana, Kenya, Sri Lanka Financial services

The LeapFrog Group is an Australian private equity firm specialising in growth-stage, expansion, mid-market and equity investments in developing countries.  The firm focuses on investments in financial institutions, distributors for financial products, and enablers of financial services, such as technology platforms.

The Leapfrog Financial Inclusion Fund II invests in companies in Africa and South Asia that offer insurance, savings, pensions and other investment products to millions of consumers.

Our investment

CDC committed $25 million to the Leapfrog Fund II in 2013. The fund makes significant minority investments in portfolio companies, with most investments in the $10 million to $25 million range, but with the potential to provide up to $50 million. The fund manager is targeting a total fund size of $400 million. Our investment is helping the fund manager to provide financial services to up to 50 million customers in developing countries.

Expected impact

Across the African continent, over 60 per cent of the population live in countries where financial services for ordinary consumers is either entirely absent or reaches less than 1 per cent of the population.

The Leapfrog Fund gives millions of low-income and financially excluded consumers in Africa and South Asia access to new financial services such as insurance, savings and pensions. By broadening the range of financial services available to poor consumers, the aim is to help them plan for the future more effectively.

To date, the companies in which Leapfrog has invested have provided financial services to over 25 million people across 13 countries. 

The firm has partnered with companies such as Mahindra IBL in India, ARM Life in Nigeria and Apollo IL in Kenya.

Environmental and social aspects

The fund manager has a well-established approach to E&S management and we will continue to support and monitor its approach as the portfolio grows.

Key facts


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.

Financial services
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
LeapFrog Investments Group Limited
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 2013

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.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Northern Arc (formerly IFMR Capital)

IFMR Capital is the portfolio company which is part of the IFMR Holdings group. It is a provider of wholesale debt finance and credit risk management and enhancement to financial institutions working with financially excluded households and businesses in India. Its clients are primarily lenders in the microfinance, affordable housing finance, small business lending and commercial vehicle asset classes.

View investment details

India South Asia Financial services March 2014 Active
Resolution Insurance

Resolution Health East Africa Ltd is a significant player in the Kenyan health insurance market. The company, which was founded in 2002, has operations in Kenya, Tanzania and Uganda. Its core capability lies in providing health insurance to employees of small and medium-sized enterprises.

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Kenya Africa, East Africa Financial services December 2014 Active
Jumo World Ltd (formerly AFB (Mauritius) Ltd)

African Finance Bank (Mauritius) Ltd is a disruptive financial serivces business which uses mobile and retailer solutions to reach mass-market and SME customers across Africa with ethically designed financial products. Its products include mobile loans in partnership with MNOs and storecards in partnership with retailers.

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Africa Financial services January 2015 Active
Magma Finance Corporation

Magma Fincorp Ltd is a leading diversified financial services group based in Kolkata, India which was founded in 1989. Many of its customers are unbanked or are experiencing formal financial services for the first time. The company's core business lending is vehicle-related lending but it also provides loans for construction equipment and housing.

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India South Asia Financial services April 2015 Active
Dvara (IFMR Holdings)

IFMR Holdings is the parent company of IFMR Capital. It is India's leading financial inclusion group and includes a rural retail financial services provider and a technology and services company supporting MFIs.

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India South Asia Financial services September 2015 Active
mLife Insurance (UT Life)

UT Life is a leading provider of life insurance to emerging consumers in the Ghanaian market.

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Ghana Africa, West Africa Financial services December 2015 Active
Fincare Business Services Limited

Fincare is a SFB in India, a deposit taking institution which currently provides small loans to the financially underserved in India

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India South Asia Financial services March 2017 Active
ARM Pension Managers Nigeria Africa, West Africa Financial services June 2018 Active
SoftLogic Life Insurance PLC Sri Lanka South Asia Financial services December 2018 Active

CDC is becoming British International Investment