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Apis Partners is a new fund dedicated to startups operating in the financial tech industry within growth markets. With Africa and Asia specifically in mind, the fund seeks to raise between US$250-million and US$300-million.
In collaboration with Anthemis Group, the move comes after a history of successfully completed investments in the world’s fastest growing markets. “Africa and Asia showcase similar financial services innovation patterns as these regions continue to transform to meet growth market financial service needs,” reads the company’s current landing page.
With the financial sector in their sights, many startups from both Asia and Africa have been showing promising signs on the international stage. Recent examples include Creditable from South Africa and Kenya’s M-Changa, which were hosted by the internationally popular Startupbootcamp FinTech programme.
Apis Partners says that it will be targeting “capital-light” companies that are well positioned within these high-growth markets that show favourable demographic and economic trends. An attractive preset, it notes that between 2010 and 2025 market consumer spending in growth markets will show a annual growth rate of 7%, compared to 2% of developed markets.
Furthermore, it says, as much as 88% of the world’s unbanked adults live in these markets, as much as 2.2 billion. Another attractive figure, Apis Partners says that between 2006 and 2010, these markets have shown an annual growth in banking assets of 20% while the developed world recorded six percent.
Apis Partners will be run by renowned investor Matteo Stefanel and Udayan Goyal who is from Anthemis Group. Talking to Financial News, Stefanel said.
“We find that reverse innovation, the concept of taking business models from markets that have refined them because there is no alternative, can be extremely advantageous to European and North American markets always in search of ways to save money to distribute financial products.”