Our edge

We believe there is substantial headroom for growth in Financial Services in Growth Markets.

  • Expanding demand for Financial Services and the ‘catch-up effect’ due to its existing low penetration
  • Innovative business models enabling greater access to Financial Services and driving financial inclusion


Investment focus of Apis Growth Equity Fund

We seek to have strong ‘hands-on’ minority positions where our subject matter expertise can be a springboard for leaders and innovators. We believe Financial Services companies in Growth Markets will directly benefit from:

Favourable macroeconomic and demographic trends

Strong economic growth and expanding populations driving consumer expenditure growth at a 7% rate vs. 2% in developed markets (2010 to 2025).

Increasing disposable incomes

1 billion people in Growth Markets are expected to enter the “consuming class” from 2010 to 2025.

Widening supply/demand gap for Financial Services

2.2bn of the 2.5bn global unbanked population resides in Growth Markets, where GDP is growing at more than double the rate in developed markets.

Innovative, proven business models

The absence of traditional legacy financial infrastructure in Growth Markets presents an environment ripe for innovative business models and alternative distribution channels.


We consider companies in PAYMENTS (processors, remittance businesses, and eCommerce and mCommerce enablers), SAVINGS AND INVESTMENTS (Core banking platforms, Agent Networks and allied infrastructure), CREDIT (including micro-lenders),INSURANCE (including claims managers and micro-insurance),CAPITAL MARKETS (exchanges, broker/dealers and information services) and other TECHNOLOGY-ENABLED FINANCIAL INSTITUTIONS.

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Key stakeholder relationships

We have direct relationships with industry bodies, including SWIFT and World Economic Forum, and regulators, including those in India, Nigeria, Madagascar, South Africa, Mozambique, Morocco, Turkey and Egypt as well as several NGOs. These relationships ensure the continued relevance of the Apis’ ESG and financial inclusion principles within global policy circles. Additionally, these relationships facilitate and directly drive our developmental agenda.

stakeholders stakeholders
Matteo Stefanel is member of WEF's Global Agenda Council on Finance & Capital
Udayan Goyal is member of the SWIFT Enablers Board