British International Investment (BII), a leading UK development finance institution and impact investor, has reaffirmed its dedication to supporting fintech entrepreneurship by committing $40 million to the Apis Growth Markets Fund III (“Apis III”). Apis Partners LLP, a UK-based private equity firm with a focus on high-growth, tech-enabled financial services businesses, manages the fund.
This marks the third instance of BII supporting an Apis fund. The collaboration between BII and Apis dates back to 2015 when BII kickstarted Apis’ first fund with a $30 million commitment. This support continued in 2019 with a $50 million contribution to Apis’ second fund.
Apis specializes in investments within the digital financial services sector, with a particular emphasis on payment and credit services. Recognizing the crucial role digital infrastructure plays in fueling economic growth in emerging economies, BII strategically aligns its investments with this vision.
Dalia Aga-Shaw, Director and Head of Financial Services Funds at BII, expressed confidence in Apis’ ability to make a positive impact on the fintech sector. She emphasized that the new fund would provide essential capital to both emerging entrepreneurs and established businesses, fostering growth in low-income households and creating broader economic opportunities.
The collaboration also aligns with Sustainable Development Goal 8.10, aiming to enhance economic opportunities for consumers and businesses by improving their ability to manage liquidity, investment, and risk.
BII’s commitment to Apis III is crucial in helping Apis achieve its target fund size, especially in the current environment where there is reduced interest from commercial investors in emerging market fintech businesses.
BII’s role as a key advisor to Apis extends beyond financial backing, encompassing the development of Environmental, Social, and Governance (ESG) standards at the fund manager. BII has played a pivotal role in fortifying Apis’ impact management capabilities, further solidifying the partnership’s commitment to responsible and impactful investments.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.