With the funding, Apis will be targeting financial services and Fintech investments in Africa and South Asia. According to Apis, commitments of funding include institutional investors and developmental finance institutions from the US, Europe and Africa. Individual investors in the fund include Intesa Sanpaolo, Old Mutual, the European Investment Bank, FMO (Netherlands) and Swedfund (Sweden).
The new fund adds more capital to a market where valuations of financial technology innovation startups have been rising steadily over the past three years. Specifically the P2P lending and payments have seen a boost of entrants and investments as newcomers grab market share away from traditional banks and money transfer companies.
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