IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
Apis Partners
Demographic-based Impact
Microfinance and Low-income Financial Services
Workforce Development, Upskilling and RetrainingFirm Overview
The Apis Group (“Apis”) is an ESGI-native private equity and venture capital asset manager that supports growth-stage financial services and technology businesses globally by providing them with catalytic growth equity capital. Collectively Apis, through its team of around 40 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of c.US$2 billion. Headquartered in London, Apis has representation in seven countries globally. Apis is highly conscious of the impact that the provision of growth capital for financial services and technology businesses in global markets can achieve, and as such, financial inclusion and financial wellness are core tenets of Apis’ impact investment approach.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: Less than 25%
Our primary goal is to provide outsized returns alongside positive societal impact; what we call Returns with Responsibility.
We apply deeper understanding to identify and back high-potential, tech-enabled financial services companies. Then we blend this understanding with deep networks and operational expertise to support value creation within our portfolio companies and achieve the best exit. Our sector specialist team follow the same 5-point Investment Approach that has remained unchanged since the company’s formation: Mandate discipline Diversified portfolio of high growth and capital light financial services and related business services companies across Global Financial Services Active value add Leverage Apis sector specialisation and network to take active “hands-on” role in portfolio management Growth and risk management Scalable, growth stage companies requiring scale-up capital at or near profitability (if the latter profitable on a unit economics basis) Strong influence and control Active minority or control stakes to influence strategy, growth plans and capital allocation decisions Price discipline and terms Strong price discipline and compelling entry valuations to achieve target returns
Apis is a specialist growth investor focused on investing in opportunities at the dynamic intersection of finance and technology, where innovation is transforming the provision of financial services globally. There are only a handful of other funds that are specialist finance and technology investors, particularly in late-stage growth. Apis believes that its sector specialism and focus give the firm a deeper understanding and a competitive advantage in backing high-potential, tech-enabled financial services companies. Another of Apis’ differentiators is that the firm is equally at ease in emerging and developed markets. The majority of Apis’ exits have been to trade buyers, often in Europe and the US – this success is due to the firm’s credibility and strong networks.
Investment Example
Apis growth Fund II, Managed by Apis Partners, invested in leading South African digital bank, Tyme Bank, in 2021. The company offers simple products at low prices for low-income customers and has a completely branchless footprint, providing services online and offline, the latter via agent assisted kiosks placed in retail environments. Apis' impact thesis for investing in the company was Tyme’s use of technology to deliver digital banking which structurally lowers the cost of banking in South Africa, and extends financial access to underserved segments. Of the 10 million+ retail customers that the Bank has served to date, over half have been female, and this level of female representation extends to the company itself, as half of the Bank's full time employees are also female In Dec 23, TymeBank announced that it reached its first month of profitability, making it the world's fastest profitable standalone digital bank.
Leadership and Team
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Matteo Stefanel – Managing Partner More Info
Matteo Stefanel has a successful track record in private equity and investment banking spanning 25+ years and focusing specifically on Financial Services. He is Managing Partner and Co-Founder of Apis Partners LLP. Formerly a partner at The Abraaj Group, he was responsible for a number of Abraaj’s investee companies (10+), including Network International (payments), Saham Finance (insurance), and Jordan Ahli Bank (banking). |
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Udayan Goyal – Managing Partner More Info
Udayan Goyal has been a keen proponent of the fast-changing landscape of Financial Services in the transition from an industrial era to the information age and now to the networked economy. Prior to co-founding Apis, Udayan co-founded and lead Anthemis Group, the first specialist global investor in FinTech based in London, where he made 32 investments including well-known names such as Simple, Betterment and Trov. Prior to that he was Global Head of Financial Technology Advisory at Deutsche Bank. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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Yes - our investment processes target companies that create financial inclusion and financial wellness as main areas of impact. In addition, our diligence process also looks for companies which have well developed working conditions for employees and customer protection principles for consumers.
Yes - within the investment process, Apis conducts a due diligence process on the underlying Fund investee companies, which include a dedicated ESG & Impact ('ESGI') due diligence process. This is conducted primarily on an in-house basis using a proprietary methodology and is conducted at the pre-investment stage across six dimensions: ESG management, Impact, Working conditions, Business integrity, Anti-Money Laundering and Countering the Financing of Terrorism, as well as Financial services specific factors. The diligence process methodology incorporates internationally recognised standards of best practice, including from European DFIs, ILO Conventions, IFC Performance Standards, and the UK Bribery Act. The ESGI due diligence assessment results are included in the investment committee documentation for each potential Fund investment and will influence all investment decisions made for the Fund.
Impact Tracking and Monitoring
Learn More
7th Floor, 8 Lancelot Place, London, United Kingdom SW7 1DR
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