Leapfrog: Minority stake in tech firm

LEAPFROG Investments, the private equity firm with a focus on Africa and Asia, said it bought a minority stake in financial technology company afb (Mauritius) for $25 million (R286.55m) in the fourth deal for its Fund II. The Mauritian company, known as afb, gives consumers cellphone access to insurance, savings and credit products, LeapFrog said yesterday. Michael Joyce, an associate director for LeapFrog, said: “afb is connecting the dots between Africa’s demand for financial services and the promise of new technologies.” The investment is drawn from LeapFrog’s second fund, which raised $400m – half of that earmarked for Africa. In November, the private equity firm spent $19m to gain control of Kenya’s Resolution Insurance. It has also made investments in India and Thailand. The acquisition target operates in four African countries including Kenya, Zambia and Ghana. It has reached 300 000 customers in two months, according to LeapFrog, with 130 million mobile subscribers living in afb’s chosen markets. – Bloomberg