This fund, managed by Apis Partners, a UK-based private equity firm, invests in high-potential, technology-driven financial service businesses around the world.

“Apis’ proven track record of mentoring and supporting promising fintech companies aligns perfectly with Norfund’s commitment to expanding financial inclusion in emerging economies,” said Espen Froyn, Senior Vice President for Financial Institutions – Africa at Norfund.

“This partnership allows us to gain valuable expertise in the fintech space while creating co-investment opportunities alongside the fund.”

Recognizing fintech’s transformative impact on reaching underserved communities, Norfund expanded its investment focus in 2022 to encompass fintech alongside traditional financial institutions.

The company actively supports fintech firms involved in digital lending, neobanking, embedded finance, insurtech, and payment solutions across sub-Saharan Africa and Southeast Asia.

Norfund typically invests directly in promising fintech companies, offering loan and equity financing ranging from $5 million to $20 million during their growth stages (Series A onwards).

Recent investments include Wave Money, Lula Lend, Amartha, Funding Societies, and AwanTunai.

Partnering with fintech funds like Quona Capital and Integra Partners allows Norfund to extend its reach to even earlier-stage ventures.

The investment in Apis Growth Markets Fund III marks a strategic move for Norfund, enabling them to diversify their portfolio with a wider range of established, high-growth fintech companies.

EdVentures holds the distinction of being the first venture capital firm in the Middle East dedicated solely to the educational technology (edtech) sector.

El Kheta provides a unique and flexible learning experience for Egyptian school students.

The platform offers supplemental lessons aligned with the latest Egyptian curriculum, along with practice exercises and exams to help students solidify their understanding and achieve academic success.

Students can personalize their learning by choosing specific subjects and building a study plan that caters to their individual needs.

This funding round, led by Egypt’s first edtech-focused corporate VC fund, EdVentures, will empower El Kheta to expand its reach and services.

“We have strong faith in El Kheta’s ability to transform the online education landscape in Egypt, particularly with its focus on supporting school students,” said Dalia Ibrahim, founder and chairwoman of Nahdet Misr for Entrepreneurship EdVentures.

“We are committed to fostering talented entrepreneurs in the edtech industry and will actively support El Kheta’s vision of creating a more accessible and effective learning experience for all.”