Obviam, an independent investment advisor specialized in long-term investments in emerging and frontier markets, has backed the Apis Growth Fund I with a $10m investment.

The transaction on behalf of the Swiss Investment Fund for Emerging Markets (SIFEM), the development finance institution the Swiss Confederation, closed in March 2016.

Florian Kohler, Investment Manager Asia, Obviam, said: "Apis Growth Fund I presents a strong opportunity for SIFEM to invest in a Fund that aims at fostering economic growth and financial inclusion, supporting sustainable job creation and promoting the integration of the target countries into the world economy. The Fund is expected to deliver attractive financial and development returns.”

Access to financial services are the backbone of the economic growth in most emerging countries.

In particular in Sub-Saharan Africa and Asia, new financial technologies and deeper penetration of mobile devices provide opportunities that are revolutionizing the financial services industry.

Apis Growth Fund I is a private equity fund with a focus on innovation in financial services in low and lower-middle income economies in Africa and South Asia.

Apis Growth Fund I aims at building a more efficient and affordable financial infrastructure and at fostering financial inclusion of underserved MSMEs or financially excluded low-income populations.

The Fund is the first to be managed by the investment team of Apis Partners which was established in 2014.

Significant minority positions with tickets between $20-40m will be invested in 8-12 established mid-market companies in financial infrastructure, financial intermediation and investment, insurance, and capital market segments.

The fund has already made two investments, one in Africa and the other in South Asia.

In Africa, the fund is targeting investments in Nigeria, Ghana, Kenya, Ethiopia, South Africa, Tanzania and Morocco.

Apis Growth Fund I achieved its first close in August last year, raising over $175m.

The fund is aiming to raise between $250m and $300m at the final close.

Udayan Goyal, Apis Co-Founder and Managing Partner, said: “We are firmly convinced that financial services will deliver in the next decades the same level of return on investment as the telecom boom of Africa and South Asia of the last two decades.”

“We aim to bring that opportunity to our investors,” he added.