Apis Partners

Apis Partners is a London-headquartered growth equity firm founded by Matteo Stefanel and Udayan Goyal, focused exclusively on tech-enabled financial infrastructure and services across growth markets (Africa, Asia, MENA) and Europe. The firm has grown rapidly to $2.3 billion in AUM, with Fund III closing at $1.23 billion in May 2026 (23% above target and more than double the $563 million Fund II). The firm has generated over $1 billion in realisations and was ranked #2 globally in the 2025 HEC Paris-Dow Jones Growth Equity Investor Ranking.

What makes Apis distinctive from other Africa-relevant investors is the absolute focus on financial infrastructure. The firm does not invest in consumer fintech apps, e-commerce, or healthtech: every investment is a company that builds the pipes, rails, or platforms on which other financial services run. Payments infrastructure, issuer processing, digital banking platforms, lending systems, and insurance technology are the core sectors. This means Apis portfolio companies are typically B2B or B2B2C businesses that serve banks, telcos, insurers, and other financial institutions rather than end consumers directly.

The African portfolio reflects this thesis. MNT-Halan ($120M investment, Egypt's largest lending and payments platform), Paymentology ($175M co-led investment, issuer processor powering card programs for banks and fintechs across Africa and globally, headquartered in South Africa), and GOTymebank (Philippines/South Africa digital banking platform) demonstrate the scale and infrastructure orientation. The firm takes minority positions with strong governance rights and works operationally with management teams to build institutional-grade platforms.

The LP base is heavily institutional. Fund III attracted over 70 LPs, with approximately 50% returning investors who increased their commitments. The base includes sovereign wealth funds, supranational entities (IFC committed $50M, EIB committed $35M to Fund II), banks, insurers, pension funds, and foundations. This institutional backing gives portfolio companies credibility with regulators and potential partners across financial services.