Around $204m were raised earlier for the LeapFrog Fund II from Prudential and other insurers, reinsurers, banks and asset managers.
The company will use the funds for the growth of eight markets in Africa and Asia, including Indonesia, the Philippines, India, Sri Lanka, Kenya, South Africa, Nigeria and Ghana.
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Prudential corporate social responsibility vice president and The Prudential Foundation president Lata Reddy said LeapFrog’s deep sensitivity to social impact investment in businesses that focus on underserved consumers in an ethically responsible manner resonates with the strategy of Prudential’s Social Investment Program.
"Providing quality financial services to underserved communities is a compelling investment opportunity for both social and financial reasons," Reddy added.
LeapFrog Investments’ president and founder Dr Andrew Kuper said the emerging consumer segment comprises millions of people eager to join the middle class.
"Their spending power is forecast by McKinsey & Co. to rise from $2 trillion today to $5 trillion in the coming decade. Financial services are crucial springboards for households and businesses, but access is very limited. LeapFrog backs the best companies to serve this vast and untapped market," Kuper added.
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