A message from our Founder and CEO

Dr Andy Kuper

In a moment of global volatility, it’s worth pausing to reflect on what can be achieved through sustained commitment and discipline. This year, LeapFrog celebrates 15 years since its founding, when we set out to reach 25 million low-income people via purpose-led companies. Many thought these ambitions impossible and foolhardy. Today marks an important milestone: LeapFrog companies have reached 250 million emerging consumers with healthcare or financial tools. This is 10x the original target and over 5% of the world’s low-income population.

LeapFrog's industry-leading impact measurement and management methods are evident in the results below. Absolutely clear too is the commercial outperformance of Profit with Purpose strategies. Across both healthcare and financial services industries, and in all investment regions, LeapFrog companies have achieved outstanding growth in revenue and valuation, significantly outperforming relevant benchmarks.

We will continue to invest in technology-enabled companies that deliver essential services, and support them to scale across global growth markets. These companies serve the unquenchable desire from the world’s 4 billion low-income consumers to achieve health and security for their families. LeapFrog companies also provide employment where it makes the greatest difference. In diverse ways, they empower people to change their own lives. Rich data and powerful stories like these keep us going, daily. We hope they inspire you today.

Onward and upward, Signature andy

Outsized Returns

In a challenging year for global growth markets, our diversified portfolio continued to thrive.

27% revenue growth

On average for portfolio companies

$3.6 billion

Total revenue across our portfolio

3.3% loss rate

versus 17.9% industry average

Outsized Returns

Outperforming Benchmarks

By region, and by sector, LeapFrog’s high-performing, resilient portfolio of impactful companies consistently outperform relevant benchmarks.

FMV represents organic fair market valuation growth in companies held by all LeapFrog funds across the time period. LeapFrog’s valuations are reviewed and approved by an internal Valuation Committee comprised of senior partners, and independently audited on an annual basis by PwC.


Providing quality and reliable care and enabling wellness

22.8 million

Quality pharmaceuticals enabled


Services rendered including teleconsultations

2.2 million

Diagnostic tests and lab supplies provided

Financial Services

Financial Services

Enabling people and businesses to achieve security and prosperity

$16.4 billion

loans disbursed

$670 million

insurance claims paid

$2.8 billion

loans to support 5.7 million MSMEs

Tech-enabled Scale

Technologies including AI underwriting, microinsurance, telemedicine, and mobile money are breaking down traditional barriers to access for financial and health services. LeapFrog has seen emerging consumers reached by our companies per dollar deployed trend up 40% across the last 10 years in our three funds, powered by a new wave of innovative, tech-enabled businesses like global digital remittance leader Zepz, Indonesian insuretech PasarPolis, and AI-powered lender JUMO.

Innovating New Products

LeapFrog draws continuous data and insights from emerging consumers to reshape products, revolutionise distribution, and meet the real needs of customers.

Insurance innovation

In recent years, demand for health and life insurance products surged. LeapFrog companies like BIMA, miLife, PasarPolis and AIICO have responded by launching a range of new products, and LeapFrog companies paid out over 1.2 million claims in the last quarter of 2021.

miLife rethinks microinsurance

Ghanaian insurer miLife saw 67% growth in 2021 after targeting new products towards the informal sector and launching innovative partnerships with local telecommunications providers, amongst other initiatives.

Gender Equality

185 million

Women and girls reached

29% women

In total portfolio workforce

18% board roles

Filled by women vs 14.5% MSCI EM benchmark

Gender Equality

Jobs and Livelihoods

Revenue image

160,000 jobs

Created by our portfolio companies

$450 million

Salaries paid, flowing through local economies

$6.6 million

Spent on training and development

Deep Dive

AI revolution in Indonesia

Learn how Indonesian insuretech PasarPolis is rapidly growing in a previously underserved market.

Data-driven mobile microcredit

Learn how fintech JUMO builds unique customer profiles with mobile data to reduce the cost of business loans.

Creating Impact Through
Customer Experience

Our specialised CX Launchpad team excels in data-driven interventions that improve the quality of our portfolio companies’ products and services, and help boost growth and impact through better customer retention and turnaround times.

Dvara loan volume growth up 100%

View case study

Microloan provider Dvara created digital credit templates for underwriting loans with the help of our CX Launchpad. This reduced pain points in the credit check process and improved loan volume growth by 2x. Turnaround time for disbursements was reduced from 10-12 days to just two days.

Dvara loan volume growth up 100%

AIICO online payments up 20%

View case study

Nigerian insurer AIICO undertook comprehensive customer journey mapping with the CX Launchpad as part of a process to modernise its claims collection and boost online payments. The work resulted in online payments increasing from 39% to 59%, and its CX score rose from 68% to 89%.

AIICO online payments up 20%

PasarPolis policies lift by 25%

View case study

Indonesian insurer PasarPolis worked with our CX Launchpad to improve the onboarding and claims processes for their Total Loss Damage policies. The work resulted in a 25% increase in policies and reduction in claims turnaround times from 10 days to less than four.

PasarPolis policies lift by 25%

Continued Commitment to Impact

Continued commitment to impact image

Our impact team has made significant contributions to raising impact reporting standards over the past year, with a focus on six key Sustainable Development Goals.

In conjunction with the Global Impact Investing Network (GIIN) they helped to build the industry’s first impact benchmark for financial inclusion, contributed to BlueMark’s “Raising the Bar” report on the key elements of impact performance reporting, and also partnered with emerging market data consultancy 60 Decibels to create the inaugural Financial Inclusion Index.

No Poverty Good health and well-being Gender equality Decent work and ecenomic growth Industry, innovation and infrastructure Reduced inequalities

Climate and a Just Transition

As climate change threatens communities globally, we have a duty and an opportunity to support pathways out of poverty that deliver rapid decarbonisation of all sectors of industry. This challenge, the Just Transition, is central to LeapFrog’s portfolio management and future fund strategies.

LeapFrog was recently identified as the exemplar of a Just Transition private equity fund by the G7 Taskforce for Impact Investing, for its work to ensure “improved financial inclusion facilitates a transition to clean technologies like electric vehicles, smart homes, and improved business processes”.

Read our Climate Policy here
Climate and a Just Transition

Latest Portfolio Additions



Vietnam’s engine for MSME growth

View Report

HDBank is a listed top-tier Vietnamese retail and business bank serving 10 million customers, especially low-income consumers and micro, small and medium enterprises.

Latest Portfolio Additions



Emerging Asia’s springboard for mobility

View Report

CarDekho is a leading auto-tech and mobility financing company in India, operating auto sales, classifieds, finance, and insurance businesses. It serves 3.6 million emerging consumers, and a staggering 86% of Indian purchasers will visit the platform before buying a vehicle.

Latest Portfolio Additions



Accelerating financial inclusion in sub-Saharan Africa

View Report

Interswitch is a leader in payments technology in Africa, dedicated to developing world-class technology to make payments faster, safer and more dependable.

Latest Portfolio Additions

Redcliffe Lifetech

Redcliffe Lifetech

Improving quality and convenience of diagnostics for Indians

View Report

Redcliffe Lifetech is an affordable and convenient omni-channel diagnostics service operating across 14 cities in India and facilitating at-home diagnostics for more than 3500 medical tests


Our Team

LeapFrog continues to expand its capabilities and platform to deliver a new era of impact. LeapFrog’s team has expanded significantly in the last year, following a major $500 million partnership with Temasek, with the addition of several new senior leaders and the appointment of Dominic Barton, former Global Managing Partner of McKinsey & Company, as Chairman.

View our Team