profit with Purpose

Impact and Investment Results 2022

LeapFrog portfolio companies reach 451 million people with healthcare, financial services and climate solutions, 300 million of whom are emerging consumers, living on less than $11.20 a day*.

A message from Founder and CEO,

Dr Andy Kuper

The last year presented distinctive challenges to global investors, as inflation, conflict and banking crises all complicated the recovery from the COVID-19 pandemic. Yet in major global growth markets like India, Vietnam, Nigeria and Indonesia, where most of the world’s people live and where LeapFrog invests, consumer sentiment and economic performance have been stronger.

This trend will continue, with the IMF anticipating the largest emerging economies to grow at 5% versus the OECD average of 1% in 2023. This is not true of every such market, of course, but it is a profound mistake not to look beyond the headlines, often focused on challenges of smaller markets, to the secular growth story in most of the larger global growth markets.

These realities should force a fundamental rethink by investors of where and how to invest. The appeal of leveraged models of investment has reduced in low-growth and high-inflation environments. Equity investments focused on quality companies in high-growth markets look more compelling, and offer diversification, in this new world.

This top-down analysis is corroborated by bottom-up data from the LeapFrog Emerging Wealth and Health Index, a survey of emerging consumers conducted in mid-2022, even as US and OECD sentiment was at its nadir amid the twin shocks of war and inflation. The thousands of people we surveyed in eight global growth markets were overwhelmingly optimistic about their financial future, with 4 in 5 seeing their families’ financial situation improving in the coming year.

Forward-spending momentum was typically resilient and accelerated in industries that the pandemic had made more salient, such as insurance and healthcare. We primarily attribute this momentum to billions of people gaining smartphones, digital identities and seamless payments solutions. This three-fold technological revolution for consumers is driving earlier and increased purchases of goods and services, evidenced across the diverse countries covered by the LeapFrog Index.

For both the $1 trillion impact investing industry and the $11.7 trillion global private capital industry, this is terrific news. There are now more opportunities than ever to make rewarding long-term investments that also change millions of lives.

In essential services like healthcare, financial tools and renewable energy, rapid revenue growth is leading to scaled-up national champions that are transforming local markets. A number of these transformative companies are expanding regionally or globally to re-write the business playbook in everything from preventative healthcare to genomic medicine, remittances and pensions.

For 16 years, LeapFrog has sought out these high-growth and deep-impact companies. Our investment teams have sourced and evaluated thousands of opportunities and chosen the best 40 to back with capital and distinctive expertise.

Across all those years, LeapFrog companies have an enviable track record of having grown revenue on average at over 24% a year, for companies held for 2 years or more. They are typically profitable or near it, highly scalable, and solving a fundamental pain point for customers – with digitally-enabled business models that slash the costs of access to quality services.

Today, LeapFrog companies reach 450 million people, of whom 300 million are low-income emerging consumers, with healthcare, financial services or climate solutions. 226 million are women and girls, with profound implications for inclusion and empowerment. By serving these people well, LeapFrog companies have collectively grown their revenue to $4.39 billion, achieving unprecedented Profit with Purpose.

The scale and depth of LeapFrog’s impact continues to lead both the impact and private equity industries. The firm was verified by BlueMark in the past year as being one of just six investment groups worldwide to achieve Advanced ratings across all eight of the Operating Principles for Impact Management.

None of this happens without a great deal of work and leadership, and I am deeply grateful to LeapFrog’s partners and team, who embody our values, including being “Excellent Investors with an Impact Soul”.

Above all, our Impact and Investment Results 2022 are an opportunity to celebrate the trailblazing entrepreneurs and management teams who make these successes possible, as well as the resilience, optimism and energy of the nearly half a billion consumers they now serve.

Onward and upward,

Signature andy


Scaling transformational businesses

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

On average for portfolio companies over the life of LeapFrog


Total revenue across our portfolio in 2022

Outperforming economies

LeapFrog’s portfolio of wealth, health and climate solutions businesses serve some of the world’s fastest growing markets. Even in periods of volatility, these consumers continue to prioritise household spending to access essential services that help them build wealth and security.

Growth on growth

Revenue has remained resilient in our major markets, despite recent inflationary shocks, and outperformed national growth.

Revenue growth for portfolio companies held for at least 2 years, backdated to latest acquisition.

Impact Industry Leadership

LeapFrog continues to exemplify best practice in the impact industry, recognised as one of just six managers globally to achieve an ‘Advanced’ rating in each of the eight Operating Principles for Impact Management, as assessed by BlueMark, the leading independent impact auditor.

Revenue image Revenue images


Providing quality and reliable care and enabling wellness

quality pharmaceuticals supplied

Diagnostic tests and lab supplies provided

services rendered including teleconsultations

Spotlight: MedGenome

Democratising genomic medicine for emerging consumers

MedGenome brings advanced genomic medicine to consumers across emerging markets at a fraction of the cost in more wealthy countries. The company has conducted hundreds of thousands of tests which help to increase the genetic representation of previously underserved populations. As highlighted in Nature, the Company was a founding member of the GenomeAsia 100K Project, which has helped to identify novel gene variants to enable drug discovery for rare diseases and identify populations at risk for adverse drug reactions.

MedGenome's algorithm chart

Source: Nature Scientific Journal, “The GenomeAsia 100K Project enables genetic discoveries across Asia”, 576, pages 106–111, 4 December 2019; MedGenome is a partner in GenomeAsia 100k project, a non-profit created to prepare a genetic database of 100k people from Asia.

Financial Services

Enabling people and businesses to achieve security and prosperity

loans disbursed

loans to support 17m emerging enterprises (MSMEs)

payments enabled

Spotlight: Fidelity Bank

Smart customer service at Fidelity Bank

Fidelity Bank’s digital tools such as chatbot Kukua, AI-powered voice recognition and self-service banking provide 24/7 access for customers, reducing time spent queueing at traditional banking halls. Customers can conduct fund transfers, airtime top ups, account balance checks and open accounts, often without having to visit a branch – contributing to a surge in emerging consumer customers.

Fidelity Bank chat bot chart

Diversity & Inclusion

Our team actively works with portfolio companies to improve the diversity of their teams, as well as the customers they serve. LeapFrog this year became a signatory to the IFC’s Invest2Equal program to improve gender diversity.

Reached by LeapFrog companies

In total portfolio workforce

In LeapFrog workforce

Jobs & Livelihoods

Emerging enterprises (MSMEs) are the backbone of growing economies and create as many as 90% of jobs in those markets.

Directly employed by our portfolio companies

Salaries paid, flowing through local economies

Emerging enterprises supported

Investing to achieve a Just Transition

LeapFrog this year launched its Climate Investment Strategy, seeking to support green growth opportunities for emerging consumers and producers, who are often the most vulnerable to the effects of climate change. Led by industry veteran Nakul Zaveri, the growing team has expansive knowledge across multiple sectors and has built a strategy focussed on four key sectors.

Latest Portfolio Additions

Sun King

Sun King

World’s largest PAYG solar financier

View Report

Sun King designs, distributes, finances and installs rooftop solar systems, already reaching 94 million people and helping to reach the further 1.8 billion off-grid and under-electrified consumers in Africa and Asia without access to clean energy.



Tech-enabled home loans for India’s emerging consumers

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Shubham is a specialist affordable mortgage lender that provides finance for low-income families to access quality housing,operating in nine states and with more than 100 branches across India.


Redcliffe Labs

Improving quality and convenience of diagnostics

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Redcliffe Labs is an affordable and convenient omni-channel diagnostics service facilitating at-home diagnostics for more than 3500 medical tests through their network of 350 mobile phlebotomists and supported by 38 state-of-the-art labs.



India’s leading insurtech player

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InsuranceDekho is democratising access to insurance, providing affordable safety nets for everyday needs. The company has partnered with 46 insurance companies so far, with more than 380 plans available on its platform. Ten Indians buy a policy from InsuranceDekho every minute.

Our Team

LeapFrog continues to grow its global team, tapping top talent from across all sectors to drive new value creation initiatives. In 2022, Roger Ferguson, former TIAA chief, joined our Leadership Council, while 20-year climate investing pioneer Nakul Zaveri joined as partner and former Global Head of Sustainability for Standard Chartered Julie Wallace joined as Head of Impact.

View our Team
Image of team members