Global insurance giant Prudential has poured $350m into LeapFrong Investments, a fund focused on selling services to emerging markets. LeapFrog's two most prominent fintech assets are BIMA Mobile, a mobile platform for health and financial services providers in emerging markets, and JUMO, a mobile marketplace that delivers more than 1 million small loans a month in Africa. Prudentials investment is mainly intended for the provision of life insurance products in developing countries, and will hopefully facilitate innovation and additional connectivity in those countries.
"This investment expands Prudential's footprint into Africa, a continent we believe offers tremendous potential for growth over the long term," Prudential chief operating officer of international businesses, Charles Lowrey, said. "We are delighted to partner with LeapFrog Investments, given their deep experience in Africa, and their impressive record of success as insurance investors focused on emerging consumers."