Impact Results 2021

Press Release

LeapFrog Investments reaches 342 million people with healthcare or financial tools

  • LeapFrog’s annual Impact Results reveal that its companies have reached 342 million people with healthcare or financial services, across 30 global growth markets
  • LeapFrog’s companies have reached 250m low-income consumers, 10x the original goal at the firm’s founding and over 5% of the world’s low-income population
  • Portfolio companies have delivered 27% average annual revenue growth, for over a decade, with valuations exceeding benchmarks across all region


LeapFrog Investments, the Profit with Purpose investment firm, has reached 342 million people with healthcare or financial services, the firm revealed today in its annual Impact Results. Amid the trials of a pandemic and market volatility, average revenue growth at LeapFrog companies remained strong at 27% growth for the year. Across all regions and sectors, the portfolio of companies consistently outperformed relevant benchmarks, demonstrating the commercial success of impact investing at scale.

Launched in 2007, LeapFrog originally set out not only to generate top-tier returns but also to reach 25 million low-income people via its companies. Of the 342 million people now reached, 250 million are low-income individuals, living on less than $11.20 a day per the World Bank’s definition.

This 10x result is a milestone for the responsible investment industry, driving delivery of essential services to over 5% of the world’s low-income population, at unprecedented scale and speed.

Tens of millions of families are now accessing quality medical services, medicines, insurance, savings, pensions, credit or remittances for the first time. Among other results, LeapFrog companies supplied 34 million healthcare products and services, disbursed $16.4 billion in loans and paid out $670 million in insurance claims.

Across the last two years of often-challenging market conditions, audited valuations of LeapFrog’s companies grew exceptionally across all segments. The fair market value of companies held through 2020-2021 grew 60% (Asia Financial Services), 41% (Global Healthcare) and 82% (Africa Financial Services), against related MSCI Index growth of -3%, 21%, and -15% respectively.

LeapFrog invests in technology-enabled innovators such as AI-powered lender JUMO, Indonesian insurtech PasarPolis and global digital remittance leader Zepz. As these digital champions have scaled, LeapFrog has reached more people with every dollar invested, with the firm’s impact per dollar rising 40% over the decade.

The firm’s investments have also supported quality jobs in South Asia, South East Asia and Africa, with LeapFrog companies employing 160,000 people, 30% of whom are women.

Dr Andy Kuper, Founder and CEO of LeapFrog, said, “We are glad to share rich data and stories as to how LeapFrog companies have innovated to reach 342 million consumers. We’re particularly pleased that 186 million of those impacted are women and girls, accessing much-needed healthcare and financial empowerment. We have always said that profit meets purpose at the consumer, so it is no surprise that exceptional financial results have flowed from LeapFrog companies’ customer-centric business models in global growth markets.”

“We are on track to reach a billion low-income people by the end of this decade, enabling them to change their own lives.”

LeapFrog invests in exceptional businesses in Africa and Asia, partnering with their leaders to achieve leaps of growth, profitability, and impact. Founded in 2007, LeapFrog’s portfolio companies now reach 342 million people across 30 countries with healthcare or financial services. LeapFrog portfolio companies have also grown on average at 27 per cent annually from the time of investment. They now provide jobs and livelihoods to 160,000 people. Inspired by LeapFrog’s strategy of Profit with Purpose, LeapFrog has raised over US $2bn from global institutional investors, including $500m recently committed by Temasek to LeapFrog and its future funds. LeapFrog was ranked by Fortune as one of the top five Companies to Change the World, alongside Apple and Novartis, the first private investment firm ever listed. For more information, go to:

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