“The more we help our users, the more the business makes, and we take that money and reinvest that back into making people’s lives better”
David Quenah was six years old when his dad was killed during the civil war in Liberia in 1994. After that, he spent several years on the move, trying to survive in the middle of chaos. “Everything just became bad,” he says. “We lost everything.”
Hope came one day from his aunt, who invited Quenah to come live with her in Granby, Connecticut. He later graduated from college in Connecticut, started work as a truck driver and now is married with three children.
Even as he builds a new life in the United States, Quenah still helps family and friends in Africa. Every week, he sends money to Liberia to help others from his community to pay school fees, buy food, cover rent and to help build a football academy he established for local children affected by war.
Quenah uses WorldRemit, an app that send money internationally quickly and safely, without high fees charged by some traditional services. The app is run by the international payments firm Zepz, based in London. Zepz was backed by LeapFrog Investments, a private equity firm that invests in financial services, healthcare and climate projects in emerging markets across Africa and Asia.
LeapFrog says its companies have reached more than 559 million people, most of whom live on less than $11.20 a day. It helps companies that are offering essential services in countries such as Ghana, Kenya, Nigeria, Indonesia and India.
David Quenah
The importance of partnerships in emerging markets
When the first iPhone was released in 2007, Andy Kuper, an entrepreneur from South Africa, saw how this technology could transform lives. He anticipated that the same kind of progress could help people left out of the financial system. With this in mind, he founded LeapFrog that same year.
LeapFrog’s first investment fund focused on microinsurance and financial services for people in low-income communities who often can’t buy such products. Microinsurance products, such as health or life, are offered through simplified processes and channels, and are cheaper than traditional insurance. The fund’s first investment was a South African life insurer AllLife, which provides insurance for people living with diseases that exclude them from traditional insurance coverage.
Kuper says LeapFrog couldn’t have taken off without early backing from the European Investment Bank, which in 2007 provided $20 million of the $44 million raised for its first fund.
The Bank also helped bring in other public and private partners. “We took the lead within the Team Europe initiative,” says Irina-Maria Gaman, the loan officer behind the European Investment Bank’s latest $60 million investment in LeapFrog’s new climate plans, announced in April 2025. Team Europe brings together the European Union, its member countries and financial institutions to support development and humanitarian projects across the world.
Today, LeapFrog has raised more than six funds and has received investment commitments of nearly US$3 billion. Other firms that invested in LeapFrog’s new climate strategy include Temasek, a global investment firm based in Singapore; the International Finance Corporation; and the Swiss Investment Fund for Emerging Markets.
An app to transfer money quickly and safely
The companies backed by LeapFrog in Africa and Asia help finance or offer insurance to 24 million micro, small and medium businesses, supporting around 33 million jobs, the firm says.
“The technology our customers see is actually very much the tip of the iceberg,” says Mark Lenhard, chief executive officer at Zepz. The company’s app helps people to send and receive money even in remote areas, where people often can’t find regular banking. “We leverage data science to make a lot of those transactions seamless and easy, alerting us to any bad actors that may be in the system.”
Zepz’s customers send money from more than 50 countries to more than 100 markets. The company plans to offer more financial services in the future. “The more we help our users, the more the business makes, and we take that money and reinvest that back into making people’s lives better,” Lenhard says.
Life insurance and better healthcare
LeapFrog has also invested in companies like PasarPolis and Goodlife Pharmacy to improve access to insurance and healthcare.
Nur Fajar earns an income as a rideshare driver on his motorbike in Jakarta, just like his father did. He was introduced to PasarPolis through a friend and bought life insurance for himself and his father.
When his father fell ill and passed away a few months later, Fajar was relieved to learn that he qualified for an insurance payment. Now, Fajar earns additional income as an insurance sales agent, encouraging others in his community to take out the simple policies.
PasarPolis is the first company in Indonesia to offer a range of insurance products – vehicle, home and travel – through agreements with mobile apps. By working closely with companies such as Gojek, the e-commerce company Tokopedia and the technology firm Xiaomi, PasarPolis offers insurance products that cover a range of needs.
Gojek is a ride-hailing app that operates across Southeast Asia, with over 2 million drivers in Indonesia alone, including Fajar. PasarPolis provides insurance to people who offer and take rides through Gojek.
PasarPolis grew fast and now serves more than 80 million people, issuing over a billion policies. Its chief executive officer, Cleosent Randing, credits part of this success to artificial intelligence, which has helped build efficient claims systems.
“Technology is the biggest enabler for us to really make insurance available for all, in terms of removing the friction,” Randing says, “in terms of creating products that are innovative or really making claims seamless.”
In East Africa, Goodlife Pharmacy is making healthcare easier and more reliable for around two million people each year. With 145 stores across Kenya and Uganda, the company runs East Africa’s largest chain of pharmacies. These stores offer quality pharmaceuticals, diagnostics services and doctor consultations. “What makes us stand out is our customer service,” says Amaan Khalfan, Goodlife’s chief executive officer. “I think that’s the critical driver.”
Lilian Kelly, a pharmacy technician at Goodlife, says that many people don’t understand their medication or how important it is to use it correctly. She ensures that people know how to take their medicine when they get home from a hospital or doctor’s visit.
Kelly gives support in person and online. She fields questions and follows up with clients through WhatsApp, Facebook and Instagram. “It’s actually exciting,” she says, “being able to change someone’s life in that way.”
The smart way to use batteries
LeapFrog’s climate strategy is focused on South Asia, Southeast Asia and Africa. These regions are expected to produce over half of the world’s carbon emissions by 2030.
The firm’s climate team identifies companies whose technology enables products to be more sustainable and affordable for people in emerging countries. One example is LeapFrog’s investment in Battery Smart, an Indian company running the country’s largest battery-swapping network for electric scooters and three-wheel vehicles.
People who use these vehicles to earn money via ridesharing or courier services can rent and swap batteries instead of buying them, which means less time spent charging and more time on the road. Battery swaps can increase daily earnings by 40%, the company says.
Since 2020, Battery Smart has swapped over 35 million batteries at 1 000 stations in more than 30 cities, serving about 45 000 riders and managing over 120 000 batteries. Each electric vehicle added through this service helps cut about three tonnes of carbon emissions, the company says.
“With Battery Smart, if my battery runs out, I can swap it anywhere in two minutes,” says Pooja Sharma, a driver with a ridesharing company. “My income isn’t affected, and I can manage time to visit home.”
Pooja Sharma
LeapFrog invested in Battery Smart, an Indian company running the country’s largest battery-swapping network for electric scooters and three-wheeler vehicles.
LEAPFROG ASIA AND AFRICA CLIMATE TRANSITION FUND
Equity participation in Leapfrog Asia and Africa Climate Transition Fund, a growth equity fund focusing on companies supporting climate action and environmental sustainability solutions in Asia and Africa and supporting the Climate and Energy pillar of the Global Gateway strategy.
