Apis Partners Bows Out of Baobab’s Next Chapter as Beltone Acquires Stake

When Apis Growth Fund I, a private equity fund managed by UK-based Apis Partners, first invested in Nigerian-based Baobab, the vision was clear—to support a financial services provider that could empower small and medium-sized enterprises (SMEs) across Africa. Now, after years of strategic guidance and transformation, Apis Partners has signed binding agreements to fully exit its stake, marking its ninth and penultimate full divestment.

The stake is being acquired by Beltone Capital, a wholly owned subsidiary of Beltone Holding, one of the MENA region’s leading financial services providers. With this transaction, combined with purchases from other shareholders, Beltone secures a majority position in Baobab, reinforcing its commitment to expanding its presence in high-growth African markets. The deal, which was advised by Enexus Finance, remains subject to regulatory approvals.

For Baobab, this transition signals the next phase in its evolution. Under Apis Partners’ ownership, the company underwent a transformation that positioned it as a leader in financial services for underserved communities. Apis played a crucial role in reshaping Baobab’s leadership, appointing an experienced CEO, CFO, and CTO to drive long-term growth.

At the same time, it also spearheaded a comprehensive upgrade of Baobab’s technology infrastructure, ensuring the company could scale efficiently to meet growing demand. By streamlining operations and restructuring its geographical footprint, Apis helped Baobab optimize its efficiency and expand its suite of digital financial products, enabling it to better serve millions of SMEs and individuals in seven African markets.

Reflecting on the exit, Matteo Stefanel, co-founder and managing partner at Apis Partners, emphasized the firm’s long-standing commitment to financial inclusion. “Since the inception of the firm, Apis’ funds have invested in businesses that prioritize financial inclusion. We are proud of the role our team has played in helping Baobab leverage technology to promote financial inclusion across Africa, empowering individuals and SMEs who may not have had access to traditional banking systems previously. We are confident that the impact created in these communities during the fund’s investment will continue to thrive under Beltone’s stewardship.”

With Beltone’s acquisition of Baobab, the company is poised for further expansion and innovation. Beltone Holding’s Group CEO and Managing Director, Dalia Khorshid, highlighted the strategic significance of the transaction, describing it as a major step in the company’s regional expansion efforts. “This strategic acquisition marks a significant milestone in our data-driven regional expansion into high-growth African and emerging markets, reinforcing our commitment to financial inclusion and impactful product offerings.”

“Baobab’s strong market presence enhances our ability to provide innovative financial solutions, fostering its growth, enhancing its digital capabilities, and expanding its client base with scalable, technology-driven services that drive economic empowerment,” he continued.

For Apis, exits like this one serve as proof that its investment philosophy works—identify a company with strong fundamentals, provide the resources to accelerate growth, and ensure that it is in a position to continue thriving long after the investment cycle is complete.

Udayan Goyal, co-founder and managing partner at Apis Partners, underscored this legacy, stating, “Baobab has been a leader in providing vital financial services to the underserved SME market, which has often faced significant challenges accessing the financing needed to grow. Apis has supported Baobab in successfully bridging this gap, enabling SMEs to develop, create jobs, and support the local economy. We look forward to continuing to follow the Baobab story as it moves forward under the expert guidance of Beltone.”

Apis Partners, founded in 2014, specializes in growth equity investments at the intersection of financial services and technology. As an ESGI-native private equity and venture capital asset manager, it has built a reputation for supporting businesses that drive financial inclusion and economic empowerment. The firm with assets under management totalling approximately USD 2.3 B, provides catalytic growth capital to financial services and technology businesses worldwide.

With Baobab’s well-established market position and Beltone’s ambition for regional growth, this acquisition is set to unlock new opportunities for financial inclusion, digital transformation, and economic empowerment. As Beltone Holding takes the reins following regulatory approvals, all eyes will be on how it leverages Baobab’s robust market position to further drive financial inclusion in Africa.