LeapFrog hops into £2.8m deal

Social investment fund LeapFrog has invested $4.25 million (£2.8m) in a company that provides mobile insurance services to almost four million people across Africa and Asia.

The deal, brokered through the firm’s Edinburgh office, has seen it take a “significant” minority stake in Bima, which launched in 2010 and lets low-income customers buy products such as life and health insurance from as little as 13p a month over their mobile phones.

LeapFrog partner Stewart Langdon said: “Bima has a highly innovative model, using mobile phones to bring transaction costs down and enable people to buy the products that they desperately need.

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“We’ll be helping them to expand into new markets and products. We’re very optimistic that together we’ll be able to serve millions more customers.”