Established in 2009, the $135M LeapFrog Financial Inclusion Fund has empowered and defended low-income and marginalized communities in the global south by providing them innovative financial services and insurance products.  

LeapFrog’s Financial Inclusion Fund invested in companies providing tailored insurance products—such as life insurance, health insurance and agriculture insurance—to those otherwise unable to access such services. These low-cost insurance products help communities access additional services that would otherwise be unavailable to them, or better navigate the risks posed by unexpected financial shocks (e.g., health crisis, weather event).   

Microinsurance is an important accompaniment to other poverty fighting tools, like microfinance. However, insurance providers in low-income countries have typically targeted middle- and higher-income communities. LeapFrog has showcased for the insurance industry the financial opportunity in developing sustainable microinsurance products for vulnerable individuals and families.  

SEDF invested in Leapfrog’s first fund, created to deliver high quality, low-cost financial services, primarily insurance, to low-income, underserved and/or marginalized populations, particularly those with health conditions (including HIV AIDS) or those typically excluded on the basis of race, caste, religion, ethnicity or gender.

In 2019, when SEDF exited, Leapfrog had reached more than 8 million people across 14 markets with 86 insurance and savings products. 70% of people reached were women and children. Leapfrog exceeded most its impact targets, and showed strong financial performance.

Based on the success of the first fund, Leapfrog has gone on to raise more than $3 billion (including managing $1 billion from Prudential Financial) across multiple funds in financial services, healthcare, and climate. In 2023, its portfolio companies reached 492 million people (5 percent of the world’s population), of whom 320 million are low income. These companies generate more than $4 billion in annual revenue, showing that it is possible to use market mechanisms to reach low-income populations.

This investment supported Open Society Foundations work on equitable access to financial inclusion and services for vulnerable and marginalized communities.