By Tom Jackson
Arjuna Costa left a lucrative career on Wall Street to start funding microfinance organisations in Sub-Saharan Africa, and now he is part of the team that heads up US$500m fintech venture fund Flourish.
A Harvard alumnus who worked for Lehman Brothers in the 1990s, Costa helped back microfinance firms with a focus on countries such as Zimbabwe and Uganda, and then began advising governments on restructuring and privatising banks in Africa. He then built a private equity fund based on the turnaround of underperforming banks.
He told Disrupt Africa the move into investing in tech startups came after a realisation that tech was now a valid tool to solve the challenges he had been working on over the previous 10 years.
“I found that I could bring a unique perspective to investing, with my deep understanding of consumer challenges and their complex relationships to money, as well as the structural and economic challenges for banks to serve the mass market,” he said.
“At the start of this decade, it was clear that something was changing with the early green shoots from M-Pesa and other signals from the growth of mobile across emerging markets. Additionally, the economics of scaling a mass market business Click here to read entire article