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Bitcoin start-ups likely to emerge in Asia
Asian market is increasingly becoming the hotspot when it comes to financial technology investment, as the region has witnessed growth in remittances while banking sector in some countries is still not well developed. This discrepancy makes room for bitcoin opportunities in the future.
Apis Partners, a startup founded last year, raised $150 million in funding for its private equity house that seeks to invest in financial services across Africa and South Asia. It has already started deploying capital while it continues to look for more investors. Moreover, it is in a position to put some of its funds in bitcoin start-ups in the region.
The speed of Apis's fundraising clearly shows how supporters of private equity are keen on funds that are channelized to specific sectors and untapped markets, as reported by FT. The firm itself aims to provide support to budding players in finance, investment, insurance, and other sectors.
"We felt the real sweet spot for financial services in emerging markets was $20m to $40m, using growth equity rather than buyout capital," said Udayan Goyal, co-founder of Apis. "People now understand you can't be a jack of all trades. You need to specialise," added co-founder Matteo Stefanel.