Umba, Digital Banking Platform Secures N6.2 Billion Funding to Expand Across Africa
- Umba Digital bank has secured over N6 billion funding in its bid to expand across the African continent
- The fund came from a plethora of backers led by Nubank which say they believe in the prospect that Umba provides
- Umba joins the likes of Kuda and Sparkle in the digital banking space in Nigeria where experts say there is a lot of opportunities
Nigerians are being spoilt for choice when it comes to digital banking in the country. Like Kuda, which seeks to revolutionise digital banking in Nigeria is driving others to make incursions into the space originally reserved for Kuda.
The market share for Kuda seems to be shrinking but experts believe Kuda may still hold the ace having been the first to enter the space.
Source: UGC
Umba joins Kuda, others in the digital banking space
Recently, a new digital banking platform in Nigeria, Umba announced it has secured a $15 million Series A funding to extend its financial services products to populations that remained underserved across the African continent.
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This follows the $2 funding it secured in 2020, which brings the total funding to date to $17.5 million.
Leading the round are Nubank and other investors like Tom Bloomfield, co-founder of Monzo and former backers Lachy Groom and ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital, among others.
What Umba intends to do with the funding
Umba said the funding will let the firm test out the interoperable digital experience across markets in Africa as it readies itself to launch in the new markets like Egypt, Ghana and Kenya with high mobile money market.
Tiernan Kennedy said that Umba is employing a customer-first approach, instead of usual banking systems and building them specifically for each customer, he told TechCrunch.
He said the bank designed nucleus banking systems from scratch and deliver a custom-made experience for the customer in both banking and mobile money markets.
What they are saying
Kennedy stated that the company will make some products for expansion as it rolls out debit cards, savings accounts, and stock trading in the coming months, saying that the company has solved some credits and spending as it pivots to savings and investments and creating new market frontiers.
Moove Secures N43.5 billion funding to scale across Africa, Middle East, Asia and Europe
Legit.ng has reported that Nigeria-based Africa mobility fintech firm, Moove has secured over N43 billion in new funding to give vehicle financing to drivers of ride-hail companies like Uber and gig networks in seven new frontiers across the Middle East, Africa, Asia and Europe in the next six months.
This comes after the startup got N4.15 billion in February and another N9.5 billion in August 2021 last year.
The company stated that the funds will give its freelancers in other vehicle categories like tricycles and buses the needed leverage to accelerate the businesses.
Source: Legit.ng
