Pickup: into Africa: IRISH START-UP WINS FUNDING TO EMERGING MARKETS
News Sumamari: Finch -based digital banks are based in San Francisco FinTech Startup UMBA to expand the product function in Kenya and Nigeria, which currently provide services, to expand the product function of $ 2 million.I procured.
The round was led by Lachy Groom and Ludlow Ventures, formerly issued by Stripe, and newly joined FrontLineventures and Activenture Capital.Ludlow Ventures is the first investment in the African market.With the funds raised this time, the services provided in these two markets will be expanded within the next few months, and the addition of debit cards is planned.
Detailed information: UMBA provides digital financial services to replace the African Legacy Bank.UMBA's mobile apps provide free of charge accounts and peer -to -pier, which are high -cost financial services, and provide lending, deposits, payments, and cashback.
Background: UMBA provides services Kenya and Nigeria are countries that lead the African FinTech scene, with a total of 2 population..More than 500 million.In Africa, which has a bank account holding rate of less than 20%, the Nigerian bank account holding rate is more than half, higher than the surrounding countries, but in Kenya, the remittance service M, a remittance service using mobile phones.-Pesa's transactions have exceeded 40 % of GDP, and the environment surrounding the financial services of both countries is completely different.
Writing: Kaori Kabasawa / Edit: Kinyo Iwakiri