A $8.25 million Series A funding has been secured by Zambian Neobank, Lupiya, for expansion into new markets and its home market.
INOKS Capital SA and the German Investment Bank KfW DEG both made significant contributions to the Series A round, which was led by Alitheia IDF Fund. The funding will be used to upgrade Lupiya’s technology foundation, broaden its selection of financial products, and scale its operations to serve more clients.
Lupiya was founded in 2016 with the aim of closing the financial inclusion gap by providing simple, technologically advanced financial solutions to the country’s unbanked and underbanked citizens.
During a recent trip to Zambia, US Vice President Kamala Harris praised Lupiya’s work, saying, “Providing capital to women helps them increase the economic status of their families and their communities.”
Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, speaking on the funding, said that the startup is now better positioned to extend its operations and broaden its impact not just in Zambia but also in the larger Southern and East African region.
“This Series A investment represents an important turning point in our quest to keep serving our consumers and the chance to continue offering comprehensive financial solutions. The Lupiya team has put in a lot of effort and is looking forward to the next stage of our expansion.
Polo Leteka, founder of South Africa-based financial service firm IDF Capital, and a co-managing partner of Alitheia IDF Fund, said she believed the funding would better equip Lupiya to make financial services accessible to many more Zambians.
“We have always been on the lookout for startups that are at the cusp of making a significant impact in the financial sector of Africa. Lupiya’s vision and dedication to financial and gender inclusion resonates deeply with our own objectives,” she said.
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