Tuesday
December 22
2020

Umba, a Digital Bank for Emerging Markets, Raises $2 Million Seed Funding to Expand Across Africa

By Mike Butcher

Umba, a digital bank for emerging markets and aiming first at Africa, has secured a $2 million seed funding round from new investors including Lachy Groom, ex-Head of Issuing at Stripe; Ludlow Ventures; Frontline Ventures and Act Venture Capital.

Currently operating in Kenya  and Nigeria, Umba offers a digital financial service alternative to legacy African banks. Its mobile app gives customers a free checking account, free instant peer-to-peer money transfers, lending, deposits, BillPay and cash back. This is in contrast to the generally high-cost barriers found among traditional banking institutions in African countries.

Photo courtesy of Priscilla Du Preez.

Source: TechCrunch (link opens in a new window)

Categories
Finance, Technology
Tags
digital banking, emerging markets, financial inclusion, financial services, mergers and acquisitions, mobile money