Nigerian digital bank Umba raises $15m Series A funding
Nigerian digital banking platform Umba has raised $15 million in a Series A funding round.
The round was led by VC firm Costanoa Ventures and saw participation from Lux Capital, Lachy Groom, Act Venture Capital, Streamlined Ventures, Palm Drive Capital, Chandaria Capital and Banana Capital, as well as Monzo co-founder Tom Blomfield.
Umba has now raised a total of around $17.5 million to date.
The firm bills itself as a customer-centric, mobile-first digital bank that increases access to financial tools, including current accounts, bill payments, loans, cashback, P2P payments and bank transfers.
The fintech says it has done away with predatory fees and minimums, giving customers across Africa control over their financial lives by ensuring affordable and widely available financial services.
Headquartered in San Francisco and operating out of the Nigerian capital Lagos, the company was founded in September 2018 by CEO Tiernan Kennedy and chief financial officer (CFO) Barry O’Mahony.
Kennedy tells TechCrunch that following the Series A the company intends to launch in Egypt, Ghana and Kenya as well as roll out new financial products including debit cards, savings accounts and stock trading.