Zambian fintech Lupiya has raised $8.25 million in a Series A funding round led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
The company plans to use the funds to enhance its technological infrastructure, expand its range of financial products, and scale its operations to reach more customers.
Lupiya was founded in 2016 with the mission to close the financial inclusion gap in Zambia by providing simple, technology-driven financial solutions to the unbanked and underbanked.
The company offers a range of products and services, including mobile banking, online loans, and bill payments.
Lupiya has seen rapid growth in recent years. In 2022, the company processed over $200 million in transactions and grew its customer base by 200%.
The company is now one of the leading neobanks in Zambia, with over 1 million customers.
The Series A funding round is a significant milestone for Lupiya and validates its business model.
The company’s growth is being driven by the increasing demand for digital financial services in Zambia.
According to the World Bank, over 60% of Zambians are still unbanked or underbanked.
The Series A funding round will help Lupiya capitalize on these opportunities and further its mission to close the financial inclusion gap in Zambia.