To expand its operations in both its home and new markets, Zambian neobank Lupiya has increased the size of its Series A funding round to US$11.25 million.
Founded in 2016, Lupiya provides simple, technologically advanced financial solutions to Zambia’s underbanked and unbanked populations in an effort to close the financial inclusion gap.
According to media reports from September of last year, INOKS Capital SA and the German Investment Bank KfW DEG significantly contributed to the startup’s US$8.25 million Series A fund, which was led by Alitheia IDF Fund.
The US $11.25 million that was originally planned for that Series A round will now be used to improve Lupiya’s technology infrastructure, increase the number of financial products it offers, and scale its business to reach a wider audience.
“This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions. The team at Lupiya has worked hard and is excited for the new phase of our growth. With the support of Alitheia IDF, INOKS Capital, Mastercard, and Kfw DEG, we are better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region,” said Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya.
