Zambia’s Lupiya raised $8.25 M Series A funding for expansion and growth

To expand operations in its home market and in new ones, Zambian neobank Lupiya has successfully raised US $8.25 million in Series A funding.

Lupiya, a Zambian company founded in 2016, aims to close the financial inclusion gap by providing simple, technologically advanced financial solutions to the country’s unbanked and underbanked citizens.

Alitheia IDF Fund led its US $8.25 million Series A round, with INOKS Capital SA and the German Investment Bank KfW DEG contributing significantly. The money will be used to upgrade Lupiya’s technological foundation, broaden its selection of financial products, and scale its operations to serve more clients.

“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 about 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.

The funding, according to Polo Leteka, founder of the South African financial services company IDF Capital and a co-managing partner of Alitheia IDF Fund, will enable Lupiya to provide financial services to a greater number of 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.