Investors include Tom Blomfield, the co-founder of Monzo, and previous backers Lachy Groom and ACT Ventures. New investors such as Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures participated, while VC firm Costanoa Ventures led the round. The fintech has raised a total of USD 17.5 million to date.
The new funding sees the company ready to launch in new markets, including Egypt, Ghana, and Kenya, where mobile money is prominent.
Umba will also make some expansions product-wise rolling out debit cards, savings accounts, and stock trading in the next 18 months.
Umba said it brings a wide range of transparent and accessible financial products to those underserved by legacy banks across Africa.
Its features include free bank accounts, interbank transfers, peer-to-peer transfers, and bill payments. Umba said it operates the credit-led model pioneered by Nubank, where it first solves the problem of liquidity for customers before upselling them on a broad spectrum of banking products.
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