With a primary mission to bridge the financial inclusion gap in the underserved populations in Zambia, neobank Lupiya has secured significant Series A funding to scale operations in its home market and in new ones.
Founded in 2015, Lupiya operates as an online marketplace for microloans, offering an innovative digital microfinance platform. Leveraging technology, Lupiya simplifies the borrowing process, making it accessible to individuals and businesses across the country, including those in remote, rural areas.
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The funding, totalling $8.25 million, follows a prior investment of $1 million from Enygma Ventures in 2020, signalling Lupiya's continued growth and impact in the financial sector. It was led by the Alitheia IDF Fund and participation from INOKS Capital SA and the German Investment Bank KfW DEG.
According to the startup, the funds raised will be strategically channelled to enhance Lupiya's technological infrastructure, expand its range of financial products, and expand its operations, enabling the neobank to serve a broader customer base.
Lupiya boasts an impressive list of backers, including industry giants like Mastercard, Google, The World Bank, and the UN International Trade Center.