Kenya-based digital bank Umba raises US$2m seed funding to expand product range

KENYA – Kenya-based digital bank for emerging markets Umba has announced a US$2 million seed funding round to help it expand product capabilities. Currently operating in Kenya and Nigeria, Umba offers a safe, transparent and accessible digital financial service alternative to legacy African banks. The full service digital banking app is bringing the next generation of financial services to the under served and rapidly emerging markets that exists in Africa. Investors in its US$2 million seed round include Lachy Groom, ex-head of issuing at Stripe, as well as Ludlow Ventures, Frontline…

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Digital lending platform Indicina raises funding round for product development

NIGERIA – Indicina, an Africa-focused digital lending platform that digitises the credit value chain, has raised a six-figure US dollar funding led by Green House Capital an investment company, with roughly 30% of the round as it looks to further build out its product. Chief executive officer (CEO) Yvonne Johnson the funding would be used mainly for product development, in areas such as engineering and artificial intelligence (AI), as the startup looks to build on already-impressive uptake. Indicina raised US$100,000 in capital last year, and recently closed a new, larger…

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