Nigerian Digital bank Umba raises $15M, plans to expand into three new African markets

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Umba, the digital bank for emerging markets today, announced a $15 million Series A to continue rapid growth in Nigeria and expand into new African markets. The news comes almost two years since the fintech raised a seed round of $2 million.

Umba brings a wide range of transparent and accessible financial products to those underserved by legacy banks across Africa — only 43% of the region’s population are account holders at financial institutions.

The African digital banking platform offers customers an unparalleled, full mobile banking application, opening up a range of new financial services that are transparent, low fee, and informed by analytics to intelligently service customers. Features include free bank accounts, interbank transfers, peer-to-peer money transfers, bill payments and credit products. Umba plans to launch virtual debit cards and savings accounts soon- without needing to levy punitive fees.

According to the CEO, the new funding will allow Umba to expand its operations and product offerings in Nigeria and prepare to launch in new markets. Over the next 12 months, Umba is set to roll out new products, including debit cards, savings accounts and stock trading, to enable their customers to take control of their financial lives.

Umba CEO Tiernan Kennedy commented, “This is a great milestone for Umba, and we’re excited to bring in new partners to fuel our growth. Mark Selcow at Costanoa Ventures is a seasoned operator and investor who brings extensive company building experience to our Board. There is great potential for Umba to provide useful, accessible products and services that financially empower underserved customers. We see huge growth potential in Nigeria as well as some exciting new markets – we’ll have more on that later this year”.

Umba has recently added several key hires from established fintech companies to their team. Executives include the ex-CFO of Interswitch (Nigeria’s first unicorn), the CTO and CAO from Calypso Technology, and senior staff from Carbon and Zynga. They will continue to hire top talent across the company to support its strong growth throughout the year.

“This investment allows us to continue to hire the best people across banking and Fintech to build something new from the ground up, centred around our customers’ everyday needs. Over the past year, we’ve experienced rapid growth in our customer base and payment volume, which validates just how much customer demand is in the market for our product.” expressed CFO and Co-Founder, Barry O’Mahony.

Source: Business Insider Africa

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