Digital banking platform, Umba, has raised $15 million in its Series A round of funding, almost two years since it raised a seed round of $2 million.
Investors who took part in the funding include Nubank, Tom Blomfield, the co-founder of Monzo, Lachy Groom, ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital and Streamlined Ventures, and VC firm Costanoa Ventures.
According to the company, they will use the funding to prepare to launch in new markets, including Egypt, Ghana and Kenya. They will also make some expansions product-wise rolling out debit cards, savings accounts, and stock trading in the next 18 months.
Umba’s features include free bank accounts, interbank transfers, peer-to-peer transfers and bill payments. In addition to getting a no-fee current account, free payments and bill payments, Umba users can also access loans.
The fintech uses proprietary data generated by customers to offer credit products, and generates most of its revenues from charging consumers a monthly interest of 10%.
To date, the fintech has raised a total of $17.5 million.
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