Zambian neobank Lupiya gets $8.25m in funding
Lupiya, a Zambian neobank, has successfully raised $8.25 million in Series A seed capital.
Alitheia IDF Fund spearheaded the funding, with significant participation from INOKS Capital SA and the German investment bank KfW DEG.
Since its inception in 2016, the neobank has steadily gained traction in Zambia's fintech industry, with backers including Mastercard, Google, The World Bank, and the United Nations International Trade Centre.
Lupiya says its primary purpose is to close the financial inclusion gap in Zambia by providing simple, technology-driven financial solutions to the unbanked and underbanked communities.
“This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions," said Evelyn Chilomo Kaingu, co-founder and CEO, Lupiya.
“The team at Lupiya has worked hard and is excited for the new phase of our growth. With the support of Alitheia IDF, INOKS Capital, Mastercard, and Kfw DEG, we are better poised to scale our operations and deepen our footprint, not just in Zambia, but also in the broader southern and east African regions."
Polo Leteka, founder, IDF Capital, and a co-managing partner of Alitheia IDF Fund, said: "We have always been on the lookout for startups that are at the cusp of making a significant impact in the financial sector of Africa. Lupiya's vision and dedication to financial and gender inclusion resonates deeply with our own objectives. We believe that with this funding, they will be better equipped to make financial services accessible to many more Zambians."
Vincent Malekani, country director: Zambia and Malawi, Mastercard stated, “By integrating Mastercard's payment rails into the Lupiya platform, we are not only enhancing transaction efficiency for users but also building a more inclusive financial ecosystem in Zambia.
“Partnerships of this nature support Mastercard’s global commitment to bring 1 billion people into the digital economy by 2025, including 25 million women entrepreneurs.”