Tech

Nigerian digital banking startup, Umba, raises $15m in Series A funding to reach wider African markets

Published

2 years ago

April 18, 2022

A Nigerian digital banking startup, Umba, has secured a $15 million Series A funding to address the underserved markets in other African countries, after beating other contenders for the top prize.

Umba was in the Series A contest with the likes of Costanoa Ventures, Nubank, Monzo co-founder Tom Blomfield, and previous investors like Lachy Groom and ACT Ventures, Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures.

Founded in 2018 by the duo of Barry O’Mahony and Tiernan Kennedy, Umba regards itself as an “African digital bank that offers consumers free bank accounts and financial services.”

The winning pitch by Umba which was given by Kennedy did the magic for them.

“In both banking and mobile money sectors, we created fundamental banking systems from the ground up and can give a tailored experience for the consumer at the drop of a hat,” Kennedy said.

“We can take all of that open financial data and underwrite it at scale with these various fragmented payment and data types,” he added.

“In practice, this means we’re multi-currency, multi-country, and capable of handling a wide range of payment types. And all of this takes time. Then there’s the capacity to move really quickly against opponents.” Kennedy said.

Following a $2 million seed fund in 2020, the latest funding for Umba brings the total amount it has raised since inception to $17.5 million.

With the new capital, the company said it will be able to test an “interoperable digital banking experience across African markets, as well as its services in Egypt, Ghana, and Kenya.”

Related Topics:Featured Funding Nigerian Startup Umba Digital Bank

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Tech

African Union, Google Africa launch campaign to celebrate creative economy

Published

6 hours ago

May 3, 2024

Akanimoh Etim

The African Union has entered a partnership with Google Africa aimed at celebrating the continent’s thriving creative economy which has “fueled innovation, create jobs, and economic growth across Africa.”

Addy Awofisayo, Head of Music for Sub-Saharan Africa, who announced the collaboration, said Google Africa, having recognized this potential, decided to team up with the African Union to launch the #DiscoverMyAfrica Shorts Challenge, a month-long campaign of the continent’s rich diversity, heritage, and vibrant spirit.

“In celebration of Africa Month, YouTube creators across Africa are invited to share short videos capturing their unique perspectives using the #DiscoverMyAfrica hashtag,” Awofisayo said.

“The challenge encourages them to showcase various facets of African life, from music and art to food, fashion, and local landmarks.

“It will be a curated playlist of African-inspired music on YouTube Music that will fuel inspiration and accompanies these creative expressions.

“This initiative goes beyond celebration. #DiscoverMyAfrica empowers African youth to share their stories and rich cultural heritage globally.

“By providing a platform for African voices, the challenge fosters cultural exchange and positions Africa as a hub of creative energy.

“It’s about unlocking the vibrant future of Africa’s creative landscape, aligning with the vision of a digitally-enabled Africa harnessing its cultural wealth for economic growth and social progress.

“YouTube is committed to supporting the diverse voices and talents that make up Africa’s creative landscape,” said Awofisayo.

He added that the “initiatives provide valuable resources and platforms for African filmmakers, musicians, and content creators to share their stories and connect with global audiences.”

The #DiscoverMyAfrica Challenge is part of the African Union’s collaborative effort in driving innovation through strategic partnership with Google, through the Office of the Youth Envoy, Make Africa Digital (MAD) initiative.

The MAD initiative is implemented under the African Union’s Digital Transformation Strategy 2020-2030 which envisions an “integrated and inclusive digital society and economy in Africa that improves the quality of life of Africa’s citizens.

Tech

Nigeria’s food delivery startup Chowdeck raises $2.5m to optimise operations

Published

1 day ago

May 2, 2024

Akanimoh Etim

Nigeria’s on-demand food delivery startup, Chowdeck, has announced securing the sum of $2.5 million in seed funding that will enable it optimise operations and support its expansion plans into more cities across the country.

Femi Aluko, the CEO and co-founder of Chowdeck who made the announcement on Thursday, said the funds which came from investors including Y Combinator, Goodwater Capital, FounderX Ventures, Hoaq Fund, Levare Ventures, True Culture Funds and Haleakala Ventures, will will enable the startup to double down on its market leadership in the cities they are already operating in as well as lay the groundwork for further expansion into other Nigerian cities.

“We know that Nigerians love good food, and we just want to make it as easy as possible for them to access the food they desire,” Aluko said.

“Chowdeck was birthed to fulfil this purpose and we are committed to delivering truly excellent experiences for our customers, vendors and riders.

“We are pleased with the success we have achieved to date and excited to have raised these funds that will enable us to replicate that success in more parts of Nigeria, and add value to our customers, vendors, and riders in as many ways as we can,” Aluko added.

Chowdeck which was launched in Lagos in October 2021, allows customers to order meals from a variety of restaurants and have them delivered to their doorstep within 30 minutes.

A participant in the Y Combinator accelerator in 2022, Chowdeck has acquired more than 500,000 users and more than 3,000 riders, serving eight Nigerian cities including Lagos, Abuja, Ibadan, Port-Harcourt, Ilorin, Benin City, Abeokuta and Asaba.