Digital bank Umba raises $15M, plans to expand into three new African markets
submitted about 4 years ago by taya
submitted about 4 years ago by taya
- Umba, a digital banking platform in Nigeria, has raised $15 million in Series A funding to provide financial services to underserved markets in Africa.
- The company offers free bank accounts, interbank transfers, peer-to-peer transfers, bill payments, and loans with a focus on using customer data for credit products.
- The funding will help Umba expand to new markets like Egypt, Ghana, and Kenya, and introduce new products like debit cards, savings accounts, and stock trading in the next 18 months.
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