LUPIYA, a prominent neobank in Zambia’s fintech landscape, has achieved a significant milestone by securing $8.25 million in a Series A seed funding round. The fundraising effort was spearheaded by Alitheia IDF Fund, a private equity fund known for its gender lens investment approach, and also witnessed participation from Inoks Capital SA and the German investment bank KfW DEG.
This substantial injection of capital is earmarked for several key initiatives within Lupiya’s strategic roadmap. The primary areas of focus include bolstering the neobank’s technological infrastructure, diversifying its portfolio of financial products, and expanding its operational footprint to cater to a wider customer base.
Founded in 2016, Lupiya has consistently emerged as a prominent player in Zambia’s fintech ecosystem. The neobank boasts an impressive roster of supporters, including industry giants like Mastercard, Google, The World Bank, and the UN International Trade Centre.
Lupiya’s core mission centres on narrowing the financial inclusion gap by offering user-friendly, technology-driven financial solutions to Zambia’s unbanked and underbanked populations. The neobank’s commitment to this objective recently earned recognition from US Vice President Kamala Harris during her visit to Zambia. Vice President Harris remarked, ‘Providing capital to women helps them increase the economic status of their families and their communities.’
Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, expressed her enthusiasm regarding the successful funding round, stating, ‘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. 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 region.’
The funding infusion is expected to empower Lupiya to continue its mission of financial inclusion and innovation, benefitting a wider segment of the Zambian population while extending its reach across the Southern and East African regions.