Irish fintech startup Umba has raised an undisclosed amount of funding to give micro-loans to emerging markets in Africa. The round which was led by two Irish venture capital firms will make it possible for the Kenya and Uganda-based firm to lend up to USD 1.19 Mn.
Umba has also secured investments from Bloom Equity, a group of angel investors operating under the Halo Business Angel Network umbrella group. It is believed that the financial syndicate was chaired by Brian McDonald from Bay Advisory.
The fintech company which was founded by former Munster rugby professional Barry O’Mahony and Tiernan Kennedy, secured the said funding in the form of an equity investment from ACT Venture Capital and Frontline Ventures.
The firm was established to address the needs of Africa’s rapidly growing mobile payments space and debt market. With 170,000 customers in the continent, Umba, with the new funding round, looks to reach out to more of the many who lack access to fundamental banking initiatives. With Umba’s smartphone app, people from across the continent can borrow money for various uses.
Umba, with the new funding round, looks to reach out to more of the many who lack access to fundamental banking initiatives. With Umba’s smartphone app, people from across the continent can borrow money for various uses.
The firm which recently launched a new online Point-of-Sale solution is joining forces with some e-commerce companies in Africa to increase customer access to online good and services. Founded in March 2017, Umba allows users to apply, receive and repay micro-loans using machine learning to underwrite accurate risk scores that improve with time.
At press time, WeeTracker is yet to receive response from Umba.