African Fintech Pngme Closes USD 15 Mn Series A Round

Pngme, a platform that distributes users’ data to financial institutions and fintech startups via its API and machine learning architecture, has raised USD 15 Mn in a Series A round. European VC firm Octopus Ventures led the round. Other participants were Raptor Group, Lateral Capital, EchoVC, Future Africa, Two Small Fish Ventures, and US-based early-stage VC firm for immigrant-founded startups, Unshackled Ventures. The round also included several angel investors, including Hayden Simmons, Dan Kahn, Richard Talbot, and Kyle Ellicott of Intersect VC. 

Pngme focuses on providing actionable financial data to assist digital banks and credit platforms build products, improve customer service, and analyze financial behavior. The fintech is currently operating in Kenya, Nigeria, and South Africa. The firm intends to use the funds to grow its personnel and expand its customer base.