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Umba, a digital banking platform operating in Lagos, Nigeria, has raised USD 15 Mn in Series A funding. The news comes almost two years since the fintech raised a seed round of USD 2 Mn. New investors such as Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures participated, while VC firm Costanoa Ventures led the round. Other investors in the round include Tom Blomfield, the co-founder of Monzo, and previous backers Lachy Groom and ACT Ventures.
Umba seeks to bring a wide range of transparent and accessible financial products to those underserved by legacy banks across Africa. Its features include free bank accounts, interbank transfers, peer-to-peer transfers, and bill payments. The new funding will allow the company to test this out as it prepares to launch in new markets, including Egypt, Ghana, and Kenya, where mobile money is prominent.