Lupiya Extends Series A To USD 11.25 M To Expand Digital Banking Beyond Zambia

Lupiya, a Zambia-based digital banking and lending platform, has extended its Series A round to USD 11.25 M in Series led by IDF Capital’s Alitheia IDF Fund, with participation from INOKS Capital and DEG.

Founded in 2016 by Evelyn Chilomo Kaingu, Lupiya targets Zambia’s unbanked and underbanked through digital lending, Lupiya Pay payments, and emerging embedded finance partnerships.

The round, nearly two years in the making following an initial USD 8.25 M Series A raise announced in 2023, will strengthen core technology, expand product offerings, and fund regional expansion into Southern and East Africa.