Kuunda Raises USD 7.5 M Pre-Series A To Expand Embedded Lending Across Africa, MENA

Cape Town-based fintech Kuunda has secured USD 7.5 M in Pre-Series A funding to expand its embedded digital lending platform across Africa and the MENA region.

Founded in 2018 by Andrew Milne and team, Kuunda provides Lending-as-a-Service (LaaS) solutions, embedding overdraft and working-capital products into mobile money, e-commerce, and gig-economy platforms. The startup had previously announced a USD 2 M seed round in 2022.

By analysing billions of data points, it enables banks to lend sustainably while giving underserved users, from agents to micro-SMEs and consumers, access to tailored credit.

The round drew backing from Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Ventures, Nedbank, and E4E Africa.

Kuunda has already scaled from Tanzania and Pakistan into Uganda, Malawi, Kenya, and Mozambique, powering USD 3 B+ in loans and reaching over 10 million end users. The new capital will fund expansion into new markets and product innovation.