Zambian fintech Lupiya has secured US$8.25 million in Series A funding to scale operations in its home market and new ones.
Lupiya intends to support all Zambians by offering low-cost lending products and attainable options. Its goal is to expand access to credit and lower the cost of borrowing for millions of Zambians for security.
Lupiya has distanced itself from traditional lenders by being accessible to unbanked communities and offering lending practices that are transparent and fair to marginalized Zambians. More than profit, It is driven by creating a landscape that promotes an economically empowered Zambia. Their contribution is to use fintech to bridge the financial gap.
Founded in 2016, Lupiya works to bridge the financial gap by offering easy-to-use, technology-driven financial solutions to the underbanked populations in Zambia. Its website was designed to convey a sense of mission and vision to become the preferred leader in micro-loans.
Lupiya’s US$8.25 million Series A round was led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG. The funding will be put into enhancing its technological infrastructure, expanding the number of financial products, and scaling its operations to reach more customers.
“This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions. The team at Lupiya has worked hard and is excited about the new phase of our growth. With the support of Alitheia IDF, INOKS Capital, Mastercard, and Kfw DEG, we are better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region,” said Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya.
Polo Leteka, founder of South Africa-based financial service firm IDF Capital, and a co-managing partner of Alitheia IDF Fund, said she believed the funding would better equip Lupiya to make financial services accessible to many more Zambians.
“We have always been on the lookout for startups that are at the cusp of making a significant impact in the financial sector of Africa. Lupiya’s vision and dedication to financial and gender inclusion resonates deeply with our objectives,” she said.