Zambian neobank Lupiya has successfully secured US$8.25 million in Series A funding to scale operations in its home market and in new ones.
Founded in 2016, Lupiya works to bridge the financial inclusion gap by offering easy-to-use, technology-driven financial solutions to the unbanked and underbanked populations in Zambia.
Its US$8.25 million Series A round was led by Alitheia IDF Fund, with substantial participation from INOKS Capital SA and the German Investment Bank KfW DEG. The funding will be channeled into enhancing Lupiya’s technological infrastructure, expanding its range 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 for 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 own objectives,” she said.