Umba, a digital bank for emerging markets and aiming first at Africa, has secured a $2 million seed funding round from new investors including Lachy
What happened
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Why it matters
Currently operating in Kenya and Nigeria, Umba offers a digital financial service alternative to legacy African banks. Its mobile app gives customers a free checking account, free instant peer-to-peer money transfers, lending, deposits, BillPay and cash back. This is in contrast to the generally high-cost barriers found among traditional banking institutions in African countries.
Right now it’s available in Kenya and Nigeria, which have a combined population of over a quarter of a billion people.
Umba competes with Kudao, Carbon, Eversend and “Chip or cash” methods.
This news brief is based on reporting published by TechCrunch on 2020-12-17. The original report is linked below.
TechCrunch
https://techcrunch.com/2020/12/17/umba-a-digital-bank-for-emerging-markets-raises-2m-seed-funding-to-expand-across-africa/This independent news brief is based on the public source identified above. It is an original summary or translation, not a reproduction of the source article. Rights in source text, research, trademarks and images remain with their respective owners; images are used under the licence or permission identified in the credit. Rights holders may contact rights@goodproductasia.com with evidence of ownership. Verified concerns will be corrected, replaced or removed promptly. This report is not investment, legal, medical or purchasing advice.
