Lupiya’s growth trajectory has attracted international attention, including a notable meeting with U.S. Vice President Kamala Harris during her visit to Africa.
Lusaka – Zambian fintech and neobank, Lupiya, is gearing up to enter the Nigerian market as part of its expansion strategy after solidifying its presence in Southern Africa.
Co-founder and CTO Muchu Kaingu made the announcement during the ongoing GITEX GLOBAL event in Dubai, United Arab Emirates.
Speaking on the sidelines of the event, Kaingu revealed that Lupiya recently secured new funding to enhance its operations both at home and in new markets. The company, which was founded in 2016, aims to bridge the financial inclusion gap by offering AI-powered, technology-driven financial solutions to the unbanked and underbanked populations in Zambia.
Lupiya has raised over $14 million to date, with notable investors backing the fintech. In May 2024, the company won $50,000 for securing the top spot at the GITEX Africa Supernova Challenge in Morocco. The event, Africa’s largest technology and digital economy trade show, drew over 30,000 visitors.
“We leverage AI and over 200 alternative data points to provide a near-instant credit decision, setting us apart from traditional banks and multinational financial institutions,” Kaingu explained. “We started with just $500, and the lessons we’ve learned along the way have been invaluable.”
Lupiya’s growth trajectory has attracted international attention, including a notable meeting with U.S. Vice President Kamala Harris during her visit to Africa.
In 2023, the company raised $8.25 million in a Series A round led by Alitheia IDF Fund, with additional backing from INOKS Capital SA and Germany’s KfW DEG. This funding has been directed toward strengthening the company’s technological infrastructure and expanding its range of financial products. Lupiya is now raising an additional $10 million in a new Series A round to support its expansion into Nigeria.
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