Egyptian Fintech Qardy Secures Pre-Seed Investment to Boost Lending Platform
Egyptian fintech startup Qardy has announced a significant boost to its operations after securing a seven-figure US dollar pre-seed investment.
August 7, 2024
New Investments
Kenya's Digital Bank Umba Secures $5 Million to Drive Pan-African Growth
Kenyan-based digital bank Umba has secured a $5 million debt facility from Star Strong Capital to accelerate its growth and reach more customers across Africa.
Founded to address the lack of accessible banking for underserved populations, Umba offers digital financial services tailored to African consumers and small businesses.
Users can access zero-fee current accounts, low-cost money transfers, bill payments, and loans through its mobile platform.
The company uses customer data to create personalized credit products, making it easier for users to borrow and repay via their phones.
The company uses customer data to create personalized credit products, making it easier for users to borrow and repay via their phones.
Since its initial launch in Nigeria, Umba has grown rapidly and moved its headquarters to Kenya in 2023.
This latest funding aims to boost Umba’s lending capacity and help it attract more customers across the continent.
This latest funding aims to boost Umba’s lending capacity and help it attract more customers across the continent.
The bank’s monthly revenue increased by 19% in 2024 and has recorded a sixfold revenue jump over the past year. Much of this success has come from its vehicle and SME lending products.
“Our move into Kenya has gone better than expected,” said Tiernan Kennedy, Umba’s co-founder and CEO.
“Our move into Kenya has gone better than expected,” said Tiernan Kennedy, Umba’s co-founder and CEO.
“We’re proud to be the only fully digital bank in the market, offering fast, reliable, and tailored financial services. With this new funding, we’ll continue expanding and improving banking access for more people.”
Star Strong Capital, the financier behind the deal, praised Umba’s approach to digital banking.
“This investment goes beyond just funding—it’s a step toward strengthening financial inclusion in Africa,” said Spring Hollis, Star Strong Capital’s founder and CEO.
Star Strong Capital, the financier behind the deal, praised Umba’s approach to digital banking.
“This investment goes beyond just funding—it’s a step toward strengthening financial inclusion in Africa,” said Spring Hollis, Star Strong Capital’s founder and CEO.
“Umba’s model is designed around customer needs, and we’re confident they’ll play a significant role in shaping the future of fintech in the region.”
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