Dealflow | January 5, 2021

Kenyan digital ‘neo bank’ Umba secures $2 million

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, January 5 – Financial inclusion efforts in Africa have been dominated by mobile money payment and transfer services and alternative credit apps. Now, neo-banks like those emerging in Europe and Latin America are entering the market (see, “Helping small businesses in emerging markets survive and thrive in 2021).

Kenya’s Umba offers free checking, savings and money transfer services in Kenya and Nigeria.

Umba’s seed round was backed by Ludlow Ventures, Frontline Ventures, Act Venture Capital as well as former Stripe executive Lachy Groom.