FUNDING | Zambia’s NeoBank, Lupiya, Raises $8.25 Million in Series A to Support Expansion

Lupiya, a Zambian fintech neobank has secured $8.25 million in Series A funding to support the expansion of its operations within its home market and into new markets.

In a Linkedin post, the startup, established in 2016, reiterated its commitment to narrowing the financial inclusion gap for Zambian citizens by providing user-friendly, technology-driven financial solutions to the unbanked and underbanked communities.

In the heart of Ngombe Community, Zambia, seven years ago, a remarkable journey began with just K6800 and a group of determined women. Today, Lupiya, a pioneering neobank, stands strong, having raised $8.25 million in a Series A funding round.

This significant achievement is a testament to the transformative power of resilience and community spirit.

– Lupiya

The series A funding round was spearheaded by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG. This funding injection will be allocated toward:

• Improving Lupiya’s technological infrastructure
• Diversifying its portfolio of financial products, and
• Expanding its operations to reach a broader customer base

“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,” said Evelyn Chilomo Kaingu, Co-Founder and CEO of Lupiya.

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,” the CEO added.

Polo Leteka, the founder of IDF Capital, a South Africa-based financial service firm, and co-managing partner of Alitheia IDF Fund, expressed her belief that this funding would empower Lupiya to enhance its capacity in making financial services more accessible to a broader segment of the Zambian population.

“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.

Lupiya operates as an online marketplace for microloans, offering an innovative digital microfinance platform. Leveraging technology, Lupiya simplifies the borrowing process, making it accessible to individuals and businesses across the country, including those in remote, rural areas.

Lupiya distances itself from traditional lenders by being accessible to marginalized and unbanked communities and offering lending practices that are transparent and fair. More than profit, the startup is driven by creating a landscape that promotes an economically empowered Zambia.

Lupiya boasts an impressive list of backers, including industry giants like:

• Mastercard
• Google
• The World Bank, and
• The UN International Trade Center