Zambian Micro-Finance Startup Lupiya Secures $8.25 Million in Series A Round to Scale Operations
Lupiya, a Zambian venture-backed fintech startup that provides online loans, has secured US$8.25 million in series A funding to scale operations in its home market and new ones.
The series A round was led by Alitheia IDF Fund, with substantial participation from INOKS Capital SA and Investment bank KfW DEG.
Lupiya disclosed that the funding will be channeled into enhancing its technological infrastructure, expanding its range of financial products, and scaling its operations to reach more customers.
Speaking on the funds raised, Co-Founder and CEO of Lupiya said,
“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. 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”.
Also speaking on the funding round, Polo Leteka, founder of South Africa-based financial service firm IDF Capital, and co-managing partner of Alitheia IDF fund, said she believed the funding would better equip Lupiya to make financial services accessible to many more Zambians.
“We have always been on the look out 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 objectives”, she added.
Founded in 2016, Lupiya was launched to foster financial inclusion in Zambia by simplifying borrowing processes and requirements.
Lupiya products include personal loans (up to K20,000), Working capital loans (Up to K1 million), and Lupiya for women, a growth partner for small-scale female-run businesses.
The startup’s mission is to bridge the financial inclusion gap in Zambia, by offering technology-driven financial solutions to the unbanked and underbanked populations.
Lupiya has steadily risen as a prominent figure in Zambia’s Fintech scene and has an impressive list of backers and partners that includes The World Bank, Mastercard, The UN International Trade, Amazon Web Services and Google Cloud.
Lupiya’s goal is to expand access to credit and lower the cost of borrowing for millions of Zambians.
The Fintech startup aims to level the playing field for all Zambians by offering low-cost lending products and attainable options for security.
It distances itself from traditional lenders by being accessible to marginalized and unbanked communities and offering lending practices that are transparent and fair.
