Zambian online lender Lupiya raises $8.3mn to expand footprint at home and abroad

By Thulani Mpofu September 21, 2023

Zambian neobank Lupiya has raised $8.25mn in Series A funding to scale operations in its home market and new ones on the African continent, it said on September 20.

Alitheia IDF Fund, an Africa-focussed investor, led the venture-backed finetech startup’s financing round, with substantial participation from INOKS Capital SA and the German Investment Bank KfW DEG. The funding will be channelled into enhancing Lupiya’s technological infrastructure, expanding its range of financial products, and scaling its operations to reach more customers.

“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,” said Evelyn Chilomo Kaingu, co-founder and chief executive officer of Lupiya.

“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.”

Founded in 2016, Lupiya works to bridge the financial inclusion gap by offering easy-to-use, technology-driven financial solutions to the unbanked and underbanked populations in the southern African nation.

Polo Leteka, founder of South Africa-based financial service firm Alitheia IDF Capital, and a 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 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.

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