Nigerian digital banking platform Umba has raised $15 million in a Series A funding round led by VC firm Costanoa Ventures and Lux Capital, Lachy Groom, Act Venture Capital, Streamlined Ventures, Palm Drive Capital, Chandaria Capital, Banana Capital and Tom Blomfield.
Umba is a customer-centric digital bank that increases access to financial tools while eliminating predatory fees and minimums, empowering customers across Africa to control their financial lives by ensuring affordable, efficient, and widely available financial services.
Umba’s mission is to be the largest African bank, offering bank accounts and other key banking services to their growing customer base. They want to make users’ lives easier to interact with banks and mobile networks and provide a transparent service with informed analytics which help users take control of their financial lives.
Umba is backed by leading venture capitalists, including Costanoa Ventures, Palm Drive Capital, Ludlow Ventures and Lux Capital.