Lupiya, a Zambian venture-backed Fintech startup that provides online loans, has announced the raise of $8.25 million series A funding to expand into new markets.
The funding round was led by Alitheia IDF Fund, with participation from INOKS Capital SA and the German Investment Bank KfW DEG.
Lupiya will use the funds raised to enhance its technological infrastructure, expand its range of financial products, and expand its operations, enabling the Fintech startup to serve a broader customer base.
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Speaking on the funds raised, Co-Founder and CEO of Lupiya Evelyn Chilomo Kaingu 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 about 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, lead investor and co-managing partner of Alitheia IDF Fund Polo Leteka said,
“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. We believe that with this funding, they will be better equipped to make financial services accessible to many more Zambians”.
As fintech solutions continue to reshape the African financial ecosystem, Lupiya’s fresh capital infusion is yet another testament to the continent’s dynamic and evolving digital economy.
Founded in 2016, 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’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.
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’s mission is to foster financial inclusion in Zambia by simplifying borrowing processes and requirements. The startup believes that every Zambian should be accorded a fair opportunity to access financing