Lupiya, a Zambian primarily based microfinance startup has acquired an funding of $1 million from Enygma Ventures, a US enterprise capital (VC) fund.
Based in 2015, Lupiya is an online marketplace for microloans. It’s a branch-less, modern digital microfinance platform that leverages know-how to make the method of borrowing less complicated and simpler so that folks and companies positioned throughout the nation even in rural, distant areas can entry monetary providers.
Loans are tailor-made to both private, enterprise, or for ladies.
The funding will allow Lupiya to additional its objectives in fostering monetary inclusion via its service provided, with a give attention to guaranteeing girls are in a position to take part within the financial system via its monetary inclusion technique.
The fintech startup is working arduous to shut the hole and supply entry to monetary providers to all.
Evelyn Kaingu, CEO and co-founder of Lupiya expresses her pleasure on receiving the funding.
“We’re thrilled with this funding, it has come on the proper time within the fascinating monetary local weather many companies are experiencing because of the Covid-19 pandemic,”
Statistics have revealed that an estimated 70% of Zambians don’t have entry to formal monetary providers resulting from missing the required collateral required to safe a mortgage. Lupiya’s aim is to offer this 70% of Zambians entry to monetary providers by 2022.
Sarah Dusek, Managing Associate and co-founder of Enygma Ventures explains that the funding can have a far-reach impact.
“We consider the entry to capital is a key strategic initiative to allow job creation, enterprise stimulus and in flip financial progress.”
Muchu Kaingu, co-founder of Lupiya, expresses that the funding is integral to aiding the startup in reaching its aim but in addition in positively impacting the SADC financial area.
“This funding will allow us to proceed guaranteeing Zambians can simply entry monetary providers after they want them. We’re excited to work with Enygma in reworking the financial outlook of the SADC area.”
This text initially appeared on Ventureburn.
Featured picture: Lupiya co-founders, Evelyn and Muchu Kaingu (Equipped)