Zambian Fintech Startup Raises $1 Million To Upscale Businesses




July 10, 2020, 3:30 p.m.

Zambian microfinance startup, Lupiya has raised an amount of $1million to provide more financial services to Zambians.

The startup’s focus is mainly to ensure that women are able to participate in the economy through its financial inclusion strategy.

Lupiya is a digital platform that uses technology to simplify the borrowing process for individuals and businesses located across the country.

The funding was provided by Enygma Ventures, a 6.8 million impact providing fund launched last year intending to invest in women entrepreneurs in the South African Development Community (SADC) region.

“We are thrilled with this investment. It has come at the right time in the interesting financial climate many businesses are experiencing as a result of the COVID-19 pandemic,” said Lupiya Chief Executive Officer (CEO) and Co-Founder Evelyn Kaingu.

The investment will enable Lupiya to continue offering flexible financial services to Zambians. With around 70 percent of Zambians lacking the necessary collateral to secure a loan, the startup works to close this gap.

“We are excited to partner with Lupiya to make an extraordinary difference to the lives of particularly female Zambian business owners, who run small and medium-sized businesses,” said Sarah Dusek, managing partner and co-founder of Enygma Ventures. “We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus, and in turn, economic growth.”

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Dorcas Benewaa Author

Dorcas is an upcoming journalist. She loves the creative arts and loves to write about startups, digital arts and issues in the tech sector.