Lupiya has secured US$8.25 million in Series A funding to scale operations in its home market and new ones.
Its US$8.25 million Series A round was led by Alitheia IDF Fund, 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.
Evelyn Chilomo Kaingu, Lupiya co-founder and CEO, said: “This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to provide holistic financial solutions further. The team at Lupiya has worked hard and is excited for our new growth phase. 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,”
Polo Leteka, founder of South Africa-based financial service firm IDF Capital and a co-managing partner of Alitheia IDF Fund, 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.”