Lupiya, a Zambian fintech startup, secures $1-million investment from Enygma Ventures.
Lupiya, a Zambian microfinance startup has secured an investment of $1-million from US Venture Capital fund, Enygma Ventures.
Lupiya is a digital microfinance platform that leverages technology to make the process of borrowing simpler and easier so enable individuals and businesses across the country to access financial services.
The investment will enable Lupiya to further its goals in fostering financial inclusion through its service offered, with a focus on ensuring women are able to participate in the economy through its financial inclusion strategy.
Expressing her excitement about the investment, CEO, and co-founder of Lupiya, Evelyn Kaingu said, “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.”
Furthermore, Managing Partner and co-founder of Enygma Ventures, Sarah Dusek stated, “We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus and in turn economic growth.”
Lupiya aims to provide 70 percent of Zambians to access financial services by 2022 since Statistics have proven that about 70 percent of Zambians have no formal access to financial services due to lack of collateral required to secure a loan.
Also commenting on the investment, co-founder of Lupiya, Muchu Kaingu said that the investment will aid the startup in reaching its goal as well as positively impacting the SADC economic region.
Muchu said, “This investment will enable us to continue ensuring Zambians can easily access financial services when they need them. We are excited to work with Enygma in transforming the economic outlook of the SADC region.”
Lupiya which was founded in 2016 offers three loan packages they are; personal loans, Lupiya for Women, and Lupiya for Business.
Enygma Ventures is an investment fund, led by award-winning entrepreneurs with 40 years of experience in growing and scaling businesses in Africa, the US, and Europe.