Uganda’s Ensibuuko raises $1m in a funding round
Ugandan Fintech startup Ensibuuko announced that it raised $1million fund in a funding round led by global impact investor FCA Investments to help accelerate its product service delivery across Africa.
Ensibuuko was founded in 2014 by Gerald Otim. The startup operates an advisory microfinance platform developed especially for Savings and Credit Cooperative Society (SACCOs) and savings groups. The platform helps local microfinance institutions automate their data, processes, and payments to become efficient in delivering financial services in their communities. The platform is used by over 200,000 rural customers in Uganda and is also available in Zambia, Tanzania, and Nigeria through partners.
With the funding, Ensibuuko plans to scale its services within Uganda and into international markets. The goal is to scale rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa, with Ensibuuko also gaining access to FCA Investments’ technical resources and a global network of partners.
The fund from FCA Investment brings Ensibuuko’s total investment to $1.6 million, with the startup having secured a pre-seed round in 2017 from a group of Canadian angel investors and a grant capital in 2021 from GSMA Innovation Fund. Ensibuuko also intends to make major improvements to its newer digital loan and micro-insurance products, which target rural customers.
According to Gerald Otim, the founder and chief executive officer (CEO) of Ensibuuko the investment will boost the competitive stance in Africa’s Fintech space.