Mobile money platform Pngme raises $3M to expand across Africa The fintech firm hopes to expand financial products for the unbanked. 5073 Total views News
Africa-focused but U.S. based unified financial data platform Pngme this week announced its successful seed funding round raised $3 million.
The investment was led by Radical Ventures, Raptor Group, Lateral Capital, and EchoVC. It was actually closed in the third quarter of 2020 and came after the fintech startup raised $500,000 in a pre-seed round in 2018.
The platform collects user-permissioned data through a partner’s existing mobile app using a one-click data-sharing feature which then delivers real-time financial data and alerts.
Pngme, a financial data platform, closes $3M seed to accelerate growth in Sub-Saharan Africa
Since M-Pesa’s mobile money infrastructure came into play in 2007, there has been a proliferation of fintech services ranging from wallets to savings and loans. With this mobile money ecosystem growing in double-digits year-on-year, a lot of data is being created in the process. But this has left some fragmentation, where one person’s information is diverse and can be accessed via multiple channels.
For banks and financial institutions, it becomes difficult to understand and provide insights from users’ data. Over the past three years, some platforms have looked to solve this problem. They aggregate users’ financial data and share it with these financial players through APIs driving more data-driven insights and value-added products. One such platform is Pngme.