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Irish-founded Umba raises $2m in seed funding Company plans to scale up product offerings in Nigeria, Kenya
Fri, Dec 18, 2020, 16:26 Updated: Fri, Dec 18, 2020, 19:59
Irish founded fintech Umba has raised $2 million (€1.6 million) in seed funding as it seeks to scale its product offerings in the Nigerian and Kenyan markets.
The round was led by Lachy Groom, the former head of issuing at Stripe and Ludlow Ventures. Previous investors Frontline Ventures, Wave and Act Venture Capital also participated in the round. The latest round brings the company’s total funding to around $3 million.
The digital bank, which was founded by former Munster rugby player Barry O’Mahony and co-founder Tiernan Kennedy, offers a transparent and accessible digital financial service alternative to legacy African banks, an underserved market in the region, with products such as current accounts, instant peer-to-peer payments, bill payments and lending through a mobile app. Umba plans