African Fintech Pngme Raises USD 15 Mn series A Round
Pngme is a platform that distributes users’ data to financial institutions and fintech startups via its API and machine learning architecture. The firm has successfully raised USD 15 Mn in a Series A round for its financial data infrastructure platform.
European VC firm Octopus Ventures was a major lead of the round. Some other participants were Raptor Group, Lateral Capital, EchoVC, Future Africa, Two Small Fish Ventures, and US-based early-stage VC firm for immigrant-founded startups, Unshackled Ventures. The round also included several angel investors, including Hayden Simmons, Dan Kahn, Richard Talbot, and Kyle Ellicott of Intersect VC.
This new round is a follow up of its $3 million seed round less than a year ago which was deployed to accelerate growth in Sub-saharan Africa. Ever since then, the firm has been on a consistent ride up the hill of progress.
Pngme helps financial institutions and fintechs collect and aggregate financial data at scale. Its mobile SDK and data processing allows for an easier collection of alternative financial data, unifying it with other sources to create a comprehensive conclusion on individual financial outlook, behavior and makeup.
The firm also provides actionable financial data to assist digital banks and credit platforms build products, improve customer service. They are currently operational in Kenya, Nigeria, and South Africa.
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