In 2016, Lupiya embarked on a mission to bridge the financial inclusion gap in Zambia by offering user-friendly, tech-driven financial solutions to the unbanked and underbanked populations. Their recent success story is the US$8.25 million Series A funding round, led by Alitheia IDF Fund, with significant contributions from INOKS Capital SA and the German Investment Bank KfW DEG. This substantial investment will fuel Lupiya’s growth by bolstering its technological infrastructure, expanding its array of financial products, and broadening its outreach to more customers.
The investors behind this venture were not merely seeking financial returns; they were driven by the vision of transforming financial access in Zambia. Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, expressed her excitement, stating, “This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions.” With the support of Alitheia IDF, INOKS Capital, Mastercard, and KfW DEG, Lupiya aspires to extend its reach not only within Zambia but also across Southern and East Africa.
Polo Leteka, founder of South Africa-based IDF Capital and co-managing partner of Alitheia IDF Fund, believes that this funding will empower Lupiya to make financial services accessible to a broader Zambian audience.
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Lupiya’s dedication to financial inclusion recently caught the attention of US Vice President Kamala Harris during her visit to Zambia. The startup has been instrumental in providing loans to smallholder farmers, enabling them to invest in climate-resilient farming techniques and technologies. Vice President Harris commended Lupiya for its role in empowering smallholder farmers in Zambia, leading to increased crop yields, improved soil health, and reduced greenhouse gas emissions, all while supporting sustainable livelihoods in rural communities.
At its core, Lupiya is a digital microfinance platform founded by Evelyn Chilomo Kaingu, an economics graduate of Cavendish University, Zambia. Leveraging technology, Lupiya simplifies the borrowing process for individuals and small businesses across Zambia, with a particular focus on women micro-entrepreneurs. This online platform offers micro-loans and financial advice tailored to the diverse needs of its customer base.
Beyond its funding success, Lupiya’s impact extends to its partnership with Mastercard, aimed at enhancing financial efficiency in rural African communities. Moreover, the company has received crucial backing from US-based Venture Capital Firm, Enygma Ventures, with an initial investment of over $2 million in a seed round.
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Despite facing challenges like Zambia’s limited financial ecosystem and low internet penetration rate, Lupiya has thrived by forging strategic partnerships, targeting specific customer segments, and actively onboarding customers online.
Lupiya funding Lupiya funding
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard