Lupiya is a technology company.
Lupiya is an AI-powered neobank providing digital loans, payments, and investments across Africa. It aims to streamline financial services for millions of people.
Lupiya has raised $1.0M across 1 funding round.
Lupiya has raised $1.0M in total across 1 funding round.
Lupiya has raised $1.0M in total across 1 funding round.
Lupiya's investors include Engyma Ventures.
Lupiya is Zambia's leading AI-powered neobank, founded in 2016, that provides digital loans, payments, and investments to underserved individuals and SMEs across Africa.[1][2][3] It serves unbanked and underbanked populations like civil servants, farmers, women entrepreneurs, and small businesses, solving the problem of limited access to transparent, fast financial services in regions plagued by traditional banking barriers.[1][2][3] With products including salary advance loans, collateral-backed loans, peer-to-peer investments, and bill payments, Lupiya has raised $10.4M total funding, boasts over 60,000 users, a $6.5M loan book, 5% default rate, and $11 customer acquisition cost, fueling its growth from Zambia to Tanzania and beyond.[1][2][3]
Lupiya was co-founded in 2016 in Lusaka, Zambia, by siblings Evelyn Kaingu and Muchu Kaingu, who bootstrapped the company with just $500 from family savings, driven by a vision to deliver financial equity—especially for women, small business owners, and the underserved.[3] The idea emerged from recognizing Africa's financial inclusion gap, with the name "Lupiya" meaning "money" in a local Zambian language, evolving from a simple lending platform into a full neobank.[2][3] Early traction came via a $300K Google investment in 2021, SEC approval for peer-to-peer lending in 2022, expansion to investments in 2020 and Tanzania in 2023, and a landmark $8.25M-$8.3M Series A in 2023 backed by Mastercard, Google, World Bank, and others, marking pivotal growth moments.[1][2][3][4]
Lupiya rides Africa's fintech boom, addressing financial inclusion for millions unserved by legacy banks amid rising mobile penetration and digital adoption.[1][2][6] Timing aligns with post-pandemic demand for accessible credit, regulatory nods like Zambia's SEC approval, and investor interest from global players like Google and Mastercard, fueling a $10.4M raise amid a neobank resurgence.[1][3][4] Market forces—Zambia's underbanked SMEs, gender gaps in finance, and pan-African expansion—position it favorably, while its low defaults and scale influence the ecosystem by pioneering AI-driven models that inspire regional peers and bridge unbanked gaps.[1][2][3][6]
Lupiya is primed to dominate as Africa's first true pan-African neobank, expanding operations, loan books, and services like mobile banking amid fintech tailwinds.[2][6] Trends like AI personalization, regulatory easing, and solar/ESG financing partnerships will accelerate growth, potentially unicorn status via Supernova Challenge exposure.[1][3] Its influence will evolve from Zambia's trailblazer to ecosystem shaper, empowering underserved millions—just as its $500 origins sparked a fintech powerhouse.[3]
Lupiya has raised $1.0M across 1 funding round. Most recently, it raised $1.0M Seed in July 2020.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jul 1, 2020 | $1.0M Seed | Engyma Ventures |