Umba is a technology company.
Umba has raised $17.0M across 2 funding rounds.
Umba has raised $17.0M in total across 2 funding rounds.
Umba has raised $17.0M in total across 2 funding rounds.
Umba's investors include Banana Capital, Bessemer Venture Partners, Comcast Ventures, Jenny Fielding, Katie Hunt, Scott Hartley, Everywhere Ventures (The Fund), First Round Capital, Indus Valley Capital, LGF, Liquid 2 Ventures, Hayden Simmons.
Umba is a pan-African digital bank providing an ecosystem of financial services through a mobile app, including account management, payments, loans, and savings, aimed at individuals and businesses in emerging markets.[1][2][3][4] It serves underserved customers in Kenya and Nigeria by eliminating predatory fees and minimum balances to promote financial inclusion and empowerment.[3][4][5] The company has shown strong growth momentum, raising $17.5 million in total funding—including a $15 million Series A in 2022 for expansion—and reporting 2x revenue growth every three months as of April 2022.[2][4]
Umba was founded in 2018 (with some sources noting 2019) by Tiernan Kennedy (CEO, former Senior Director of Engineering at Canary) and Barry O’Mahony (co-founder and former CFO, ex-Head of Operations at Tola Mobile), initially headquartered in San Francisco with a focus on African markets.[1][2] It launched in Nigeria in January 2021 and entered Kenya in April 2023 via acquisition of Daraja Microfinance Bank, shifting from a lending-led model to a full digital bank offering savings, deposits, and business accounts.[1][3][4] O’Mahony departed in 2023, but under Kennedy's leadership, Umba achieved early traction with seed funding of $2 million in 2020 and rapid revenue scaling.[2][4]
Umba rides the wave of fintech-driven financial inclusion in Africa, where mobile penetration outpaces traditional banking, enabling underserved populations to access formal services amid rising smartphone adoption and economic digitization.[2][3][4] Timing aligns with post-pandemic demand for contactless, low-cost banking, bolstered by market forces like regulatory support for digital licenses and investor interest in emerging-market fintech (e.g., $15M Series A for multi-country growth).[2][4] It influences the ecosystem by challenging legacy banks, fostering competition that lowers barriers and drives innovation in transparent, tech-enabled finance across Kenya and Nigeria.[1][5]
Umba is poised for accelerated expansion into additional African markets, building on its licensed banking status and funding to scale its app-based ecosystem amid booming demand for inclusive fintech.[2][4] Trends like AI-driven credit scoring, deeper mobile money integration, and regulatory tailwinds will shape its path, potentially evolving it into a dominant pan-African player that redefines accessible banking for millions.[1][3] As a growth-stage fintech with strong early metrics, Umba exemplifies how digital innovation empowers emerging economies, tying back to its core mission of financial control for all.
Umba has raised $17.0M across 2 funding rounds. Most recently, it raised $15.0M Series A in April 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Apr 1, 2022 | $15.0M Series A | Banana Capital, Bessemer Venture Partners, Comcast Ventures, Jenny Fielding, Katie Hunt, Scott Hartley, Everywhere Ventures (The Fund), First Round Capital, Indus Valley Capital, LGF, Liquid 2 Ventures, Hayden Simmons, Streamlined Ventures, The Fintech Fund, Jared Leto, Max Blumenthal, William Hockey | |
| Dec 1, 2020 | $2.0M Seed | Bessemer Venture Partners, Jenny Fielding, Katie Hunt, Scott Hartley, Everywhere Ventures (The Fund), First Round Capital, LGF, Liquid 2 Ventures, Ludlow Ventures, Hayden Simmons, The Fintech Fund, Jared Leto |