Lupiya Raises $11.25M to Expand Digital Banking in Zambia and Beyond
Zambian digital bank Lupiya has successfully extended its Series A funding to $11.25 million, positioning the company to scale operations locally and explore new markets across Southern and East Africa. Founded in 2016, Lupiya provides digital financial services for unbanked and underbanked populations, focusing on technology-driven lending and financial products to improve access to formal finance.
Originally, Lupiya raised $8.25 million in September in a Series A round led by Alitheia IDF Fund, with participation from INOKS Capital SA and German development finance institution KfW DEG. The extension of the round to $11.25 million now includes backing from Mastercard. The additional capital will be used to strengthen technology infrastructure, expand product offerings, and scale customer acquisition, enabling Lupiya to deepen its footprint in Zambia and pursue regional growth opportunities.
- Investor interest in digital financial services in underserved African markets remains strong.
- Zambia’s formal banking penetration is limited, fueling demand for mobile-first lending and savings solutions.
- Digital lenders leverage data-driven credit models to reach underbanked populations, including women and low-income borrowers.
- Expanding beyond Zambia requires regulatory approvals, funding capacity, and robust risk management.
- The extended Series A provides Lupiya with additional capital to scale in a growing digital banking market.
