Zambia’s leading digital lender, Lupiya, has extended its Series A funding round to US$11.25 million, strengthening its capital base as it pushes to deepen financial inclusion at home and expand into new African markets.
The latest raise builds on the US$8.25 million Series A round secured last September and underscores growing investor confidence in the neobank’s technology-driven model.
The additional capital will be deployed to upgrade infrastructure, broaden product offerings, and scale operations beyond Zambia’s borders.
Announcing the milestone, co-founder and CEO Evelyn Chilomo Kaingu described the development as transformative.
“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.”
What Is Lupiya and What Does It Do?
Founded in 2016, Lupiya is a Zambian neobank focused on closing the financial inclusion gap by delivering accessible, technology-enabled financial services to underserved populations.
Unlike traditional banks that rely heavily on physical branches, Lupiya operates primarily through digital channels. This makes it easier for individuals who lack access to conventional banking infrastructure to obtain loans and other financial services.
The startup specifically targets the unbanked and underbanked segments of Zambia’s population, groups that often struggle to secure credit or build formal financial histories.
By leveraging digital tools and data-driven assessment models, Lupiya simplifies access to finance, positioning itself as a key player in Zambia’s growing fintech ecosystem.
Its mission is rooted in inclusion, providing “easy-to-use, technology-driven financial solutions” that reduce barriers and empower customers economically.
Extending the Series A: Investor Confidence Deepens
Lupiya first announced an US$8.25 million Series A round last year, led by Alitheia IDF Fund, with substantial participation from INOKS Capital SA and KfW DEG. The extension of that round to US$11.25 million signals sustained investor belief in Lupiya’s growth trajectory and long-term impact.
The backing of development-focused and impact-oriented investors reflects confidence not only in the startup’s commercial viability but also in its broader socioeconomic mission.
Kaingu emphasized the importance of this support, while appreciating the continued backing of Alitheia IDF, INOKS Capital, Mastercard, and KfW DEG.
“The company is better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region.”
What the New Funding Will Be Used For
The newly secured capital will be directed toward three strategic priorities, which include technological enhancement, product diversification, and geographic expansion.
First, Lupiya plans to strengthen its technological infrastructure. In a digital-first banking model, robust systems are critical for processing transactions, managing risk, ensuring cybersecurity, and delivering seamless user experiences.
Investing in infrastructure will enable the company to scale responsibly while maintaining reliability and trust.
Second, the neobank intends to expand its range of financial products. By offering more comprehensive and “holistic financial solutions,” Lupiya aims to move beyond basic credit services and build a more integrated financial ecosystem for its customers.
This could include diversified lending options, improved savings tools, and other digital financial services tailored to underserved communities.
Third, the funding will support operational scale, allowing Lupiya to reach more customers both within Zambia and across neighboring regions. Expansion into Southern and East Africa represents a strategic step toward becoming a regional fintech leader, with the sole aim to leverage Zambia as a launchpad for broader continental growth.
Regional Ambitions and Strategic Positioning
Lupiya’s expansion strategy reflects a wider trend in African fintech, where digital banks are leveraging scalable technology platforms to move across borders more efficiently than traditional banks.
By strengthening its operational capacity in Zambia, Lupiya is laying the groundwork for regional integration.
Kaingu highlighted this ambition directly, stating the company aims to “deepen our footprint not just in Zambia but also in the broader Southern and East African region.”
This signifies a transition from a national fintech player to a regional contender, potentially unlocking new markets with similar financial inclusion challenges.
Why This Matters
Lupiya’s funding extension carries implications beyond corporate growth. Financial exclusion remains a major barrier to economic participation across many African countries. This renders millions of individuals and small businesses to be lacking access to formal credit and banking services.
Digital-first institutions like Lupiya are increasingly positioned as critical enablers of inclusive growth. By strengthening its capital base and expanding its service reach, Lupiya could help bridge financing gaps, stimulate entrepreneurship, and drive economic empowerment in underserved communities.
The confidence demonstrated by international investors further signals that African fintech solutions are attracting global capital not merely as high-growth ventures, but as vehicles for measurable social impact.
Capping it all, Lupiya’s expanded Series A round represents more than a financial milestone; it marks a strategic acceleration in the company’s mission to reshape access to finance in Zambia and beyond.
As digital banking continues to evolve across the continent, Lupiya’s next phase of growth will be closely watched as a test case for scalable, impact-driven fintech innovation in Africa.
Talking Points
Lupiya’s extended Series A round to US$11.25 million signals strong investor confidence, but its long-term success will depend less on capital raised and more on disciplined execution in a competitive and tightly regulated fintech landscape.
The backing of institutions such as Alitheia IDF Fund and KfW DEG strongly underscores the developmental appeal of Lupiya’s financial inclusion model.
However, scaling digital lending across Southern and East Africa presents structural challenges, including regulatory fragmentation, credit risk management, cybersecurity threats, and customer trust deficits in largely cash-driven economies.
While the company’s ambition to deepen its footprint beyond Zambia is strategically sound, regional expansion demands localized market knowledge and strong compliance frameworks to avoid the pitfalls that have troubled other fast-scaling neobanks globally.
Moreover, sustainable growth will hinge on balancing impact-driven inclusion with profitability, particularly in markets where lending to underserved populations can carry higher default risks.
Ultimately, the funding extension strengthens Lupiya’s runway, but its real test lies in converting investor optimism into scalable, secure, and commercially resilient operations.
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