Zambia’s neobank Lupiya raises US$11.25M in extended Series A round

Zambian neobank Lupiya has expanded its Series A funding round to US$11.25 million, bolstering its plans to scale operations locally and expand into regional markets. The extension builds on its initial US$8.25 million Series A raise announced in September 2023, led by the Alitheia IDF Fund with participation from INOKS Capital SA and German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft.

Founded in 2016, Lupiya was created to address Zambia’s persistent financial inclusion gap by offering accessible, technology-driven banking and credit services to underserved communities. The platform provides digital loans, payments through its Lupiya Pay service, and embedded finance solutions aimed at reaching customers beyond the traditional banking system.

Scaling tech, products, and regional footprint

The newly extended US$11.25 million round will be deployed toward strengthening Lupiya’s technology infrastructure, expanding its product suite, and deepening its reach among underserved populations. The company also plans to expand beyond Zambia into neighbouring Southern and East African markets, where demand for digital financial services continues to accelerate.

According to CEO and co-founder Evelyn Chilomo Kaingu, the funding marks a significant milestone following a complex fundraising journey that spanned nearly two years.

“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, we are better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region.”

Investor conviction in inclusive fintech

Zambia’s neobank Lupiya raises US$11.25M in extended Series A round


In addition to existing institutional backers, Mastercard continues to support Lupiya’s financial inclusion strategy, particularly through digital payments enablement. Early-stage investor Enygma Ventures, which provided US$1 million during the pandemic, played a key role in the company’s early growth trajectory.

Alitheia IDF Fund’s continued leadership reflects its broader gender-lens investing mandate and commitment to financial inclusion across Africa—an alignment that mirrors Lupiya’s mission and leadership profile.

A digital-first play in one of Africa’s least-banked markets

Zambia remains one of Africa’s least-banked economies, with millions relying on informal financial systems and lacking access to secure, affordable financial products. Lupiya’s digital-first model reduces dependence on physical banking infrastructure, enabling faster onboarding, credit access, and payments services through mobile channels.

With fresh capital in hand, Lupiya is positioning itself as one of Southern Africa’s emerging neobanks—an African fintech demonstrating that customer-centric digital finance can scale even in complex, underbanked markets.