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Kuunda, a South African digital lending technology company, has completed a $5 million secondary share sale led by E4E Africa, a local venture capital firm that is already a shareholder in the company. The transaction gives early investors an opportunity to realise returns while strengthening the company’s long-term investor base.
Founded in 2018, Kuunda has supported more than 870 million loans, delivering over $4.4 billion in credit to 14.6 million agents, merchants and consumers.
The transaction also sees existing investors Accion Ventures, Portugal Gateway Fund and Seedstars Africa Ventures increase their stakes in the business. According to Kuunda, the round was oversubscribed and was taken up entirely by existing shareholders, despite interest from outside investors.
Kuunda’s latest deal follows its $7.5 million pre-Series A funding round last year, which also attracted 4Di Capital and Nedbank, alongside the other investors.
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