Ugandan fintech company raises $1m seed capital from FCA Investments

Global impact investor FCA Investments has committed $1 million to Ugandan fintech company Ensibuuko, which currently provides digital financial services to over 200,000 rural customers.

Ensibuuko operates a proprietary microfinance platform developed especially for Africa’s credit unions (SACCOs) and savings groups. FCA Investments and Ensibuuko have an ambitious target to increase financial inclusion by scaling rural banking infrastructure and digital financial services to millions of customers in sub-Saharan Africa. Ensibuuko will also gain access to FCA Investments’ technical resources and a global network of partners allowing it to build internal capacity and to establish strategic relationships across the sub-Saharan Africa region.

This new raise brings total investments in Ensibuuko to $1.6 million having closed a pre-seed round in 2017 from a group of Canadian angel investors.

“With this latest investment, Ensibuuko ups its competitive stance in Africa’s fintech space,” Ensibuuko’s founder and CEO, Gerald Otim says. The investment will allow Ensibuuko to scale rapidly in Uganda and to expand to other markets. Ensibuuko also intends to make major improvements to its newer digital loan and microinsurance products, which target rural customers.

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