Zambia: Alitheia IDF leads $8.25m investment in Lupiya

Zambian neobank Lupiya has secured $8.25 million in a Series A seed funding round. The fundraising was led by Alitheia IDF Fund, with additional participation from INOKS Capital and Germany’s KfW DEG.

Lupiya’s primary mission is to bridge the financial inclusion gap by offering easy-to-use, technology-driven financial solutions to the unbanked and underbanked populations in Zambia.

Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, commented: ”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. The team at Lupiya has worked hard and is excited for the new phase of our growth. 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.”

Polo Leteka, founder of South African-based IDF Capital and a co-managing partner of Alitheia IDF Fund, said, ”We have always been on the lookout for startups that are at the cusp of making a significant impact in the financial sector of Africa. Lupiya’s vision and dedication to financial and gender inclusion resonates deeply with our own objectives. We believe that with this funding, they will be better equipped to make financial services accessible to many more Zambians.”

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