Digital payments company Umba raises $15 million in funding round

A digital payments company founded by Tiernan Kennedy and Barry O’Mahony has raised $15 million in funding from Dublin-based venture capital firm ACT and a host of other investors.

mba primarily operates in Nigeria, where the use of digital money is growing rapidly, with less than half of the population having a bank account.

Umba offers free bill payment features, person-to-person and inter-bank transfers, and access to credit. It calculates a monthly interest rate of 10pc.

Umba is headquartered in San Francisco, where Mr. Kennedy resides, and raised $2 million in seed funding three years ago.

Other participants in the funding round include Nubank, Monzo co-founder Tom Blomfield, Lux Capital, Streamlined Ventures and former head of Stripe Issuing, Lachy Groom. The round was led by California investment firm Costanoa Ventures.

The company claims to have 1 million installs from the Google Play Store. Kennedy, the company’s CEO, told US website TechCrunch that Umba has been doubling its revenue every three months. He said the company aims to serve multiple markets and launch debit cards, savings accounts and stock trading facilities by the end of next year.

“This is a major milestone for Umba and we are excited to add new partners to fuel our growth,” said Mr. Kennedy. “Umba has great potential to offer useful, accessible products and services that financially empower underserved customers. There is a generational shift in banking, and customers will benefit massively from the shift to fully digital services.”

Mr Kennedy is a former CTO of dating app PearUp, while Mr O’Mahony previously worked for British fintech Tola Mobile. Digital payments company Umba raises $15 million in funding round

Fry Electronics Team

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