Africa-centric fintech Pngme raises US$15m

Firms involved in applying data-driven insights and API solutions to financial products continue to raise funds to scale up their operations and services. 

An example of such a firm is Pngme. Not up to one year after completing a US$3m seed round, the Africa-focused US firm has raised fresh US$15m to improve financial data infrastructure in the region. The firm also wishes to expand its machine learning-as-a-service platform.

The firm’s Series A funding round was led by Octopus Ventures. Other participants in the funding effort include Lateral Capital, EchoVC, Raptor Group, and Two Small Fish Ventures.  

Existing backers such as Unshackled Ventures, Future Africa, Lagos-based Aruwa Capital, and The51 took part in the funding effort too. 

Pngme, during this funding round, was also a beneficiary of the trust and investment of several angel investors, including Hayden Simmons of RallyCap, Dan Kahn of Plaid, Richard Talbot, a former exec at RBC Capital Markets, and Kyle Ellicott of Intersect VC.

Via its platform, Pngme serves fintech firms and similar financial service providers across sub-Saharan Africa and has operations in countries such as Nigeria, Kenya, and Ghana.