There are many startups out there in the sub-saharan region of Africa, and many of them are doing well Proprietary . One startup which is gaining a lot of attention is PNGME Sub Saharan 15. The startup has received a $15 million investment from Octopus Ventures, a venture capital firm founded by Kene Okafor. The startup is looking to expand and build its business by offering a range of products.
Founders
The founders of Pngme, an African fintech startup, received $15 million in funding from Octopus Ventures and other investors. It aims to provide data to financial institutions, helping them create personalized user experiences.
In addition to the financing, Pngme is also expanding its executive team. It recently announced the appointment of Nick Masson as chief technology officer and Lorraine Kageni as chief strategy officer. Both men have extensive backgrounds in the FinTech and banking industries in sub-Saharan Africa. They will be focusing on data processing and the creation of a robust executive team.
The company’s offering has begun to gain traction with financial institutions. For instance, in Nigeria, a small group of unnamed tier one banks are using Pngme. The platform is being used to gather data from various sources to create a financial profile for each person. This information can then be accessed by different teams. Moreover, the service allows banks to interact with their customers directly.
Investors
Pngme is a sub-Saharan fintech start-up that unbundled financial data via APIs. The company has actually processed billions of data points from tens of thousands of financial institutions in the region and plans to expand its connections with third party data providers to other urdughr markets.
Pngme is no doubt one of the most moneyed and highly valued startups in the continent. Some of its leading investors are Octopus Ventures, Raptor Group, 2 Little Fish Ventures, and Aruwa Capital. In the same breath, it has garnered angel funding from such notables as RallyCap and Hayden Simmons. It’s also bolstered its engineering and design teams with the likes of Nick Masson, a former CTO at Google.
Aside from the usual suspects, the company has actually gotten some traction with credit bureaus and tier one banks in Nigeria and South Africa. With this round, the startup has now secured a $15 million round. As with any major investment, time will tell if the newest entrant will be able to hold its own against its competitors.
Products offered
Pngme is an API startup that offers solutions for the financial services industry in sub-Saharan Africa. The company focuses on driving data-driven insights and value-add products in the region. It provides data infrastructure and machine learning capabilities to fintech companies.
Pngme provides a platform for financial institutions to gather and aggregate large amounts of data from different sources. This enables them to build and deploy products tailored to their customers. Aside from collecting and aggregating users’ financial information, the firm also allows them to monitor their balances and send alerts for missed payments.
Pngme has three primary products: an API, a client management platform and an Insight Library. By merging these products, the company says it can build personalized experiences that drive customer adoption. As a result of the new round of funding, the company will be able to increase its staff and sales team. And it will continue to expand its network of third-party data connections.
Expansion plans
Pngme, which is based in Lagos and enables fintech companies to access the financial data they need from tier-one banks and credit bureaus in Africa, has just secured $15 million in Series A funding. Lead capitalist is Octopus Ventures, while other investors include Lateral Capital, Future Africa, 2 Little Fish Ventures, and Raptor Group. The company, which is founded by Cate Rung and Brendan Playford, is planning to use the funds to expand its engineering team and executive team, as well as to acquire more customers.
Pngme’s system helps banks and other financial services providers in sub-Saharan Africa offer a set of APIs to companies that can then access the information they need to provide services. To date, the startup has processed billions of data points from the banks and credit bureaus it works with. As a result, it has found some traction with the likes of credit bureaus and unnamed tier-one banks in Nigeria and South Africa. In addition, the startup’s Insights Library product has already been able to provide insights about financial institutions to third-party clients. With the additional investment, the startup plans to expand its sales and toonily engineering teams, as well as its data science team.
