Less than a year of getting a $3 million seed fund, a San Francisco and African-based fintech — Pngme has raised another $15 million to expand its operations and financial data infrastructure and management through a Series A financing.
A UK leading investor, Octopus ventures led the Series A funding together with EchoVC, Lateral capital, future Africa, Unshackled Ventures, Two small fish ventures, and Raptor group who were follow-up investors.
Other Angel investors that funded Pngme include; RBC capital’s Richard Talbot, Intersect VC’s Kyle Ellicott, Plaid’s Dan Kahn, and RallyCap’s Hayden Simmons.
At the completion of Pngme’s Series A funding, the company now has a total of $18 million of investment, thereby, making it the most funded fintech API company on the African continent.
Other notable startups that participated in the funding program include South-African’s Stitch. Okra, Mono, and Nigerian-based OnePipe.
Pngme plans to expand its customer base with the funds received and, also increase its staff strength too by appointing Lorraine Kageni to be the CSO while Nick Masson will step into the CTO position.
The reason why investors invested in Pngme is because of the traction they have gathered over time.
The fintech API startup has processed billions of data from different financial institutions across countries in sub-Saharan Africa while it plans to expand its third-party data connections to other industries aside from financial institutions in the coming year.
Pngme’s service is employed in banks in Nigeria and South Africa, such as First Bank, UBA, ABSA as well as other fintech companies like Renmoney, Kuda bank, CredPal, Umba, and credit agencies like TransUnion Africa.
Pngme has a service offering called SDK. With the its SDK, you can access the data you need in real-time ranging from Bank accounts to Identity, 3rd party APIs, and lots more.
The startup offers a single platform where financial institutions can manage their customer’s data using the Unified Data API.
With Pngme, financial institutions can interact directly with their customers. With the Unified Data API, you can be provided with an individual’s data and it can enable you to create a unique financial profile for your customer and accurately access it.
The startup doesn’t only collect data but they merge all the data collected and then put machine learning models on top for their clients.
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