The fintech mobile money platform, Pngme, is now working towards solving payment problems for the unbanked population of sub-Saharan Africa.
The US-based financial data platform made an official statement announcing that Pngme has successfully raised approximately $3 million from a recent seed funding initiated by the company. The major investments in the seed round have been made by Radical Ventures who tops the list. After that comes Lateral Capital, Raptor Group, and EchoVC. The seed funding came to a close by the end of the third quarter of 2020. This round was initiated after 2018’s pre-seed round where Pngme raised about $500,000.
The company aims to improve mobile money marketing in the regions of sub-Saharan Africa. Pngme uses permission data collected from users with the help of their data sharing feature and uses that data to deliver live financial updates and alerts.
Pngme To Tap Into The Unbanked Population In Africa With Financial Data
The company is currently focusing on its expansion in Africa. According to the company, the money mobile market is in its burgeoning state in Africa. This would be the best time to tap into that market. This mobile money market in Africa was started off by M-Pesa in 2007. M-Pesa’s mobile banking service allowed users to transfer money via their mobile phones. This was targeted to solve the payment problems of a huge number of people who are still unbanked in Africa.
The co-founder of the company, Brendan Playford mentioned in an interview that they are “hyper-focused” on providing live financial data to a massive population of credit-invisible people. He further mentioned that none of the APIs are currently offering this in the entire market.
Pngme has been aggregating data collected from mobile users and has been sharing this financial information with other banks and financial institutions to address the growing demand for financial data especially among the unbanked crowd in Africa.
