Home Startups Pngme raises $15M Series A funding to power the future of financial services in Africa
US-based African-focused fintech Pngme, a financial data infrastructure and machine learning-as-a-service platform has raised $15 million in funding to allow financial institutions and fintechs to collect and aggregate financial data at scale.
Octopus Ventures led the $15 million Series A round. Lateral Capital, Unshackled Ventures joined them. EchoVC, Future Africa and Two Small Fish Ventures were also involved.
Pngme, with a particular focus on Nigeria, Ghana and Kenya, will be using the Series A to hire Lorraine Kageni Maina, Chief Strategy Officer, and Nick Masson, Chief Technology Officer. The company plans to hire key executives and expand its data science and engineering teams to meet global demand for integrations with large enterprise banks, credit agencies, MFBs and neobanks.
“We are seeing a surge in digital financial services for African consumers. The need for clean, actionable data is greater than ever. We were blown away by the team’s vision and deep understanding when we first met them. We believe that Pngme, with its elegant technology solution and strong market traction at large institutions, will be able to power the next generation in African financial services. This will allow millions more people to access banking and lending. Tosin Agbabiaka is a fintech investor at Octopus ventures.
Pngme was founded by Cate Rung and Brendan Playford. They have partnered with major financial institutions, including Kuda Bank Renmoney and Credpal. The platform is used by these partners to provide data-driven products and user experiences for their customers. The platform can be integrated with financial APIs like Okra, Plaid, and Mono by its partners.
Brendan Playford, and Cate Rung are the CEO and COO of Pngme. They have been working together to build a mission-critical data infrastructure and a machine learning platform that is out-of-the-box for fintechs and financial institutions across sub-Saharan Africa. Pngme is made up of three core products: a mobile SDK and Customer Management Platform. These products are designed to drive financial product adoption and customer engagement. Its mobile SDK, data processing pipelines and Customer Management Platform make it easy to collect alternative financial data and combine it with other data sources to create a picture of an individual’s financial behavior.
“With the increased demand from global financial institutions and our core markets, it is evident that we are solving a major problem by providing financial data infrastructure and machine-learning as a service. We are not only increasing our data processing and machine-learning capabilities with this capital injection, but we also have the opportunity to build a strong team to support our mission of financial inclusion. Brendan Playford, CEO at Pngme
Pngme has also been working with TransUnion Africa. This regulatory approval is required to be able acquire previously unaccessible data directly from individuals. TransUnion Africa expects a 20 percent or greater increase in data coverage with Pngme for alternative credit scoring purposes.
“Our partnership with Pngme will enable financial institutions across Sub-Saharan Africa, to create digital use cases that serve all borrowers. We are excited to be a leader in the sector driving financial innovation and financial inclusion in Africa. Samuel Tayengwa is Director of Product Management at TransUnion Africa.
“Pngme’s infrastructure processed billions data points from hundreds financial institutions across sub–Saharan Africa. We plan to double down our Insights Library, expand our third-party data connections over the next one year.” – Cate Rung.