Sans Francisco based start-up Pngme has raised USD 3 Million on 11th of February, 2021 in a seed funding round led by Radical Ventures, Raptor Group, Lateral Capital and Echo VC. Their main aim is to expand their growth in Sub- Saharan Africa.
Investors: The capitalization of USD 3 Million funds took place in the round led by Raptor Group, Lateral Capital, Radical Ventures and Echo VC along with the participation from previous investors.
What the funding is for: The fresh funding would be utilized to grow their Nairobi and Lagos teams, specifically the data scientists and engineers. According to sources the organization is also aiming to scale their products for fintech’s, mobile money operators and banks.
Founder of the company: Brendan Playford and Cate Rung.
Founded date: July 28, 2018
About the company: Pngme is a privately held organization which operates under the computer software industry. Its headquarters is established in San Francisco, California and has a work strength of approximately 11-50 employees. They also deal with various specialties like finance management, funding and mobile money development. Pngme is basically an enterprise which enables to give equal access to finance to people and also provide them more knowledge about their finances.
What the CEO has to say: “We were developing two different companies at once, so we had to choose one path. We realised that the data infrastructure layer was critical and a massive pain point in most of sub-Saharan Africa. Pngme had to make a swift pivot to the latter, developing this would have a much bigger impact”. Said Brendon Playford, Co-founder of Pngme.
“Being able to integrate mobile money transactions, bank transactions, loan data and behavioural data process all the data into a structured format and make it available as an API to developers Fintech or banks across the continent would offer data to power real time credit and new financial products. Additionally, the company found out in the course of building that consumers want to understand theory finances more”. Said Cate Rung, Co-founder of Pngme.
What the investors have to say: “What I think is most exciting is the way mobile money leapfrogged any sort of traditional financial infrastructure. Similar to that is how we are seeing open banking in the U.S. give way to so many new financial products for the end consumer. I hope that by providing forward thinking open API players, the same can happen in Africa”. Said General Manager at Lateral Capital.
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