Lupiya secures additional capital, lifting series A to $11.25 million

The Zambian digital lender increases its Series A funding to accelerate product development and regional expansion across Southern and East Africa.

Zambia-based fintech Lupiya has increased the size of its Series A round to a total of US$11.25 million, bolstering its plans to grow both domestically and in neighboring markets.

Established in 2016, Lupiya focuses on narrowing the financial inclusion gap by delivering digital-first financial services tailored to underserved and unbanked communities in Zambia. Through technology-enabled solutions, the company aims to simplify access to credit and other financial products for individuals often excluded from traditional banking systems.

The startup initially closed a US$8.25 million Series A round in September, backed by Alitheia IDF Fund, with strong participation from INOKS Capital SA and German development finance institution KfW DEG. The round has now been expanded, bringing the total raised at this stage to US$11.25 million.

According to the company, the additional capital will be directed toward strengthening its technology platform, broadening its portfolio of financial services, and scaling operations to serve a larger customer base.

Evelyn Chilomo Kaingu, co-founder and chief executive officer of Lupiya, described the extended funding as a pivotal step in the company’s growth trajectory.

“This investment represents an important milestone as we continue to support our customers with comprehensive financial solutions,” she said. “Our team has worked tirelessly to reach this point, and we are enthusiastic about the next chapter. With backing from Alitheia IDF, INOKS Capital, Mastercard, and KfW DEG, we are well positioned to expand our operations and increase our presence in Zambia as well as across the wider Southern and East African region.”