Pngme, a leading financial data platform in Africa has closed a Series A round of $15 million for its financial data infrastructure play
This funding round was led by Octopus Ventures with participation from Lateral Capital, EchoVC, Raptor Group., Unshackled Ventures, Future Africa and Two Small Fish Ventures. Some angel investors including Hayden Simmons of RallyCap, Plaid’s Dan Kahn, Richard Talbot of RBC Capital and Kyle Ellicott of Intersect VC also took part.
This funding is coming few months after raising $3 million in a seed round.
Founded by Brendan Playford and Cate Rung, Pngme’s platform caters to fintech and other financial institutions across sub-Saharan Africa. Right now, Pngme has three core products for clients in these three markets. In addition to its already known API and mobile SDK, Pngme has added a customer management platform. The company says combining the three products will drive its customers’ adoption and use of personalized user experiences and financial products.
Pngme allows financial institutions and fintechs to collect and aggregate financial data at scale. The company says its mobile SDK and data processing pipelines collect alternative financial data and unify it with other data sources to create a holistic picture of an individual’s financial behaviour.
Pngme will use the new investment to acquire more customers. The company is also hiring Lorraine Kageni Maina as the CSO and Nick Masson as the CTO to expand its executive team.
Alongside key executive hires, Pngme is expanding its data science, engineering and sales teams globally. COO Rung told TechCrunch, Pngme’s infrastructure has processed billions of data points from hundreds of financial institutions across sub-Saharan Africa. The next plan is to double down on its Insights Library product and expand its third-party data connections to other markets over the next year.
What they are saying
Tosin Agbabiaka, an early-stage investor at Octopus Ventures said, “The elegance of the technology solution, combined with an exceptional team and strong market traction with large institutions underlines our belief that Pngme will power the next generation of financial services in Africa, helping to give millions of more people access to banking and lending.”
