Umba

Umba is an African digital bank that aims to provide free bank accounts and financial services to its customers. The company offers an ecosystem of connected financial services through a mobile app, allowing users to manage their finances seamlessly. Umba is committed to driving economic growth through financial inclusion and provides innovative solutions to empower both employers and employees. The startup was founded in 2019 and operates in the Financial Services and Fintech industries, with headquarters in the United States. In January 2021, Umba launched in Nigeria, and then expanded to Kenya in April 2023 through the acquisition of an existing Microfinance bank. The digital platform offers a wide range of banking services including account management, payments, loans, and savings, utilizing technology and data-driven insights to streamline processes. The most recent funding round was the Angel Round investment at 01 February 2024, led by James McGann. The investment reflects the confidence of investors in Umba's potential to reshape the future of banking in Africa. With a focus on personalized service and tailored solutions, Umba aims to drive sustainable economic development and transform lives through its innovative approach.