Zambian digital financial services provider Lupiya has extended its Series A funding round to $11.25 million, securing capital from its existing investor base. The Lusaka-based neobank announced the completion of the extended round on March 2, 2026, adding to the initial $8.25 million it raised in late 2025.
The additional capital will be directed towards expanding Lupiya’s core credit offerings and broadening its suite of financial services for underbanked Zambian consumers and micro, small, and medium-sized enterprises (MSMEs). The company, founded by Evelyn Chilomo Kaingu, operates a mobile-first platform that provides short-term loans, savings products, and bill payment services, aiming to address the country's significant credit gap.
Lupiya's funding extension occurs within a challenging venture capital environment across Africa, where later-stage capital has become more selective. While not directly related, the news from Zambia follows reports of a significant Series A round in South Africa, where fintech Hlayisani raised $30 million on the same day to address what it described as a "Series A drought" in that market. The parallel announcements highlight a continued, though fragmented, investor appetite for scalable financial technology models on the continent, particularly those focused on financial inclusion.
The Zambian fintech landscape has seen gradual development, with mobile money services like MTN's MoMo and Airtel Money dominating payments. Neobanks like Lupiya are attempting to carve a niche by layering credit and other advanced financial services on top of basic transactional capabilities. The company reports it has facilitated over $100 million in loans since its inception, targeting individuals and businesses often excluded from traditional banking due to a lack of formal credit history.
Regulatory oversight for digital lenders in Zambia falls under the Bank of Zambia and the Securities and Exchange Commission. The sector has seen increased scrutiny in other African markets, such as Kenya and Nigeria, where regulators have moved to curb predatory lending practices. Lupiya's growth will likely depend on its ability to navigate this evolving regulatory landscape while maintaining sustainable unit economics.
The extended Series A round was led by Lupiya's existing investors, though the company did not disclose their specific names. The participation of current backers suggests confidence in the company's trajectory and its capital-efficient approach to scaling. The funding will also support technological enhancements to its platform and potential market expansion within the Southern African Development Community region, though the immediate focus remains on deepening its penetration in Zambia.