Since M-Pesa’s mobile money infrastructure came into play in 2007, there has been a proliferation of fintech services ranging from wallets to savings and loans. With this mobile money ecosystem growing in double-digits year-on-year, a lot of data is being created in the process. But this has left some fragmentation, where one person’s information is diverse and can be accessed via multiple channels.
For banks and financial institutions, it becomes difficult to understand and provide insights from users’ data. Over the past three years, some platforms have looked to solve this problem. They aggregate users’ financial data and share it with these financial players through APIs driving more data-driven insights and value-added products. One such platform is Pngme.
Today, the Africa-focused but U.S.-based unified financial data platform announced its seed round of $3 million. The investment, led by Radical Ventures, Raptor Group, Lateral Capital and EchoVC was closed in Q3 2020 and came after the fintech startup raised $500,000 in pre-seed two years ago. It further reflects the continued customer growth from banks, fintechs, credit bureaus and microfinance banks in Ghana, Kenya and Nigeria.