Ugandan fintech startup Ensibuuko has raised a US$1 million funding round to help it scale at home and abroad.
Founded in 2014, Ensibuuko operates a proprietary microfinance platform developed especially for African credit unions (SACCOs) and savings groups.
The software helps community-based microfinance entities automate their data, processes and payments so as to become efficient in delivering financial services in their communities. The platform is used by over 200,000 rural customers in Uganda, and is available in Zambia, Tanzania and Nigeria through partners.
Ensibuuko now plans to scale both within Uganda and into further international markets after securing US$1 million in funding from global impact investor FCA Investments. The goal is to scale rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa, with Ensibuuko also gaining access to FCA Investments’ technical resources and a global network of partners.
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The new raise brings total investment into Ensibuuko to US$1.6 million, with the startup having closed a pre-seed round in 2017 from a group of Canadian angel investors. It also secured some grant capital from the GSMA Innovation Fund earlier this year. Ensibuuko also intends to make major improvements to its newer digital loan and microinsurance products, which target rural customers.
“With this latest investment, Ensibuuko ups its competitive stance in Africa’s fintech space,” said the startup’s founder and chief executive officer (CEO) Gerald Otim.