Pngme, a San Francisco-based company that provides data infrastructure and out-of-the-box machine learning capabilities to financial institutions and fintechs in Sub-Saharan Africa, has raised $15 million in a Series A fundraising round.
Octopus Ventures led the round, which included Lateral Capital, Unshackled Ventures, Raptor Group, EchoVC, Future Africa, Two Small Fish Ventures, and a group of individual angel investors including Hayden Simmons of RallyCap, Dan Khan of Plaid, Richard Talbot of RBC Capital Markets, and Kyle Ellicott of Intersect VC, among others.
Pngme provides financial institutions and fintechs in Sub-Saharan Africa with mission-critical data infrastructure and out-of-the-box machine learning capabilities. The platform is made up of three main components: a mobile SDK, a Customer Management Platform, and an API, all of which are designed to encourage the adoption and use of personalized user experiences and financial products. These enable financial institutions and fintechs to collect and aggregate large amounts of financial data. Its mobile SDK and data processing pipelines make it simple to acquire alternative financial data and combine it with data from other sources to generate a comprehensive picture of a person’s financial habits. The Pngme platform can then be integrated with current financial APIs such as Plaid, Okra, and Mono.
The Pngme platform and data science services are used by a worldwide credit bureau, Kuda Bank Renmoney, Credpal, Simplefi, and other Tier 1 African bank to offer data and machine learning-driven goods and user experiences to their consumers.
“With the demand, we are experiencing in our core regions and from financial institutions around the world, it is apparent we are solving a huge pain issue by delivering financial data infrastructure and machine learning as a service,” says Brendan Playford, CEO of Pngme.
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FairMoney, a Nigerian fintech startup, has raised $42 million in a Series B funding round.
Chipper Cash, an African fintech startup, has raised $100 million in a Series C funding round
