Mobile money platform Pngme raises $3M to expand across Africa

Mobile money platform Pngme raises $3M to expand across Africa


Africa-focused but U.S. based unified financial data platform Pngme this week announced its successful seed funding round raised $3 million.

The investment was led by Radical Ventures, Raptor Group, Lateral Capital, and EchoVC. It was actually closed in the third quarter of 2020 and came after the fintech startup raised $500,000 in a pre-seed round in 2018.

The platform collects user-permissioned data through a partner’s existing mobile app using a one-click data-sharing feature which then delivers real-time financial data and alerts.

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Pngme hopes to tap into the burgeoning mobile money market in Africa that was kicked off with M-Pesa in 2007. Launched in Kenya, M-Pesa is a mobile banking service that allows users to store and transfer money through their mobile phones, largely targeting a massive population of unbanked citizens in the sub-Saharan region.

Pngme has been aggregating financial data from mobile users and sharing it with banks and financial institutions. The firm has recognized that consumers are growing

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