Nairobi-based fintech Umba has secured a $5 million debt facility to help expand its secured lending operations in Kenya.
US-based asset management firm, Star Strong Capital, is the only participant in this round.
“With the confidence of key financial backers like Star Strong Capital, Umba is poised to leverage this funding to broaden its market influence,” said Tiernan Kennedy, co-founder and CEO of Umba. “Our Kenyan launch has exceeded expectations, with excellent lending performance. As the only pure-play digital bank in the market, we’re delivering a better way to bank for Kenyans through speed, accessibility, and tailored financial solutions.”
Spring Hollis, founder and CEO of Star Strong Capital said, “It is an investment in the future of digital banking and financial inclusion in Africa. We believe Umba’s innovative approach and customer-centric model position them to become a key player in Kenya’s fintech revolution. This debt financing will support their continued growth and ensure they remain at the forefront of delivering accessible, affordable financial solutions to underserved markets.”
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