B2B fintech startup Kuunda has announced the completion of its $7.5 million pre-Series A round. This funding will help the startup accelerate its financial inclusion efforts across Africa and the MENA region.
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The round was led by Portugal Gateway Fund with participation from Seedstars Africa Ventures, 4Di Capital, Accion Ventures, Nedbank and E4E Africa. The funding will go toward expanding Kuunda’s presence in new markets and scaling its embedded finance products for banks and digital platforms.
Kuunda was founded in 2018 and provides “Lending-as-a-Service” technology, helping mobile money operators, e-commerce platforms, and gig economy companies embed overdraft and working-capital solutions into their financial ecosystems. The company partners with local banks to deliver tailored credit products to mobile money agents, micro-SMEs and consumers. These are the most overlooked segments in traditional banking systems.
“We are unlocking access to finance for Africa’s productive class, the agents, merchants, and small businesses that are the backbone of these economies,” said Andrew Milne, co-founder and co-CEO at Kuunda. “This funding validates our team’s dedication and the strength of our partnerships. With this capital injection, we can extend our reach into new markets and build a more financially inclusive future for the continent.”
Kuunda’s platform leverages billions of transactional data points to provide behaviourally driven credit scoring. This allows financial institutions to lend sustainably and profitably while reducing default risks.
Kuunda has been expanding its operations from Tanzania and Pakistan into Uganda, Malawi, Kenya and Mozambique since 2024. The startup says it has enabled banks to disburse more than US$100 million in credit to over 2 million customers monthly, with a total of over $3 billion in loans facilitated to date.
“Kuunda’s data-driven approach gives banks and capital providers the confidence to serve the informal economy at scale,” said Erik Van Veen, Partner at Portugal Gateway Fund. “By turning billions of digital transactions into actionable insights, Kuunda makes last-mile lending sustainable, repeatable and profitable.”
Bruce Nsereko-Lule, General Partner at Seedstars Africa Ventures, added:
“Across our markets, we see agents and MSMEs constrained by cashflow, not demand. Kuunda’s embedded working-capital products unlock liquidity exactly where commerce happens, at the edge.”
With this new funding, Kuunda plans to further develop its suite of productive financing products and strengthen partnerships with banks and digital platforms across Africa and the Middle East.
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