The PNGME Subsaharan Africa Series is a venture capital firm that invests in early stage companies in the region Chinabased. This series has focused on investing in startups that offer products or services that address the needs of a growing segment of the population. It also looks into the potential for expansion of such businesses. As a result, the investors in this series are a diverse group, consisting of local investors, foreign investors and angels.
Founders
Pngme has secured $15 million in Series A funding from venture capital firm Ventureskeneokafor. This round will be used to expand the company’s engineering and sales teams, and help scale its product for financial institutions in sub-Saharan Africa.
The investment will also help the company grow its team in Lagos and Nairobi. The company, which has offices in San Francisco and Lagos, offers an API and developer tools for financial institutions. It uses structured and user-permissioned data to build sophisticated financial products.
Pngme has built partnerships with leading financial institutions. They have developed a customer management system and a suite of data-driven tools that allow banks to create enhanced credit reports, lower default rates and improve customer retention.
Pngme’s core offerings are an API, mobile SDK, Credit Bureau and Insights Library. According to the company’s CEO Cate Rung, “The core platform is based on credit and lending data from a global credit bureau, credit-invisible users and thin-files.” Through a simple one-click interface, the company collects user-permissioned data and delivers real-time financial alerts.
Investors
Pngme is the latest entrant to the fintech fraternity, but they aren’t the only ones to show up on the scene. Others include the likes of Stitch, OnePipe, and Okra, but in terms of overall funding, Pngme trumps the competition. Despite its relative youth, Pngme is making a name for itself as the go-to API solution for banks, fintechs and startups. Using its proprietary APIs, Pngme can deliver instantaneous credit, debit, and prepaid card processing to any given account. To keep up with the growing demand, Pngme will be expanding its executive team to the hilt and hiring the aforementioned duo. Having already nailed the biggest and best affluent market in Africa, the team is well positioned to take on the competition. As of this writing, Pngme is officially the largest funded fintech startup in sub-Saharan Africa. The company has received cheques from angel investors such as Hayden Simmons of RallyCap and the former COO of RBC Capital Markets Richard Talbot.
Products offered
Pngme is a San Francisco-based fintech startup that has raised $15 million in funding to power its mission-critical data infrastructure. The company offers a range of financial and other information aggregation services, and it is preparing to expand into new markets. It has three core offerings: a lending and credit bureau API, a mobile SDK, and an Insights Library.
Pngme is not the only fintech startup in town, with companies like Stitch, Okra, and OnePipe having the same vision for Africa’s burgeoning tech industry. Indeed, a lot of money has been poured into the region’s startups, enabling them to compete with the best and the brightest from Silicon Valley to New York. So it’s no wonder that they have their eye on the prize when it comes to attracting the best talent.
With its latest round of capital, Pngme will be able to accelerate its growth, launching a new product and hiring top-tier talent. Notable investors in the round include Lateral Capital, Octopus Ventures, Two Small Fish Ventures, and The51. Some of the company’s most high-profile customers include tier one banks in Nigeria and South Africa.
Expansion plans
Pngme is a fintech startup that has raised $18.5 million in Series A funding. The company focuses on aggregating and analyzing user financial data. It has partnered with credit bureaus and tier-one banks in Africa. The firm also plans to expand its third-party data connections to other markets. In addition, the company is expanding its sales and engineering teams. With the Series A investment, Pngme is now the most funded fintech in Africa.
Pngme initially started out as a lending platform but recently shifted to a data infrastructure platform. The company has been processing billions of data points from various financial institutions. Now, it will use the funding to expand its product and acquire more customers.
Pngme CEO Brendan Playford says his company’s platform is different from other similar ones. He said Pngme’s proposition has already found traction with tier-one banks in Nigeria and South Africa. As the startup expands its team and adds new customers, it plans to expand its engineering and data science teams, as well as its sales team.
