Pngme, Raises $15M Series A to Power the Future of Financial Services in Africa

Pngme, the financial data infrastructure and machine learning-as-a-service platform, has raised a further $15 million in Series A funding as it sets out to grow its financial data platform. The round was led by Octopus Ventures and comes less than a year after its $3 million seed round.

Across the financial services sector, financial institutions and fintechs are racing to offer fully customized user experiences and financial products tailored to their customers’ needs. Pngme allows financial institutions and fintechs to collect and aggregate financial data at scale. Its mobile SDK and data processing pipelines make it easy to collect alternative financial data and unify it with other data sources to create a holistic picture of an individual’s financial behavior.

Octopus Ventures are joined by Lateral Capital, Unshackled Ventures, Raptor Group, Two Small Fish Ventures, Aruwa Capital Management, Future Africa, EchoVC, The51 and a talented group of individual angel investors including RallyCap’s Hayden Simmons, Plaid’s Dan Khan, former COO of RBC Capital Markets Richard Talbot, and Intersect VC’s Kyle Ellicott among others. 

“When we first met the team, they blew us away with a grand vision and deep understanding of the financial services challenges on the continent. The elegance of the technology solution, combined with an exceptional team and strong market traction with large institutions underlines our belief that Pngme will power the next generation of financial services in Africa.” Tosin Agbabiaka, fintech investor at Octopus Ventures 

Pngme is using the Series A to expand its executive team with the hiring of Lorraine Kageni Maina as Chief Strategy Officer and Nick Masson as Chief Technology Officer. Lorraine brings corporate experience in sub-Saharan Africa from Banking, FMCG, and Technology. Nick led large enterprise scale engineering teams at WeWork and joins Pngme with an ambitious vision to scale Pngme’s cutting edge technology.

“With this fresh injection of capital we are not only scaling up our data processing and machine learning capabilities, but also building a robust team that can deliver on our mission of financial inclusion.” Brendan Playford, CEO of Pngme

Pngme’s partners include a global credit bureau, Renmoney, Credpal, Simplefi, Kuda and other Tier 1 African Banks who use the Pngme platform and their data science services to offer data and machine learning-driven products and user experiences to their customers.

“Pngme’s infrastructure has processed billions of data points from hundreds of financial institutions across sub-Saharan Africa and we plan to double down on our Insights Library and expand our third party data connections to other markets over the next year.” Cate Rung, COO of Pngme