Lupiya, a microfinance start-up, has received an investment of US$ 1M from U.S. venture capital firm Enygma
Founded in 2015, Lupiya is a Zambian based microfinance startup. Engyma invests in Lupiya It is a digital marketplace platform for microloans. Also, they use technology to make the process of borrowing simpler and easier. It provides pre-approved loans with reliable repayment schedules and low-interest rates.
Access to financial services in Zambia: Lupiya is working hard to close the gap and provide access to financial services to all. It allows people and businesses located across the country even in rural, remote areas to access financial services. In addition, As an estimated 70% of Zambians do not have access to formal financial services due to lacking the necessary collateral required to secure a loan, Lupiya’s goal is to provide this 70% of Zambians access to financial services by 2022.
Finance for Women
Lupiya and Enygma Ventures aim to empower women in finance.
Also, they promote the Financial Liberation of Women in Zambia and provides management training. And start-up best practices for small scale businesses run by women. Through this medium, Lupiya provides an opportunity for financing to women without financial assets to progress economically.
Even Enygma Ventures has strongly promoted and helped female entrepreneurs. Sarah Dusek, managing partner and co-founder of Enygma Ventures expressed Enygma’s excitement to
“make an extraordinary difference to the lives of particularly female Zambian business owners, who run small and medium-sized businesses.”
Statements by Founders (Engyma invests in Lupiya )
Also, Evelyn Kaingu, CEO and co-founder of Lupiya expressed how thrilled the company was with the investment as “it has come at the right time in the interesting financial climate many businesses are experiencing as a result of the Covid-19 pandemic. ”
In addition, Sarah Dusek, Managing Partner and co-founder of Enygma Ventures, explained the benefit of this investment.
“We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus, and in turn economic growth.”
Moreover, Muchu Kaingu, the co-founder of Lupiya, expressed how this investment will allow Lupiya to continue
“ensuring Zambians can easily access financial services when they need them.” “We are excited to work with Enygma in transforming the economic outlook of the SADC region.”, Kaingu added.