Pngme, a leading financial data platform San Francisco and African-based fintech that builds data infrastructure and out-of-the box machine learning capabilities for financial institutions and fintechs across sub-Saharan Africa, has raised $15 million in a Series A funding.
The investment round was led by Octopus Ventures, a London-based venture capital firm. A group of individual angel investors including RallyCap’s Hayden Simmons, Plaid’s Dan Khan, former COO of RBC Capital Markets Richard Talbot, Creative Destruction Lab mentors, and Intersect VC’s Kyle Ellicott joined the $15 million investment round. This funding is coming few months after raising $3 million in a seed round.
The close of Pngme’s Series A brings its total investment to $18.5 million, making it the most funded in this fintech category across the continent.
“What we do is that we’ve kind of really differentiated ourselves to be not just collecting the data that we can see but also, we can connect to Mono data, Okra data, and we can connect with banks’ data. We essentially merge all that data and then put machine learning models on top for the clients. That can be predictive credit models, segmentation models and really positioning ourselves as a data processing infrastructure for banks and fintechs.” says the Pngme representative.
With this funding, Pngme hopes to expand its customer base.