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Chimgozirim Nwokoma
Verified
Reporter, Accidental Writer, Techpoint Africa
Aba
Beats
Sports
Fake news not cover
Content
By Chimgozirim Nwokoma Verified| Techpoint Africa Verified Umba, a credit-led digital bank, has secured a $5 million debt facility from Star Strong Capital to expand its loan book in Kenya. The four-year-old fintech saw a sixfold increase in revenue last year, driven by growing demand for vehicle financing and loans for small and medium-sized businesses in Kenya. Founded by Tiernan Kennedy and Barry O’Mahony, Umba officially launched in Kenya in 2022 following the acquisition of Daraja Microfinance Bank. Mahony exited the startup in 2023.
By Chimgozirim Nwokoma Verified| Techpoint Africa Verified In March 2024, ByteDance shut down its messaging app, LetsChat, after just three years. The app, which aimed to capture Africa’s growing digital audience, failed to achieve mainstream adoption, with ByteDance citing a shift toward more profitable ventures in its parting message. With that, LetsChat became yet another social media casualty on the continent, joining the ranks of platforms like 2go, LagChat, and Mxit.
By Chimgozirim Nwokoma Verified| Techpoint Africa Verified Umba, a credit-led digital bank, has secured a $5 million debt facility from Star Strong Capital to expand its loan book in Kenya. The four-year-old fintech saw a sixfold increase in revenue last year, driven by growing demand for vehicle financing and loans for small and medium-sized businesses in Kenya. Founded by Tiernan Kennedy and Barry O’Mahony, Umba officially launched in Kenya in 2022 following the acquisition of Daraja Microfinance Bank. Mahony exited the startup in 2023.
Company Info
Techpoint Africa
Lagos, Lagos, Nigeria
'+234 818 601 6629