Pngme, a financial data management platform, has closed its Series A round on $15m to support the growth of its global team.
London-based venture capital firm Octopus Ventures served as the lead investor, with participation also coming from Lateral Capital, Unshackled Ventures, Raptor Group, EchoVC, Future Africa, Aruwa Capital Management, Two Small Fish Ventures and The51.
Several angel investors also backed the round, including RallyCap founder Hayden Simmons, former RBC Capital Markets COO Richard Talbot and others.
With the fresh funds, the FinTech company plans to hire more staff to its executive team. As part of this effort, the company named Lorraine Kageni as its new chief strategy officer and Nick Masson as its chief technology officer.
Prior to this role, Kageni has gained a wealth of experience working in banking, FMCG, and technology in sub-Saharan Africa. Masson also brings lots of experience, having managed large enterprise-scale engineering teams at WeWork.
Alongside these hires, Pngme is looking to add members to its data science, engineering, product and sales teams around the world.
Funds are not only earmarked for hiring, with Pngme hoping to bolster the development of tis data processing and machine learning capabilities.
The FinTech company was founded with the mission to provide everyone with access to finance by providing businesses with improved mission-critical data infrastructure and machine learning models to improve financial products.
Its data infrastructure and machine learning tools are used by financial institutions and FinTechs across sub-Saharan Africa. Clients can use the solution to gain insights, monitor transactions, send alerts for missed payments, track balances and verify customer identities.
Pngme COO Cate Rung said, “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.”
The funding round comes less than a year since Pngme closed its seed round on $3m.
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