Lupiya has raised a total of $11.25 million, with IDF Capital leading the round. The funding marks an important step for the AI powered neobank as it expands across markets, strengthens its lending portfolio and grows Lupiya Pay and its embedded finance partnerships.
The capital injection is expected to increase access to digital financial services for small businesses and individuals who remain underserved by traditional banking institutions. It also reflects growing investor confidence in Lupiya’s governance, compliance standards and long term strategy.
For Evelyn Chilomo Kaingu, CEO of Lupiya, the funding milestone represents years of persistence rather than overnight success. “We closed a total of $11.25 million, with IDF CAPITAL leading the round. And while the announcement may look glamorous, the journey was anything but,” she said.
She explains that fundraising has been one of the most demanding aspects of building the company. “Fundraising has been one of the most challenging parts of building Lupiya,” Kaingu noted, describing a process defined by repeated rejections and constant refinement. It involved “wiring your own money into the business to keep the engine running,” while also “balancing aggressive growth with sustainability.”
According to her, every stage required discipline. The team had to keep refining the pitch deck and rebuilding financial models. At the same time, Lupiya had to ensure that “…your metrics are clean, defensible and repeatable.”
As Lupiya has grown, investor expectations have risen. Governance requirements have tightened, due diligence has become deeper and the overall standards have increased significantly. “As the business grows, the bar only gets higher,” Kaingu said, adding that expectations continue to evolve with scale.
Over the years, Lupiya has relied on different funding instruments to support its growth. “We’ve used almost every funding instrument available to us, debt, equity, convertible notes, grants and non dilutive capital,” she explained. “Each came with its own structure, pressure and lessons.”
For Kaingu, the process goes beyond capital raising. “Fundraising is not just about raising capital. It’s about resilience. It’s about conviction when the room says no. It’s about building a company worthy of long term partnership,” she said. She compares investor relationships to long term commitments, emphasizing that “alignment, trust, governance and shared ambition matter far more.”
Expanding a Pan African Digital Banking Vision
Founded in 2016, Lupiya is an AI powered neobank providing digital loans, payments and investment products across Africa. What started as a lending platform has grown into a comprehensive digital banking institution with a Pan African strategy focused on serving SMEs and individuals.
The company is among the first approved by the Securities and Exchange Commission in Zambia to provide investments through peer to peer lending. This approval strengthened its position as a regulated and compliant financial innovator within the Zambian market and laid the foundation for broader regional expansion.
Lupiya’s vision is to become the first true Pan African neobank offering customers access to a full suite of banking products. Its mission is to streamline financial services for millions of people across the continent by making them accessible, transparent and technology driven.
Unlike traditional lenders, Lupiya operates on a fully digital model. Its services are designed to be transparent, with clear terms and no hidden fees. The platform offers competitive rates and flexible repayment options, while artificial intelligence enables faster credit decisions and more personalized financial solutions.
The raised capital will support further market expansion, deepen the company’s lending book, and grow Lupiya Pay alongside embedded finance partnerships. “We have opened another funding round this year as we scale Lupiya across markets, deepen our lending book and expand Lupiya Pay and embedded finance partnerships,” Kaingu confirmed.
For IDF Capital, the investment aligns with its goal of supporting African entrepreneurs and driving economic growth. The firm positions itself as more than just a capital provider, offering operational and strategic support to help businesses scale sustainably. It believes that small businesses are central to job creation and trade across the continent.
By backing Lupiya, IDF Capital is supporting a digital financial institution that directly serves SMEs and individuals who need accessible capital and modern banking solutions. The impact of the funding therefore extends beyond one company. It strengthens financial inclusion, supports entrepreneurship and contributes to building a more connected digital economy.
As Lupiya continues its expansion, Kaingu remains focused on the realities of entrepreneurship. “To every founder in the trenches the negotiations are part of the journey,” she said.
With $11.25 million secured and further growth plans underway, Lupiya is positioning itself as a serious player in Africa’s evolving financial services landscape. The focus now shifts from closing the round to delivering on its promise, building long term partnerships and ensuring that digital banking works for more Africans across the continent.
