Pngme’s Technology and Early Success
Pngme is a fintech startup business based in the United States (US) that has developed a financial data API built for use in sub-Saharan Africa. One of the largest difficulties for modern banking companies and businesses has been interpreting and utilizing user data. The API developed by the startup helps to aggregate financial data from users and provide strong business insights from it, helping create value-added products.
Along with this, the startup provides a variety of services that set it apart from other similar products. These services include digital loan collection, KYC identity verification, bank account data, text message data analysis, mobile fraud protection, customer management, and mobile development tools. The company has already seen early success as well, with an incredible 300% month-on-month growth in Q4 of 2020.
The business has projected off of this growth that the number of user-permissioned data profiles will be in the millions by the year 2022. On top of this, the company has already partnered with several up and coming financial businesses such as Blue Horizon, Rigo, ReadyCash, Teasypay, and SimpleFi. The massive growth in Q4 along with partnerships with several financial businesses has put the company on the map for several investors looking to get in on the ground floor.
Pngme’s Seed Funding Round and Future Plans
In Pngme’s seed funding round, the fintech company raised $3 million. The funding round was led by Radical Ventures, with participation from Raptor Group, Lateral Capital, and EchoVC. The business plans to use this initial funding in order to hire a larger group of workers and engineers in Lagos and Nairobi while also putting serious focus on scaling its product upward to handle larger banks, fintech companies, and other financial institutions. This funding will allow the platform, which is already processing millions of data points every month, to grow to meet the demand of the modern financial infrastructure across the continent of Africa.
When commenting on the latest funding and the API platform itself, Co-founder and COO of the business, Cate Rung, said, “What I think is most exciting is the way mobile money leapfrogged any sort of traditional financial infrastructure. Similar to that is how we’re seeing open banking in the U.S. give way to so many new financial products for the end consumer. I hope that by providing forward-thinking open API layers, the same can happen in Africa.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.