US-based fintech Umba buys majority stake in Kenya’s Daraja microfinance bank

Umba, a US-based digital bank with a focus on emerging markets, has acquired a majority shareholding of Daraja, a Kenyan deposit-taking microfinance bank, for an undisclosed amount.
Kenya’s monetary authority, the Central Bank of Kenya (CBK), said Umba had taken up 66.6% shareholding, an acquisition that is expected to fast-track Daraja’s digitization.
This comes after Umba announced raising $15 million in pre-series A round in April this year, when it also made public its plans to expand beyond Nigeria, to Kenya, Ghana and Egypt. Umba has so far raised $17.5 million from investors like Tom B

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