Umba

Umba was founded in 2018 by Tiernan Kennedy and Barry O'Mahony in San Francisco, California. The company operates as a credit-led digital bank designed to increase financial inclusion in emerging African markets. Umba built its own core banking system from the ground up to support multiple currencies, payment types, and regulatory environments — enabling rapid expansion without relying on off-the-shelf banking infrastructure. The bank launched in Nigeria in January 2021 and expanded to Kenya in April 2023 via the acquisition of a majority stake in microfinance lender Daraja. Services include current accounts, savings, fixed deposits, loans, and bill payments. Umba raised a $15M Series A in April 2022 led by Costanoa Ventures, with participation from Monzo co-founder Tom Blomfield, Lachy Groom, Lux Capital, and others. As of early 2024, Nigerian digital bank FairMoney was in talks to acquire Umba in a $20M all-stock deal.