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Umba

www.umba.com link_icon

Company Research Report: Umba



Company Overview



  • Name: Umba

  • Mission: Umba’s mission is to open up banking services for Africa's vast, underserved market. They aim to provide a transparent and low-fee service that empowers consumers and SMEs to have greater control over their financial lives.

  • Vision: Empowering a financially inclusive Africa, where seamless and affordable banking solutions drive aspirations and growth for every individual and business.

  • Key People:

  • Tiernan Kennedy - Co-Founder & CEO

  • Barry O'Mahony - CFO/Co-Founder

  • Ruth Zame - General Manager, MFB

  • Dan Watts - Chief Credit Officer

  • Pamela Kaberia - Internal Audit/Risk Manager

  • Gbenga Agoro - Head of Engineering

  • Headquarters: Nairobi, Kenya at Timshack House, 2nd Floor, Ngong Road

  • Number of Employees: No information is available

  • Revenue: No information is available

  • What is the Company Known For: Umba is known for being a digital bank for consumers and businesses, focusing on lowering the cost of banking services and increasing their reach.


Products



For Businesses


  • UmbaPay: An efficient payment solution aimed at businesses. Detailed product description unavailable.


For Individuals


  • Consumer Lending: Allows users to draw down up to 50% of their accrued net salary any day of the month.

  • Savings Account: Offers a high-interest savings account allowing users to set a fixed amount or percentage that gets deducted from their salary.

  • Boost Car Loans: New product offering car loans.

  • Deposit Account: Integrated deposit account, credit card, and spend management in one solution without fees or minimums.


Recent Developments



  • Acquisitions:

  • Umba acquired Daraja Microfinance Bank Limited, as covered by TechCrunch and Business Insider Africa.

  • Funding:

  • Umba raised $15 million in Series A funding to expand accessible banking services to underserved markets in Africa.

  • Product Launches and Updates:

  • Launched "Boost Car Loans" aimed at car financing.

  • Released Android updates featuring the Statement of Account capability.

  • Expanded with new features in UmbaPay, a smarter payment platform for businesses.

  • Market Expansion:

  • Plans to extend operations into three additional African markets.

  • Partnerships:

  • Collaborative efforts with organizations like USAID, fintechs, and traditional banks to build comprehensive financial inclusivity.


Locations



  • Kenya: Primary branch is located at Timshack House, 2nd Floor, Ngong Road, Nairobi.

  • Nigeria: Operational location, specific address not provided.


Values



  • Inclusivity: Committed to bridging the financial inclusion gap and making banking accessible to all.

  • Innovation: Continuous focus on leading digital banking innovations in Africa.

  • Sustainability: Emphasis on sustainable business practices and environmental initiatives.

  • Collaboration: Strategic partnerships to enhance financial accessibility.

  • Integrity: Strong anti-fraud and anti-money laundering policies.

  • Empowerment: Initiatives in financial education and community empowerment.

  • Transparency: Open communication with customers and transparent operational reporting.

  • Adaptability & Commitment to Excellence: Emphasizing high standards in service and technological expertise.


Contact Information



  • Email: info@umba.com

  • Customer Care: 0746555222

  • Press Inquiries: info@umba.com


Social Media and Online Presence



  • Twitter, Facebook, Instagram, LinkedIn: Active on various social media platforms for broader reach and customer engagement.


Umba remains committed to revolutionizing banking in Africa with transformative products and expansion strategies to better serve both individual consumers and businesses in underserved regions.