# Lupiya Financial Services

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/lupiya-financial-services

- Industry: Financial Services
- Headquarters: Lusaka, Zambia
- Website: www.lupiya.com/
- Total disclosed funding: $11M
- Latest round: Series A (Feb 13, 2026)
- Investors on record: 3

## About

Based in Zambia, Lupiya Circle Limited provides digital financial solutions, enhancing access to credit and banking services for individuals and small businesses across the region.Lupiya Circle Limited is a neobank established in 2016 in Lusaka, Zambia, focusing on improving financial accessibility for various demographics.  The founder, Muchu Kaingu, has guided the company through its early growth stages under the leadership of CEO Evelyn Kaingu. Lupiya offers a range of digital financial services aimed at improving access to credit for individuals and small businesses. Its primary offerings include personal loans, business loans, agricultural loans, and collateral-backed loans, which can be accessed via their website and mobile app. This user-friendly platform allows customers to choose loan types, repayment plans, and interest rates tailored to their needs, focusing primarily on civil servants, farmers, and entrepreneurs in Zambia. The company generates revenue through service fees linked to its loan offerings, where fees are incurred based on loan amounts and repayment durations. For example, when a customer secures a personal loan, the service fee is included in the total loan amount. Additionally, revenue is derived from interest on various loan products, structured to remain competitive while ensuring profitability. The direct-to-consumer model allows clients to access loans through the app, establishing a B2C revenue framework that supports their flagship services such as instant and agricultural loans. In February 2026, Lupiya Circle Limited raised USD 3 million in series A funding led by Alitheia IDF Managers, with participation from INOKS Capital and KfW Banking Group.
 The company plans to use the February 2026 funding to expand digital banking services beyond Zambia, improve its technology systems, grow lending products, and enter other Southern and East African markets.

## Funding rounds

- Series A, Feb 13, 2026, $3M — KfW Banking Group, Alitheia IDF Managers, INOKS Capital
- Series A, Sep 18, 2023, $8.3M — KfW Banking Group, Alitheia IDF Managers, INOKS Capital

## Investors

- KfW Banking Group — Series A
- Alitheia IDF Managers (https://capitalatlas.ai/funds/alitheia-idf-managers) — Series A
- INOKS Capital — Series A