Ensibuuko, a Ugandan fintech startup, has raised a $1 million seed investment from Global impact investor, FCA Investments. The startup currently provides digital financial services to over 200,000 rural customers in Uganda.
Ensibuuko operates a proprietary microfinance platform developed especially for Africa’s credit unions (Savings and Credit Co-Operative Society-SACCOs) and savings groups.
FCA Investments and Ensibuuko have an ambitious target to increase financial inclusion by scaling rural banking infrastructure and digital financial services to millions of customers in Sub-Saharan Africa.
The startup will also gain access to FCA Investments’ technical resources and a global network of partners allowing it to build internal capacity and to establish strategic relationships across the Sub-Saharan region.
This new raise brings total investments in the fintech startup to $1.6 Million having closed a pre-seed round in 2017 from a group of Canadian angel investors.
“With this latest investment, Ensibuuko ups its competitive stance in Africa’s fintech space.” the startup’s Founder & CEO, Gerald Otim says.
The investment will allow Ensibuuko to scale rapidly in Uganda and to expand to other markets. Ensibuuko also intends to make major improvements to its newer digital loan and microinsurance products, which target rural customers.
Emmanuel Obwori, COO of FCA Investments, commends the startup on its focus on growing customer value and commitment to facilitating last-mile financial services. startup’s vision is well-aligned with the values of FCA Investments, he adds.