Bamba, a Kenyan-based fintech that provides mobile applications for small businesses, has secured $3.2 million to expand its user base across 12 African countries with high mobile money penetration.
According to the company, the new capital will also enable Bamba to scale its app and build its engineering team for a successful operation.
The funding according to the fintech company was led by 468 capitals, a venture capital firm, with participation from Presight Ventures and Jigsaw VC.
Other angel investors who participated in the funding were Mato Peric, Leonard Stiegler, Laurin Hainy, and Thomas Stafford.
Bastain Gotter, Founder, and CEO of Bamba, while commenting on the raise, said, “We truly believe entrepreneurship is essential to prosperity, so we make running a small business easier by building mobile-first small business software for Africa. This investment allows us to scale the platform, and the team and gives us access to insights from our high calibre of investment partners.”
On the side of the investors, Ludwig Ensthaler, Partner, 468 capital expressed delight in supporting the Bamba team to raise the capital which will aid business growth across Africa.
“We are thrilled to invest and support the team and vision at Bamba. We feel that the investment opportunities in “enterprise” software focused on small businesses in Africa are significant and remain largely untapped. We believe that Bamba is well placed with a great product and a solid founder to build a category-defining company,” Ludwig said.
Fabian Hansen, Investor, Presight Ventures said, “We appreciate entrepreneurs that build novel solutions that push boundaries and are thrilled to support Bamba’s potential impact across the small businesses ecosystem in Africa.”
Similarly, Dan Jones, Partner, Jigsaw VC while speaking about the raise explained that Bamba sits at the intersection between cash and mobile money, between payments and credit, adding that there is a significant opportunity in this space and are keen to explore it with Bastian
Meanwhile, the Bamba team disclosed that the firm was founded by Bastian in 2022, with its focus on simple tools for merchants to manage their customers, record stocks, receive payments, make payments, and access cash advances against their future cash flow.
The firm disclosed that the mobile application also allows small businesses to easily manage their customers and stock levels, get paid, pay-out, and take out cash advances against their future cash flow.