Pngme, a financial data infrastructure and machine learning-as-a-service platform, has raised $15m in its Series A funding round led by Octopus Ventures.
The round was joined by Lateral Capital, EchoVC, Raptor Group, Two Small Fish Ventures, Unshackled Ventures, Future Africa, Lagos-based Aruwa Capital, and The51.
Individual angel investors such as Hayden Simmons of RallyCap Dan Khan of Plaid, former COO of RBC Capital Markets Richard Talbot, Creative Destruction Lab mentors, and Intersect VC’s Kyle Ellicott also participated in the round.
The US- and Africa-based firm plans to use the proceeds to expand its executive team by hiring Lorraine Kageni Maina as chief strategy officer and Nick Masson as chief technology officer.
It also plans to hire for roles in data science, engineering, product, and sales, globally.
The firm, which currently caters to clients in Nigeria, Kenya and Ghana, leverages technology to allow financial institutions and fintechs to collect and aggregate financial data at scale.
Pngme says its mobile SDK and data processing pipelines collect alternative financial data and club it with other data sources to give insight into an individual’s financial behaviour.
Its client base includes large enterprise banks, credit bureaus, MFBs, fintechs, and neo banks.
Pngme CEO Brendan Playford said: “With the demand, we are seeing in our core markets and from financial institutions globally, it is clear we are solving a major pain point by building financial data infrastructure and machine learning-as-a-service.”
Pngme COO Cate Rung said: “Pngme’s infrastructure has processed billions of data points from hundreds of financial institutions across sub-Saharan Africa and we plan to double down on our Insights Library and expand our third-party data connections to other markets over the next year.”