Nigerian digital banking company, Umba, has secured $15 million in Series A funding led by Costanoa Ventures, Tom Blomfield, the co-founder of Monzo, and previous backers Lachy Groom and ACT Ventures.

This update is coming barely two years after the fintech obtained a $2 million seed investment. Other investors in the Series A round include Lux Capital, Palm Drive Capital, Banana Capital, and Streamlined Ventures. leading the round.

Umba has raised a total of $17.5 million in funding.

The startup provides a comprehensive choice of transparent and accessible financial products to consumers - especially those who are underserved.

Umba offers free bank accounts, interbank transfers, peer-to-peer transactions, and bill payments among other financial solutions.

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Speaking about the round, Tiernan Kennedy, Umba’s CEO, revealed that the startup follows Nubank’s credit-led approach, where consumers' liquidity problems are first tackled before upselling them on a wide range of other banking products.

Umba customers can acquire loans in addition to a no-fee current account, free payments, and bill payments.

According to the CEO, Umba also works to provide credit solutions based on proprietary data supplied by customers. Also, the startup raises most of its money from the monthly interest rate of 10% it charges customers.

Kennedy also revealed that the capital will boost the startup's expansion plans for other regions like Egypt, Ghana, and Kenya.

In the following 18 months, Umba will expand its product offerings by launching debit cards, savings accounts, and stock trading.