Umba
Umba is a mobile-first digital bank operating in Kenya and Nigeria, offering savings accounts, asset-backed and consumer loans, and business banking services to underserved individuals and SMEs. It serves 400,000+ users through CBK-licensed operations and has disbursed 144,000+ loans.
- Company typePrivate
- Founded2020
- HeadquartersNairobi, Kenya
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Umba does
Umba is a digital bank founded in 2020 by Tiernan Kennedy and Barry O'Mahony, operating across Kenya and Nigeria with a mobile-first platform serving underserved individuals and SMEs. The company offers savings accounts paying up to 16.5% interest per annum, multiple loan products including logbook loans and car finance at 3% per month, salary advances and installment loans at 5% per month, and business banking services such as UmbaPay, bulk payments, and International VAN for receiving EUR via SEPA. Distribution is via iOS/Android apps, a web application, and WhatsApp-based onboarding.
Umba's core technology leverages proprietary customer data generated through app usage to assess creditworthiness and tailor credit offerings. In Kenya, the company operates through Umba Microfinance Bank Limited, a majority-owned subsidiary that acquired a 66.06% stake in Daraja Microfinance Bank in July 2022 and obtained full licensing from the Central Bank of Kenya (CBK), with customer deposits insured by KDIC. Umba reports 400,000+ users across Kenya and Nigeria, 144,000+ loans disbursed cumulatively, and 50,000+ active users on its Nigeria platform.
The business model generates revenue through lending interest (asset-backed and unsecured consumer loans), savings interest spreads, transaction fees on business banking, and bulk payment processing. Umba has raised approximately $22 million total across a $2M seed round (December 2020), $15M Series A led by Costanoa Ventures (April 2022), and a $5M debt facility from Star Strong Capital (April 2025). The company targets profitability in Kenya in 2025 and pursues a product-led growth motion supplemented by direct sales for B2B products.
Umba firmographics
Firmographics- Name
- Umba
- Legal name
- Umba Inc.
- Website
- https://umba.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Umba is a mobile-first digital bank operating in Kenya and Nigeria, offering savings accounts, asset-backed and consumer loans, and business banking services to underserved individuals and SMEs. It serves 400,000+ users through CBK-licensed operations and has disbursed 144,000+ loans.
- Ownership category
- akta.pro rank
Umba industry classification
Industry- Product category
- Digital Banking
- NAICS
- Commercial Banking (52211)
- SIC
- Short-Term Business Credit Institutions (6153), Savings Institution, Federally Chartered (6035), State Commercial Banks (6022)
- akta.pro primary industry
- Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)
- akta.pro secondary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where Umba is headquartered
LocationHeadquarters
- HQ city
- Nairobi
- HQ country
- Kenya
- HQ region
- Africa
Offices3 records
Markets served
Umba business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Lending Interest: Revenue generated from interest charged on various loan products including logbook loans (3% per month), car finance (3% per month), salary advances (5% interest rate), and installment loans (5% per month). The company uses customer data to assess creditworthiness and offer appropriate credit products.
- Savings Interest Spread: Earn interest on deposits (up to 16.5% per annum) while offering various savings products including fixed deposits and flexible savings accounts.
- Business Banking and Bulk Payments: Revenue from business banking services including zero-fee current accounts, bulk payment services, and vendor payment processing for businesses.
- Debt Financing: Company secures debt financing ($5M from Star Strong Capital in 2025) to fund lending operations and expand vehicle and SME lending in Kenya.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Savings products offering up to 16.5% interest per annum |
| Transaction based/ take rate | Monthly | Logbook loans at 3% per month interest rate |
| Transaction based/ take rate | Monthly | Car finance at 3% per month interest rate |
| Transaction based/ take rate | Monthly | Salary advance at 5% interest rate |
| Transaction based/ take rate | Monthly | Installment loans at 5% per month |
| Transaction based/ take rate | Pay-as-you-go | International VAN with 1% fee |
| Freemium | Monthly | UmbaPay business account with free transactions |
Go-to-market motion3 records
Distribution channels5 records
Marketing channels5 records
Umba product offering
Product offeringCore offering
Umba is a digital bank operating in Kenya and Nigeria that delivers free bank accounts, savings products, personal and vehicle loans, salary advances, and business banking services (including bulk payments and international virtual account numbers) through a mobile-first platform. It is fully licensed by the Central Bank of Kenya as Umba Microfinance Bank and serves both individuals and SMEs with mobile app, web, and WhatsApp channels.
Product overview
Umba is a digital banking platform providing accessible financial services to consumers and businesses across Kenya and Nigeria through a mobile app. The platform operates as a unified digital bank offering three interconnected product categories: (1) Retail banking including Savings accounts with up to 16.5% interest, Instalment Loans, and Logbook Loans; (2) Business banking comprising UmbaPay for business accounts with loans and savings, Bulk Payments for supplier/vendor payments, and Umba Business for payroll management; and (3) Vehicle financing including Logbook Loans and Car Finance. Additional services include International VAN for receiving international payments. Umba is licensed by Kenya's Central Bank of Kenya (CBK) as a microfinance bank, with total funding of $17.5 million and operations spanning 144,000+ loans disbursed across 2 countries.
Differentiator
Problem solved
Functional benefit
Brands
- UmbaPay: Business loan and payment solution that enables businesses to manage payments, access loans and savings through a single till account
- Umba Business
Products and services
- UmbaPay (Business Account) Zero-fee business current account enabling SMEs to receive payments, manage bulk supplier and vendor payments, and access loans and savings through a single till account.
- Savings High-interest savings accounts for individuals offering up to 16.5% per annum, with flexible Savings Stash options starting from KES 50.
- Fixed Deposits Term savings product for businesses and individuals with a minimum deposit of KES 5,000 offering interest rates up to 16.5% per annum.
- Logbook Loans Vehicle-backed loans allowing customers to access up to 70% of their car's value while retaining ownership, with pre-approval in 6 minutes and disbursement within 6 hours, terms of 3–24 months at 3% per month.
- Car Finance Asset financing for purchasing new or used vehicles, offering loan amounts from KES 100,000 to KES 1,700,000 at 3% monthly interest with repayment periods of 3–36 months.
- Instalment Loans Personal loans in Nigeria allowing repayment in monthly instalments for up to 12 months, with processing time of approximately 5 minutes and amounts up to NGN 500,000.
- Bulk Payments Instant bulk payment service for businesses to pay suppliers and vendors in a single transaction, featuring saved recipient lists for recurring payments.
- International Virtual Account Numbers (VAN) Virtual account numbers enabling customers and businesses to receive international payments directly into their Umba wallet from Europe via SEPA (EUR) and from the United States (USD), with a 1% transaction fee.
- Umba Business (Payroll & Employee Financing) Business solution enabling employers to run payroll and offer employees salary advances (up to 50% of net salary at 5% interest) and installment loans (up to 3x net pay over 3–9 months at 5% per month), plus employee savings and bill-payment cashback.
Quantifiable outcome
- 144,000+ loans disbursed across Kenya and Nigeria
- +4 more outcomes
Companies that use Umba
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Umba technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Umba partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Daraja Microfinance Bank LimitedcoreUmba acquired 66.06% stake in Daraja Microfinance Bank Limited in Kenya effective July 1, 2022, following regulatory approval. The investment supports Daraja MFB's digitalization and enhances service offerings, aligning with Kenya's monetary authority's vision.
- Central Bank of Kenya (CBK)coreUmba Microfinance Bank is fully licensed by the Central Bank of Kenya, providing regulatory credibility and enabling the company to offer insured deposits and operate as a licensed financial institution.
- Kenya Deposit Insurance Corporation (KDIC)minorDeposits at Umba Microfinance Bank are insured by KDIC, providing deposit protection for customers and enhancing trust in the platform.
- RilaniminorRilani (legal services firm) is listed as a trusted business customer using Umba's business banking services including bulk payments and vendor payments.
- Money 254minorMoney 254 is a business customer using Umba's bulk payment services for business operations.
- Imara HealthcareminorImara Healthcare uses Umba's business banking services as a corporate customer.
- Diamond ConfectioneryminorDiamond Confectionery is a business customer using Umba's payment services for business operations.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Umba competitors and assessment
Company assessmentDirect peers
- Tala: Tala is a mobile-first digital lender operating in Kenya, Nigeria, and other emerging markets using alternative data for underwriting. It competes head-to-head with Umba in consumer lending across both of Umba's markets.
- FairMoney: FairMoney is a Nigeria-headquartered digital bank offering nano-loans, savings, and bill payments with a microfinance banking license. It is a direct competitor in Nigeria's mass-market digital banking segment.
- Moniepoint: Moniepoint is a Nigeria-focused digital bank serving SMEs and consumers with payments, savings, and lending products, holding a microfinance banking license. It competes with Umba's UmbaPay business banking offering.
- Branch International: Branch is a digital lending platform using alternative data to underwrite microloans across Africa and other emerging markets. It is a direct peer to Umba's consumer lending products in Kenya.
- OPay: OPay is a mobile payments and financial services super-app with strong Nigeria and Kenya presence, offering payments, savings, and consumer credit. It competes with Umba across payments, deposits, and consumer lending.
- Carbon (formerly Paylater): Carbon is a digital lending and banking platform operating in Nigeria with a microfinance banking license, offering consumer loans, savings, and business banking. It is a direct peer in Nigeria's regulated digital banking category.
- M-Pesa (Safaricom): M-Pesa is Africa's dominant mobile money platform with deep Kenyan penetration and an expanding lending/savings product set (M-Shwari, Fuliza). It directly competes with Umba for digital financial services customers in Kenya.
Broad incumbents
- KCB Bank Kenya: KCB is a major Kenyan commercial bank with deep SME lending and digital banking capabilities (Vooma app, Timiza). It is a broad incumbent peer in both consumer and SME banking segments.
- Equity Bank Kenya: Equity Bank is one of Kenya's largest commercial banks with a substantial retail and SME customer base and an aggressive digital strategy (Equitel, EazzyBanking app). It overlaps with Umba's full-stack retail and SME banking offering.
Regional players
- TymeBank: TymeBank is a South Africa-based digital retail bank serving the underbanked with a kiosk-based acquisition model. While geographically distinct, its digital-first retail banking model and emerging-markets focus make it a relevant regional comparison.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Umba social profiles
Digital presenceUmba compliance and trust
Trust signalCompliance2 records
Umba financial estimates
Financial estimateRevenue estimate
Valuation estimate
Umba leadership team
Management profileNumber of profiles
Profiles9 records
Umba subsidiaries and ownership
Company hierarchySubsidiaries1 record
Umba funding detail
Funding detailFunding overview
Funding rounds8 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Umba M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Umba
What does Umba do?
Umba is a digital bank operating in Kenya and Nigeria that delivers free bank accounts, savings products, personal and vehicle loans, salary advances, and business banking services (including bulk payments and international virtual account numbers) through a mobile-first platform. It is fully licensed by the Central Bank of Kenya as Umba Microfinance Bank and serves both individuals and SMEs with mobile app, web, and WhatsApp channels.
Is Umba a public or private company?
Umba is a private company. It is classified as venture growth investor backed and is currently operating.
When was Umba founded?
Umba was founded in 2020. It employs 51 to 100 people.
Where is Umba based?
Umba is headquartered in Nairobi, Kenya, in the Africa region.
How does Umba make money?
Four revenue lines are on record. Lending Interest is the primary driver. The others are savings Interest Spread, business Banking and Bulk Payments and debt Financing.
Who are Umba's main competitors?
Direct peers on record are Tala, FairMoney, Moniepoint, Branch International, OPay, Carbon (formerly Paylater) and M-Pesa (Safaricom). Broad incumbents are KCB Bank Kenya and Equity Bank Kenya. TymeBank is listed as a regional player.
Does Umba have an API?
No public API is recorded for Umba.
What industry is Umba in?
Umba's product category is Digital Banking. Its primary akta.pro industry code is FSABAIAD, Account & Balance Services (Operating accounts, statements, eBAM), with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 52211 and its SIC code is 6153.