Fingo, a YC-backed Kenyan fintech, has partnered with Ecobank in Kenya to launch the first neobank in the country.
Founded in 2021 by CEO Kiiru Muhoya, James da Costa, Ian Njuguna and Gitari Tirima, Fingo is digital bank built for young Africans whose mission is to empower youths to create a wealthier Africa with distinctly designed financial products.
Fingo secured $200,000 in pre-seed funding before joining YC S21, and later in the same year, they raised $4 million in seed funding. The round was led by HOF Capital, a multistage venture capital firm, and included participation from several other investors, including executives from tech giants like Google, Facebook, and Paytm, as well as the co-founders of Monzo and Twitch.
Fingo has partnered with Ecobank, the largest footprint bank in Africa, providing Fingo market access to Ecobank’s 33+ markets, starting with Kenya.
Fingo allows users to download the ‘Fingo Africa’ app and receive access to a bank account in under 5 minutes, paired with free peer-to-peer transactions and immediate access to multiple services such as savings, financial education and smart spending analytics.
According to the fintech, it acquired 10,000 active users with a waitlist of 100,000 customers within 24 hours of launch.
According to Diallo Djiba, Ecobank Group’s senior fintech advisor, in a statement, “Our partnership with Fingo Africa is a critical milestone in our mission to equip Africa’s youth with the essential financial tools they need to succeed. Together, we will launch youth-focused financial products, including quick access to bank accounts, savings options, and cost-effective transactions, across Ecobank’s pan-African footprint.”
“We are excited to extend our current solutions through this partnership and to be at the forefront of youth banking in Africa. Our aim is to reach millions of young people across the 33+ African markets where Ecobank operates,” he added.
