As per the latest reports, the Pngme platform has announced that the successful completion of the seed funding round. The firm revealed that it has managed to raise $3 million from the seed funding round. Pngme has confirmed that it will be using these funds to expand its services all across the African region.
Pngme is a unified financial data platform, which despite being based in the United States, focuses on expanding services in Africa.
The firm has also provided more details surrounding the recent seed funding round. There were quite a few firms that were involved in the investment round. Some of the major firms that led the investment program included Raptor Group, EchoVC, Lateral Capital, and Radical Ventures.
Although the details of the seed funding round have been released just now, it had already been finished towards the end of the 3rd quarter of the year 2020. This was the second seed funding round run by the platform as the previous round run by the platform was the pre-seed funding round. The pre-seed funding round was held by Pngme back in 2018 and helped the firm raise over $500,000.
The Pngme platform has made it completely clear and transparent to the users how its application works. The platform is used for collecting the data from the users’ mobile phones that they have permission to be collected from their phones.
The users are able to utilize this feature with a single tap on the data-sharing in-app button. Once the sharing has been triggered, the real-time alerts and financial data are shared with the other user.
The developers at Pngme have revealed that they are aiming to launch their platform and application in the entire African region. The mobile money market in Africa has been growing with every passing day and is seeing an upward trend.
The main driver behind the surge in the mobile money market adoption in the country is the launch of M-Pesa that was launched back in 2007.
Existing as a mobile banking service, M-Pesa is an application that was launched in Kenya back in 2007. The application allows the users to store their money into the application, which they can also transfer from one user to another. Ever since the launch, the application has gathered enormous adoption in the entire African region.
M-Pesa has proven to be extremely advantageous and beneficial for people who do not have bank accounts. With time, the application is aiming to expand the services in the entire Sub-Saharan (SSA) region.
Pngme is a platform that is known for acquiring financial data and information from users. The platform then transfers this data to the financial and banking institutions with the users’ permission.