Democratic Republic of Congo Startup, Tuma, Raises Largest Funding Ever of Any Fintech in the Country

Tuma, a fintech startup operating in the Democratic Republic of Congo (DRC), recently secured an impressive funding round of $500,000.

This investment marks the largest funding round ever achieved by a Congolese fintech company, reports indicate.

Visa, Visible Hands, and the Social Justice Fund were among the participants in the funding round. According to the two-year-old startup, the funding will enable them to extend their operations into additional markets and enhance their product offerings.

Tuma was established by Elijah Lubala and Mpilo Makae with the aim of promoting financial inclusion in Congo. The startup offers a digital solution that enables merchants to accept card payments using their mobile phones.

With nearly half of the country’s population owning a mobile phone, Tuma utilizes software Point-of-Sale (POS) technology to convert any phone into a POS device. This innovative approach enables customers to make payments by simply tapping their cards on the back of the phone, offering a convenient and accessible solution for transactions.

To facilitate its services, Tuma has established partnerships with various financial institutions including:

• UBA Bank Group
• Credit Bank Kenya
• InTouch
• Appiawave
• Cellulant, and
• Seerbit

Tuma’s recent funding coincides with the introduction of a startup act by the government of the Democratic Republic of Congo (DRC) in 2022. The Startup Bill, which was signed into law in September 2022 by President Felix Tshisekedi, aims to encourage investment and provide support to tech innovators and entrepreneurs who are driving the country’s digital transformation.

According to Partech, the Congolese startup ecosystem raised $38 million in funding in 2022, with the majority of the amount (98%) going to the crypto firm, Jambo. The Web3 startup raised $7.5 million in seed funding in February 2022 to bolster its ongoing project in building ‘the largest, most influential Web3 community across Africa.’

In May 2022, Jambo closed a $30 million Series A funding round led by Paradigm, marking the crypto native investing giant’s first investment in Africa.