Data management platform Pngme, which has operations across San Francisco, Lagos and Nairobi, has raised $15 million in Series A funding to grow its financial data infrastructure and machine learning-as-a-service platform.
The round comes less than a year after the company secured $3 million in seed funding, Pngme said.
Octopus Ventures, a $1.7 billion London-based venture capital firm, led the Series A funding. The VC firm invests in technology ventures across health, fintech, consumer and B2B software segments. Its fintech portfolio includes Cazoo, Sprout.ai, Semafone and Digital Shadows. Pngme is its second Africa bet after it invested in WeFarm in March.
Other investors who participated in Pngme’s Series A round include Lateral Capital, Unshackled Ventures, Raptor Group, EchoVC, Future Africa, Aruwa Capital Management, Two Small Fish Ventures and Canadian women-focussed investment firm The 51.
Angel investors such as RallyCap’s Hayden Simmons, Plaid’s Dan Khan, former RBC Capital Markets COO Richard Talbot, Creative Destruction Lab mentors, and Intersect VC’s Kyle Ellicott also chipped in.
Pngme was started in 2018 by chief executive Brendan Playford and chief operating officer Cate Rung. It seeks to make the process of collecting, analysing and using financial data by financial institutions frictionless and simple. Its key target customers include banks, fintech companies, and credit bureaus.
“With the demand we are seeing in our core markets and from financial institutions globally, it is clear we are solving a major pain point by building financial data infrastructure and machine learning-as-a-service,” Playford said.
He also said that the company will use the fresh capital to not only scale up its data processing and machine learning capabilities but also build a strong.
Rung added that Pngme’s infrastructure has processed “billions of data points from hundreds of financial institutions” across Sub-Saharan Africa. “We plan to double down on our Insights Library and expand our third-party data connections to other markets over the next year.”
The company said it is using the Series A raise to expand the executive team with the hiring of Lorraine Kageni Maina as strategy head and Nick Masson as CTO.
Alongside these key executive hires, Pngme is expanding its data science, engineering, product, and sales teams globally.