Kennedy said the company uses proprietary data generated by customers to offer credit products. The fintech company generates most of its revenues from charging consumers a monthly interest of 10%.“I’d like to think that we’re the cheapest in the market. Kennedy didn’t divulge hard numbers when asked to share some financials, only saying that the company has doubled its revenues every three months since launching 18 months ago with over 1 million installs on Google Play Store. “Typically, like a legacy bank, some startups will buy off-the-shelf banking systems and customize them for their customers. Thus, it’s still early to say if the company can underwrite loans and provide financial services across various systems on the continent. However, the new funding will allow the company to test this out as it prepares to launch in new markets, including Egypt, Ghana and Kenya, where mobile money is prominent. Umba said it brings a wide range of transparent and accessible financial products to those underserved by legacy banks across Africa — only 43% of the region’s population are account holders at financial institutions. The company’s CEO, Tiernan Kennedy, told TechCrunch on a call that Umba operates the credit-led model pioneered by Nubank, where it first solves the problem of liquidity for customers before upselling them on a broad spectrum of banking products. And Umba is yet to actualize Kennedy’s claims, given its sole operation in Nigeria.