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Fingo Acquires 50,000 Waitlist of Customers in 24 Hours Following Launch of Digital-Only Bank

Fingo, a Kenyan fintech startup founded by Kiiru Muhoya, James da Costa, Ian Njuguna, and Gitari Tirima in 2021, is revolutionizing how African youth access financial services. The startup, backed by Y Combinator’s S21 cohort, recently raised $4 million in a seed funding round led by HOF Capital, with participation from other investors such as Hustle Fund, Pioneer Fund, and executives from Google, Facebook, and Paytm.

Fingo’s partnership with Ecobank gives the startup access to Ecobank’s 33+ markets, and both companies are planning a pan-African rollout starting with Kenya, where Fingo is the first digital-only bank in the country. Fingo’s mission is to empower African youth by providing financial products designed to meet their needs, including savings, insurance, credit, and other financial services.

One of the challenges African youth face in accessing financial services is the cumbersome process of opening a bank account, which often involves multiple in-person interactions and physical paper documents. Fingo aims to simplify this process by allowing users to download the “Fingo Africa” app and receive access to a bank account in under 5 minutes. The app also offers free peer-to-peer transactions and immediate access to multiple services such as savings, financial education, and smart spending analytics.

Since its launch, Fingo has acquired a waitlist of 50,000 customers within 24 hours, demonstrating the high demand for its services. With its innovative approach and strong backing from investors, Fingo is well-positioned to scale its operations and continue empowering African youth to build wealth and achieve financial independence.

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