Kenyan fintech Fingo launches neobank in collaboration with Ecobank

Kenyan financial technology (fintech) start-up Fingo has partnered with Ecobank Kenya to launch a neobank called Fingo Africa.

A neobank, also called an online, virtual or digital bank, is a direct bank that fully operates online and Fingo’s app targets young Kenyans.

The app promises cheaper transaction rates, including sending money to fellow Fingo users for free. They can also send to users of the popular mobile banking platform M-Pesa, and pay bills via Paybill and Till at lower rates.

Customers also get financial education and smart spending analytics, and they can also save money for goals they set.

Fingo was founded in 2021 by Kiiru Muhoya, who doubles as its CEO, and James da Costa (COO), Ian Njuguna (CTO) and Gitari Tirima (CPO).

The neobank’s launch comes in the backdrop of a Ksh.546 million ($4 million) seed round by the fintech late last year led by HOF Capital with the participation of Hustle Fund, Verdant Frontiers Fintech Fund, Goodwater Capital and Launch Africa.

American technology outlet TechCrunch reported that Chandaria Capital, Naiban (Nairobi Angel Network), Discovery Ventures and Chui Ventures also participated in the round, alongside the co-founders of Monzo and Twitch and executives from Google, Facebook and Paytm.

The app is rolling out in Kenya with the aim of expanding to the 33 African countries the Ecobank group operates in. Muhoya said they are targeting an East Africa expansion by the end of this year.