Kuunda, a digital lending infrastructure company expanding access to credit across Africa, has raised $5 million led by E4E Africa with participation from existing investors Accion Ventures, Portugal Gateway Fund, and Seedstars Africa Ventures, as it prepares to expand into seven additional markets.
Kuunda did not disclose its valuation, the identities of the selling shareholders or the amounts invested by individual backers but the deal builds on Kuunda’s earlier fundraising. In October 2025, the company raised $7.5 million to expand digital lending across Africa and the Middle East and North Africa, with backing from Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion Ventures, E4E Africa and Nedbank, among others.
“This is an important milestone for Kuunda and our investors,” said Andrew Milne, CEO of Kuunda. “Delivering a successful secondary at this stage reflects the strength of the business we’ve built profitable, scalable lending infrastructure serving millions of people across Africa. We’re grateful to our early backers and excited to grow with a strong, aligned shareholder base.”
Kuunda has since reported lending activity of more than $4.4 billion through over 870 million loans, reaching 14.6 million agents, merchants and consumers across Africa, according to the latest transaction announcement.
E4E Africa Managing Partner Bas Hochstenbach said the fund was increasing its position in Kuunda, pointing to its technology, distribution networks and banking partnerships as drivers of its ability to serve businesses and consumers underserved by traditional lenders.
Founded in 2018, Kuunda operates a lending-as-a-service platform that enables banks and fintech partners to integrate overdrafts and working-capital financing into digital ecosystems. Its distribution channels include mobile money operators, payment aggregators, point-of-sale providers, e-commerce platforms and financial institutions.
Kuunda currently operates in Tanzania, Kenya, Uganda, Mozambique and Malawi, and plans to expand into seven additional markets. The company has not publicly identified the seven new markets or provided a timeline for the expansion.
The $5 million transaction was structured as a secondary share sale, allowing existing shareholders to sell their holdings to other investors. Unlike a primary funding round, in which a company issues shares to raise capital for its operations, a secondary sale does not necessarily inject fresh capital into the business.
The deal provides liquidity for early investors while increasing the stakes held by existing backers as Kuunda prepares to extend its lending infrastructure into additional markets.