Andrew Milne, co-founder and co-chief executive of digital lending infrastructure company Kuunda, has died at 54, the company said, two days after announcing a $5 million secondary share sale.
Kuunda did not disclose the cause of death. In a statement posted on LinkedIn, the company described Milne as an “energetic and resilient leader” and extended condolences to his wife, Alison, and their children.
Milne co-founded Kuunda in 2018 with Sam Brawerman and Morné van der Westhuizen. The Mauritius-based company provides technology that enables banks, mobile money operators and payment platforms to extend credit through their existing networks.
Its products include mobile money agent liquidity financing, merchant cash advances and stock financing for small retailers. Kuunda uses transaction data to assess creditworthiness, helping financial institutions reach borrowers who may lack conventional credit histories.
The company said its infrastructure had facilitated more than $4.4 billion in credit through over 870 million loans, reaching 14.6 million agents, merchants and consumers.
The Oct. 13 share sale was led by E4E Africa, with participation from Accion Ventures, Portugal Gateway Fund and Seedstars Africa Ventures. The transaction provided liquidity to early investors and reduced Kuunda’s shareholder count from 12 to four.
The deal followed Kuunda’s 2025 $7.5 million funding round, which attracted investors including Nedbank and 4Di Capital. Kuunda said angel investors who sold shares in the latest transaction recorded annualized internal rates of return exceeding 70%, while seed investors achieved returns of between 25% and 40%.
Before founding Kuunda, Milne held senior roles at South African health technology company Virgin Life Care, digital health business Hello Doctor and mobile money company Zoona, building more than three decades of experience across African markets.
Kuunda said it would announce plans to honor Milne’s legacy in due course.