The pngme Sub Saharan Series octopus ventures is a data science and engineering firm that is looking to make its way in the African market. With a focus on data integration and third party APIs, this team has plans to take the company global.
Funding round details
Pngme, a machine learning-as-a-service platform for financial data infrastructure, closed a $15 million Series A funding round led by Octopus Ventures, Lateral Capital, Raptor Group, and Unshackled Ventures. Pngme’s platform allows financial institutions to acquire alternative financial data and to process it at scale. It’s also designed to encourage adoption of personalized user experiences.
The fintech is looking to expand its executive and engineering teams with the new money. It is also looking to add a data science team. Pngme’s proposition has already caught on with some unnamed tier-one banks in Nigeria.
Pngme enables financial organizations to use financial data to build products and services. It’s based on an API that lets users aggregate and combine data from multiple sources. In addition, it’s offering an SDK that enables mobile banking.
Investors in the round
Pngme is a San Francisco-based fintech that serves the needs of financial institutions in sub-Saharan Africa. It provides data infrastructure and machine learning-as-a-service tools to help them collect, aggregate, and analyze alternative financial data. The company has partnered with digital financial platforms like Kuda, Simplefi, Credpal, and Global Credit Bureau.
Pngme’s platform allows developers to create customized financial products and services, as well as to understand and monitor customer transactions. It is built around the idea of encouraging personalized user experiences. Through a variety of data science and analytical services, Pngme claims to help its partners boost adoption, reduce customer acquisition costs, and increase lifetime value.
To achieve this, Pngme has created a financial data infrastructure that enables financial institutions to acquire and aggregate massive amounts of financial data from a variety of sources. By combining these data sets into a single stream, Pngme says it is able to provide its customers with a single source of truth.
Plans to expand globally
Pngme is a fintech startup based in San Francisco, California. It is a machine learning-as-a-service platform that allows banks and other financial institutions to collect and analyze data at scale. Aside from its data infrastructure, Pngme also has a mobile SDK and API.
It is targeting both traditional and digital financial services providers. Besides aggregating users’ financial data, Pngme aims to provide clients with actionable insights and insights library products. Clients can also monitor transactions, verify identities, and alert users about missed payments. Unlike other platforms, Pngme has a machine learning model that differentiates itself from others.
According to Pngme’s website, its solutions will increase the lifetime value of customers. The company plans to use its Series A funding to grow its global team. To do this, it is looking to expand its executive, data science, and sales teams. In addition, it will use its funding to acquire more customers.
Data science, engineering, and sales teams
Pngme is a fintech firm that is based in San Francisco and focuses on serving sub-Saharan Africa. It provides a platform for developers and financial institutions to use data. This includes machine learning tools and APIs. The company has partnered with digital financial platforms, credit bureaus, and traditional banks. Specifically, Pngme aims to drive data-driven insights, improve customer service, and lower customer acquisition costs.
Pngme was founded by Brendan Playford and Cate Rung in 2018. They aim to simplify the collection of alternative financial data. With a scalable API architecture, Pngme enables developers to create financial products. As a result, the company’s solutions increase lifetime value.
Previously, the firm provided lending solutions, but it has now shifted to a data infrastructure platform. The team plans to focus on data processing and integrations with enterprise banks and MFBs. Additionally, it plans to expand in Africa.
Data integration with third-party APIs
Pngme, a fintech start-up, recently raised a hefty $15 million Series A led by Octopus Ventures and two other notables: Two Small Fish Ventures and Lateral Capital. They also nabbed a slew of other investors including Future Africa and Aruwa Capital Management. It will also be used to expand its team in Lagos and Nairobi.
Pngme’s main product is a machine learning-as-a-service platform that allows financial institutions to gather large quantities of financial data at scale. The company is notably active in the sub-Saharan region, where it’s been working with a small set of clients. This includes mobile money operators, tier one banks, credit bureaus and fintech startups.
The company has also shown its hand with a data processing pipeline that has handled billions of data points from its clients. For example, it has processed the “one of the largest collections of structured data ever” in the fintech space, according to Pngme founder Cate Rung.