“Can a pan-African neobank become the default operating account and expense platform for the continent's 50 million SMEs?”
Lenco was founded in 2021 as a Nigeria-based digital business bank for African SMEs, initially focused on free current accounts and expense management for retail, hospitality, logistics, and startup businesses. It operates as a CBN-licensed Payment Solutions Service Provider with banking services delivered through partner banks (Providus Bank and URE Microfinance Bank). The company is pursuing a pan-African expansion strategy — Nigeria, Zambia (as Lenco by BroadPay), Malawi, with Kenya and Rwanda next — layering cards, cross-border payouts, and an API for developer integrations.
Lenco (YC W22) discloses Providus Bank (sponsor) and URE Microfinance Bank (sponsor) as its banking providers, with Providus Bank Plc and URE Microfinance Bank as its sponsor banks, according to the Embedded Finance Index 2026.
Lenco (YC W22) does not disclose a bank charter of its own; its banking services are provided through Providus Bank Plc and URE Microfinance Bank.
Lenco (YC W22) processes payments through Lenco Pay (self-operated).
The Embedded Finance Index 2026 maps 4 layers in Lenco (YC W22)'s stack: Payments / PSP (Lenco Pay (self-operated)); Banking / BaaS (Providus Bank (sponsor) and URE Microfinance Bank (sponsor)); Sponsor bank (Providus Bank Plc and URE Microfinance Bank); Spend / AP (Lenco Expense Management (self-operated)).
Lenco (YC W22) was founded by Andrew Airelobhegbe, Impact Airelobhegbe, Godstime Asine and Praise Osagie and is founded in 2021, headquartered in Lagos, Nigeria.
Lenco (YC W22) has raised $2.1M in total (latest round: Seed, 2022).
Get a read on where your own stack stands against Lenco (YC W22) and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.