Andrew Milne, co-founder of African fintech Kuunda, dies at 54
Andrew Milne, a co-founder of the fintech startup Kuunda, died on October 13 at the age of 54. Milne played a pivotal role in building technology that connected banks to underserved markets, including mobile money agents and small businesses across Africa and Asia. Kuunda recently raised $7.5 million in funding and completed a $5 million secondary share sale.
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30 SEC SUMMARY
- Andrew Milne, co-founder of fintech startup Kuunda, died on October 13 at the age of 54.
- Milne co-founded Kuunda in 2018 to address cash flow challenges for mobile money agents, small businesses, and consumers.
- Kuunda enables credit access by embedding financial services into existing digital platforms using transaction data.
- The company recently raised $7.5 million in a pre-Series A round and completed a $5 million secondary share sale led by E4E Africa.
TABLE OF CONTENTS
KEY HIGHLIGHTS
- Andrew Milne, co-founder of Kuunda, passed away on October 13 at the age of 54.
- Kuunda was founded in 2018 to solve cash flow problems for underserved markets, including mobile money agents and small businesses.
- The company raised $7.5 million in a pre-Series A round in October 2025 and recently closed a $5 million secondary share sale led by E4E Africa.
- Kuunda operates in multiple African and Asian markets, including Tanzania, Pakistan, Uganda, Malawi, Kenya, and Mozambique.
- Milne previously held leadership roles at Virgin Lifecare, Hello Doctor, and Zoona.
Milne’s role in building Kuunda
Andrew Milne co-founded Kuunda in 2018 alongside Sam Brawerman and Morné van der Westhuizen. The startup was created to address cash flow challenges faced by mobile money agents, small businesses, and consumers in underserved markets.
According to TechCabal, Kuunda developed technology that embedded credit services into existing digital platforms using transaction data. This allowed banks and other financial service providers to offer overdrafts and working capital within services users already relied on, such as mobile money platforms.
One of Kuunda’s earliest partners was M-PESA Tanzania, a leading mobile money service in the region. The company expanded its operations from Tanzania and Pakistan to Uganda, Malawi, Kenya, and Mozambique.
Kuunda’s recent funding activities
In October 2025, Kuunda announced a $7.5 million pre-Series A funding round. The company followed this with a $5 million secondary share sale, led by E4E Africa, announced on October 13.
The secondary sale allowed early investors, including Accion Ventures, Portugal Gateway Fund, and Seedstars Africa Ventures, to sell shares to a group led by E4E Africa. These investors also increased their holdings in the company during the transaction.
This funding activity reflects growing investor interest in Kuunda’s model of embedding financial services into existing digital ecosystems.
Milne’s career before Kuunda
Before co-founding Kuunda, Andrew Milne held leadership roles in several companies across Africa. He served as managing director of Virgin Lifecare, a health and wellness company, and as chief executive of Hello Doctor, a healthtech startup.
Milne was also the chief operating officer at Zoona, a mobile money company that provided financial services to unbanked consumers in Africa. His experience in fintech and healthtech shaped Kuunda’s approach to credit access and financial inclusion.
Survivors and legacy
Andrew Milne is survived by his wife, Alison, and their children. His work at Kuunda and previous companies contributed to expanding financial access for underserved communities across Africa and Asia.
What this means
Lazyfounder analysis — our interpretation, not reported fact.
Andrew Milne’s passing highlights the impact a single founder can have on an industry, particularly in regions where financial inclusion remains a challenge. Kuunda’s model—using transaction data to embed credit services into existing platforms—demonstrates how fintech can bypass traditional barriers to lending. For founders, this story underscores the importance of designing solutions that integrate seamlessly into users’ daily lives, rather than creating standalone products. It also serves as a reminder of the fragility of leadership: startups must plan for transitions, even when founders are deeply embedded in the company’s vision.
Key takeaways
- Founders’ legacies extend beyond their tenure; their vision and execution can shape industries long after their involvement.
- Embedding financial services into existing digital platforms can unlock credit access for underserved markets, a model worth studying for fintech innovators.
- Secondary share sales can provide liquidity for early investors while reinforcing investor confidence in a startup’s growth trajectory.
- African and Asian markets remain critical hubs for fintech innovation, particularly in mobile money and credit access.
FAQ
What was Kuunda’s business model?
Kuunda built technology to embed credit services, such as overdrafts and working capital, into existing digital platforms like mobile money apps. It used transaction data to assess borrowers and offer financial services within platforms users already trusted.
Which markets does Kuunda operate in?
Kuunda operates in multiple African and Asian markets, including Tanzania, Pakistan, Uganda, Malawi, Kenya, and Mozambique.
Who led Kuunda’s recent $5 million secondary share sale?
The secondary share sale was led by E4E Africa. Early investors like Accion Ventures, Portugal Gateway Fund, and Seedstars Africa Ventures also participated and increased their holdings.
What roles did Andrew Milne hold before co-founding Kuunda?
Milne served as managing director of Virgin Lifecare, chief executive of Hello Doctor, and chief operating officer at Zoona, a mobile money company.
Related on Lazyfounder
Sources
- TechCabal · 2026-10-16
Andrew Milne, the fintech founder who helped bring credit to small businesses, dies at 54
This story is an original summary drafted with AI by Lazyfounder from the reporting listed above and checked by automated validation. Facts are attributed to their original publishers; sections marked as analysis are Lazyfounder's. Where a source is in another language, facts were machine-translated and quotations are reported, not reproduced. Read the original coverage via the links, and see our AI policy and corrections policy.
About the author
Editor, Lazyfounder
Tarun Mottlia edits LazyFounders, covering Indian startups, funding rounds, AI and product launches. Every story on the site is AI-assisted and checked against its cited sources before publication.
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