Andrew Milne, the co-founder and co-chief executive of African digital lending infrastructure company Kuunda, has died at the age of 54, the company confirmed on 15 October 2026. The announcement came just two days after Kuunda completed a $5 million secondary share sale, a transaction in which Milne was quoted as saying represented a milestone for the business he had helped build since 2018.
The company did not disclose a cause of death. In a statement posted to LinkedIn, Kuunda described Milne as “an energetic and resilient leader” who was “much loved and deeply respected by everyone who worked alongside him.” The board extended its condolences to Milne’s wife, Alison, and their children, requesting that the family’s privacy be respected.
A fintech built for the unbanked
Kuunda — Swahili for “to create” — was founded in 2018 by Milne alongside Sam Brawerman and Morné van der Westhuizen. The Mauritius-based company operates a business-to-business lending-as-a-service model, providing the technological infrastructure that allows banks, mobile money operators, and digital payment platforms to offer credit products to their existing customers.
Rather than lending directly, Kuunda partners with institutions such as M-PESA, Airtel, and Wave, embedding short-term liquidity products — including e-float financing for mobile money agents, merchant cash advances, and stock financing for micro-retailers — directly into partner platforms. The company uses transaction and behavioural data to assess creditworthiness, enabling partners to extend loans to borrowers who would typically lack formal credit histories.
Since its inception, Kuunda has facilitated more than $4 billion in loans through its bank and fintech partners, serving approximately two million customers monthly across Tanzania, Kenya, Uganda, Malawi, Mozambique, and Pakistan.
A milestone days before his death
On 13 October 2026, Kuunda announced the completion of a $5 million secondary share sale led by E4E Africa, with participation from existing investors Accion Ventures, Portugal Gateway Fund, and Seedstars Africa Ventures. The transaction provided liquidity to early angel investors and reduced the company’s shareholder count from twelve to four. Angel investors who sold recorded annualised internal rates of return exceeding 70 per cent, while seed investors achieved returns of between 25 and 40 per cent.
In the press release, Milne described the sale as “an important milestone for Kuunda and our investors,” adding that delivering a successful secondary at this stage reflected “the strength of the business we’ve built”.
The share sale followed a $7.5 million pre-Series A round announced in October 2025, which was oversubscribed after an initial target of $3 million. That round attracted investment from Nedbank, 4Di Capital, and other institutional backers. Kuunda had previously raised a $2.25 million seed round led by Accion Venture Labs in 2021.
Three decades in African business
Before founding Kuunda, Milne accumulated more than 30 years of experience across African markets. He served as managing director of healthtech company Virgin Life Care in South Africa from 2004 to 2008, and subsequently as chief executive of Hello Doctor from 2009 to 2015, overseeing its expansion across ten African countries. Between 2015 and 2017, he was chief operating officer of mobile money company Zoona.
Milne was also an active mentor in the African startup ecosystem, drawing on his operational experience to guide fellow founders. Colleagues and investors frequently cited his ability to combine commercial rigour with a deep understanding of the liquidity challenges facing informal economies.
What comes next
Kuunda said it would share details of how it intends to honour Milne’s legacy “in due course,” asking for patience in the meantime. The company has not yet announced a successor or outlined changes to its leadership structure.
The board’s statement concluded: “Kuunda’s next chapter will now be written without him, and we will carry it forward in a way that honours what he started.”
Milne is survived by his wife, Alison, and their children.