Zazuu, an African platform for money transfers, has concluded a US$2 million fundraising round that will enable it to expand its remittance services for citizens of the diaspora.
Launch Africa, Founders Factory Africa, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors took part in the financing round.
Chief Operating Officer of Zazuu Korede Fanilola claims that the firm will use the funds to expand its platform and enhance its offering by incorporating new features that will guarantee the finest possible money transfer experience for everyone moving money to Africa.
He added that the company is looking to grow and spread their services to other countries in Europe. “The plan for us is growth. We want to scale our solution as quickly as possible. We’re working on getting licenses that allow us to offer our service to users in other European countries before the end of the year,” he said.
Since 2020, Zazuu has offered advice to Africans living abroad about how to transfer money home. The business has developed from a straightforward Facebook and Telegram chatbot alerting customers of daily prices to a UK organization with an FCA license and users in 8 different countries.
“The mission has always been simple for us from day one. Africans have consistently gotten the shorter end of the stick with remittance transactions. We discovered that the primary reason for that was a lack of transparency on the part of the providers,” Kay Akinwunmi, CEO of Zazuu, said.
“We’re solving that problem by building a smarter way to transfer money. With Zazuu, users can search multiple money transfer providers in their region, compare the rates and fees, and then choose who to send money with, at no extra cost.”
Akinwunmi asserts that this raise will assist the business in creating a better financial ecosystem for Africans living abroad.
“That means, more than just helping people complete transactions, we want to better help them with better access to financial instruments like credit both home and abroad in the future. The aim is to build a completely non-biased financial well-being for African immigrants across the world,” he added.
With a community-based financing solution, Nigeria-based FinTech Moni is attempting to close the financial gap for African small company owners.
The Nigerian fintech startup Moni uses the ideas of social responsibility and collective trust to provide a variety of financial services to those who would not otherwise have access to them. Moni is a community-powered digital finance platform for African SMEs and consumers.