Zazuu, an Africa-focused fintech startup creating a payment platform for cross-border payment solutions for Africans in the diaspora, has raised USD2 million, which will be critical in the company’s mission to minimise the inconsistency associated with remittance transactions for Africans.
The funding round had the participation of Launch Africa, Founders Factory Africa, Hoaq Club, Tinie Tempah, Jason Njoku, CEO IrokoTV, Babs Ogundeyi, CEO Kuda Bank, and other angel investors.
Zazuu has since 2020 been providing Africans in the diaspora information about ways to send money to the continent. The company has grown from a simple Facebook and Telegram chatbot informing users of daily rates to an FCA-licensed organisation in the UK, with users in 8 countries.
Kay Akinwunmi, CEO of Zazuu, said this while speaking on the raise, “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. 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.”
According to Akinwunmi, this raise will help the company build a better financial ecosystem for Africans in the diaspora.
Korede Fanilola, the company’s COO, added that the company is looking to grow and spread its services to other countries in Europe. He said “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. We’ll also be concurrently improving the product with new features that ensure that everyone sending money to Africa gets the best money transfer experience.”
For the majority of these investors, Zazuu’s vision entails a fairer world for Nigerians, an equitable financial structure for the ecosystem, more transparent pricing, and improved cross-border money mobility across the African continent.
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