Union54, a fintech startup, has received a new round of funding from Tiger Global, a renowned venture capital firm.
Ace & Company, Vibe VC, Todd & Rahul Angel Fund, and Runa Capital, a San Francisco-based venture capital firm, are among the investors in the round.
The US$3 million seed round, headed by Tiger Global, came just two months after the business graduated from Y Combinator’s summer batch.
Union54 also obtained money from angel investors such as Babs Ogundeyi, CEO of Kuda Bank; Gbenga Ajayi, former head of SMB Growth at Wise; and Risana Zitha, managing director of Renaissance Capital.
“The goal of this financing is to assist us in identifying the top African talent, those who want to work on major issues.” “We’re a well-funded firm, we’ve got clients utilizing us, we’re producing revenue, and this is going to be one of the most important companies to come out of Africa,” said co-founder Perseus Mlambo.
Perseus Mlambo and Alessandra Martini formed Union54 in 2021 as a spinoff from Zazu, a previous company they founded six years previously.
It’s an Application Programming Interface (API) that allows African software companies to create and administer debit cards without the involvement of banks or third-party processors.
Flutterwave is a partner of Union54, as are newer startups like Bitmama, a crypto trading platform, and cross-border fintechs Payday and Plumter.
Union54 intends to use the funds to extend its regional customer base and expand its personnel in the areas of product development, engineering, sales, and marketing.
Read more on Tech Gist Africa:
Stitch, a South African API fintech, has expanded into Nigeria and raised $6 million in a seed round
Autochek has raised $13.1 million in funding to expand its auto lending platform across Africa
Vendease, an online marketplace, has raised $3.2 million in seed funding