Zazu a fintech platform based in Zambia has secured $1.4 million to scale its user base and also grow its team. The funding was secured from undisclosed sources.
Founded in 2015 as a platform that connects farmers to new markets, Zazu evolved into a fintech platform in 2017. As a fintech platform, Zazu is a smart digital-money account that gives people control of their spending. It also owns a chatbot that leverages SMS to enlighten people on how financial services work.
Perseus Mlambo, chief executive officer (CEO) at Zazu, said they have been able to do a lot with a team of 15 people, noting that their products are used by over a million Zambians. He said the investment will not only scale their team size but also welcome their first 100,000 cardholders.
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Mlambo noted that they have plans to run another crowdfunding campaign. In his words, “our first crowdfunding campaign allowed us to quickly validate some of our assumptions and meet some incredible investors who have gone on to become advisors at Zazu. Now that we have a working product and the license to operate the business, we are looking forward to, in a sense, rewarding those investors for their belief in us back then, and growing our investor base.”
Retailers, non-government organization (NGOs) and individuals alike leverage Zazu to streamline how they make and collect payments and manage their money. The startup will be launching a prepaid card that can be used around the world on November 2019. The card will be used across stores, ATMs, and e-commerce platforms that accept Visa or Mastercard.
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