December 3, 2020 All Things Fintech in Africa

Zazu Raises $1.4m in an attempt to expand their user base

 

Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect with new markets.

What Zazu is about?

Zazu is a digital bank which allows users to manage their money. It is connected to a MasterCard and gives its users power to know where and how their money is goes. Unlike a traditional bank, Zazu uses a customer’s KYC to create their wallet for them. There is no unnecessary need to stand in queues. However, customers can have chat directly with customer service personnel about any questions bugging them concerning Zazu’s services.

What you can do with Zazu?

  • With Zazu, users are allowed to keep tracks of their expenses whether it is groceries, food, or TV subscriptions expenses. It is automated to allow users categorize their spending and prioritize according to a pressing need.
  • Users can make payments on Zazu with rno hidden charges. You can pay your contacts on the zazu app or make payment both offline and online MasterCards.
  • There is an automatic savings; users can save little spare change automatically.
  • Customers buy airtime (Mtn, airtel and Zamtel) Or Zesco tokes and DSTV.

The Funding

Before being a full digital bank,  ZaZu  built  a product  focused on the Zambian market. A Chabot that uses SMS to teach people how financial services work has been used by over 1.1. million people. While its recent product is a digital wallet app that is connected to a prepaid card to give people more control over their spending.

The startup started a crowdfunding initiative to raise funds.   The US$1.4 million in funding, which comes from undisclosed sources, is to be channeled into Zazu’s expansion of its team and better market its product to build its user base.

In a statement by Perseus Mlambo, chief executive officer (CEO) at Zazu, “With 15 people on the team, we have been able to cover a lot of ground. Our products have been used by over a million Zambians and this investment is going to see us welcome our first 100,000 cardholders, as well as increase our team size,”

Zazu, meanwhile, plans to run another crowdfunding campaign in order to help it take its products out of beta.

“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,” Mlambo said. “Now that we have a working product and the licence to operate the business, we are really looking forward to, in a sense, rewarding those investors for their belief in us back then, and growing our investor base.”

Mlambo did not provide a date as to when the latest crowdfunding campaign would begin, and said at this point the startup could not disclose who was behind the US$1.4 million already raised.

“Since putting our app in beta, we haven’t disclosed user numbers because we have been focusing on getting user feedback and acting on that. Putting our app in beta saw us get inbound requests from a few investors and to not jeopardise some of the discussions we are having for a larger round next year, we aren’t disclosing source of funds at this time,” he said.

 

Banner
Related Posts

Carbon, formerly Paylater now charges One Percent Transaction fee.

August 25, 2019

August 25, 2019 1

  Introduction Carbon, the lending platform formerly known as paylater started an app which not only allows one to borrow...

Verifyme Secures a Series A Funding from Consonance Investment Manager

January 31, 2020

January 31, 2020

VerifyMe Nigeria, an ID verification and KYC technology company,  has secured a Series A financing for an undisclosed amount from...

Visa partners with PalmPay to drive financial inclusion across Africa

April 26, 2019

April 26, 2019

Visa partners with PalmPay to drive financial inclusion across Africa Visa, the global payments technology company and PalmPay, a new...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

Nigeria’s Paga Acquires Apposit

February 1, 2020

February 1, 2020

Paga is a multi-channel platform for users to transfer money, pay-bills, and buy things digitally. The company has 14 million...

JumiaPay: a fintech platform for payments, loans & ticketing

September 5, 2019

September 5, 2019

  Jumia, an e-commerce platform for Africa backed by MTN and Rocket Internet has introduced new features on JumiaPay. The...

World Remit: A FinTech Startup Revolutionizing Money Transfer and Remittance  

April 17, 2019

April 17, 2019 1

World Remit, in short, is money transfer and remittance made easy. Within minutes of transactions, funds are being directly deposited...

Paypal Launches Xoom in the African market

August 25, 2019

August 25, 2019

  PayPal in 2015 brought xoom, a money transfer company which now serves 33 African countries from about 30 European...

MTN Mobile Money Wallet Users Can Transfer through Western Union Directly

November 1, 2019

November 1, 2019

Cross-border transfer has been made easy with the new launch of western union on MTN mobile money wallet.  In this...

WorldRemit Goes to a Partnership with AliPay

February 1, 2020

February 1, 2020

WorldRemit Goes to a Partnership with AliPay On January 22, Alipay entered a new partnership with  WorldRemit, a online remittances...

Five Online Payment Platforms in Nigeria and How to Use Them

April 5, 2019

April 5, 2019 3

Table Of ContentsI would be writing on Five Online Payment Platforms in Nigeria and How to use them to make...

M-Naria’s Three Cool Features you had no Idea about

April 30, 2019

April 30, 2019

  M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

With Wallet you can Upgrade your Daily Personal and Financial Experience

April 25, 2019

April 25, 2019

  Wallet is an app that enables you to make quick financial decisions daily. With ease and convenience, banking has...

PayPal Becomes the First Foreign Company to Secure Chinese Payments License

November 27, 2019

November 27, 2019

  Paypal earns a Chinese Payment License after it gains a 70% stake in Guofbao Information Technology Co (Go Pay)....

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.