Fintech News Zambia

Subscribe

Advertise your job ad
    Search jobs

    Zambia's Zazu raises $218k in crowdfunding campaign

    Zambian fintech startup Zazu has secured GBP166,000 ($218,000) after running an oversubscribed crowdfunding campaign on Seedrs in order to launch a digital bank.
    Zambia's Zazu raises $218k in crowdfunding campaign

    Launched in October 2015, Zazu originally allowed farmers with extra produce to connect with new markets, and launched operations in Zambia earlier this year.

    However, the startup announced in July it had pivoted into the digital banking space as it looks to solve the problems associated with moving money in Africa. It plans to launch 1,500 prepaid debit cards, and will also roll out Zazu Pay, which will allow merchants across Zambia to accept digital payments.

    In order to finance this, the startup ran a crowdfunding campaign on Seedrs, which is already oversubscribed even before its close. Zazu was seeking GBP150,000 (US$197,000), and has already raised GBP166,353 (US$218,000) in return for 6.32 per cent equity.

    Zazu’s aim is to secure 100,000 users in Zambia by 2018, with the funds raised to be used for a controlled launch in the short to medium term.

    “From the onset, Zazu was never meant to be just a Zambian product, but for now this investment round will be used to ensure that our product responds to the feedback we have been getting from thousands of people currently waiting for a Zazu card,” Zazu founder and chief executive officer (CEO) Perseus Mlambo said.

    Source: Disrupt Africa

    Disrupt Africa is a one-stop-shop for all news, information and commentary pertaining to the continent’s tech startup – and investment – ecosystem. With journalists roaming the continent to find, meet, and interview the most innovative and disruptive tech startups, Disrupt Africa is a true showcase of Africa’s most promising businesses and business ideas.

    Our readers can keep up-to-date with the quirky world of tech hubs and accelerator programmes; and our reporters provide live coverage of the all-important tech and entrepreneurship events across Africa.

    For our startup, entrepreneur, and investor friends alike, our mission is to provide practical information and advice from across Africa’s varied vibrant markets, and to promote engaged and thought-provoking discussion about the exciting ecosystem we belong to.

    Go to: http://disrupt-africa.com/
    Let's do Biz