Zambian Mobile Money Startup Zoona Raises $15M, Eyes 10 African Markets

Thursday, August 25, 2016

Zoona, one of the leading money transfer service providers in Zambia and Malawi, raised $15 million in its second round of capital funding as it seeks to spread its operations to ten countries across Africa by 2020.

International Finance Corporation (IFC), a member of the World Bank Group, led the investment with $7.5 million while Omidyar Network doubled its investment in the second phase.

Other investors include Accion, Patrick Pichette (former CFO at Google), Quona Capital, 4DI Capital of South Africa and Lundin Investment.

Pichette is an advisor to the startup while Justin Stanford, co-founder and managing director at 4DI Capital holds a non-executive position on Zoona’s board.

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Source: AFK Insider (link opens in a new window)

financial inclusion, mobile finance