July 14

Zazuu Raises $2 Million for African Remittance Platform

African money movement platform Zazuu has completed a $2 million fundraising round that will allow it to build a more robust remittance offering for residents living in the diaspora, Tech Nova reported Wednesday (July 13).

The startup will use the money to scale its platform and improve its product, adding “new features that ensure everyone sending money to Africa gets the best money transfer experience,” said Zazuu Chief Operating Officer Korede Fanilola in the report.

Zazuu has evolved from a chatbot informing users of the daily rates in Facebook and Telegram groups to a Financial Conduct Authority (FCA)-licensed organization in the United Kingdom with users in eight countries across North America and Europe. Almost 100,000 people have used the current version of Zazuu’s Search and Compare service to secure the best rates for their money movement activities, according to the report.

“In 2018, I sent about $3,000 back home to Nigeria,” Fanilola said, per the report. “I thought I got the best deal on that transaction until about two weeks later when someone informed me I could have saved up to $30 in fees on that transaction if I had used a different provider. I was livid. We all have experiences like this where we only discovered in hindsight that we had lost more than we should on transactions back home simply by choosing the right provider.”

Photo courtesy of AMISOM Public Information.

Source: PYMNTS (link opens in a new window)

Finance, Investing
fintech, impact investing, remittances, startups