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Zazuu Raises $2M To Build A Remittance Marketplace

Startups

July 14, 2022, 12:22 p.m.

Zazuu, a London-based fintech building a marketplace for remittance companies, has announced a $2 million raise. The fundraising round saw participation from Launch Africa, Founders Factory Africa, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Zazuu has, since 2020, been providing Africans in the diaspora information about ways to send money to the continent. The company has grown from a simple Facebook and Telegram chatbot informing users of daily rates to an FCA-licensed organization in the UK, with users in 8 countries.

Speaking on the raise, Kay Akinwunmi, CEO of Zazuu, said, “The mission has always been simple for us from day one. Africans have consistently gotten the shorter end of the stick with remittance transactions. We discovered that the primary reason for that was a lack of transparency on the part of the providers. We’re solving that problem by building a smarter way to transfer money. With Zazuu, users can search multiple money transfer providers in their region, compare the rates and fees, and then choose who to send money with, at no extra cost.”

According to Akinwunmi, this raise will help the company build a better financial ecosystem for Africans in the diaspora. He added: “That means, more than just helping people complete transactions, we want to better help them with better access to financial instruments like credit both home and abroad in the future. The aim is to build a completely non-biased financial well-being for African immigrants worldwide.”

Korede Fanilola, the company’s COO, added that it is looking to grow and spread its services to other European countries. He said, “The plan for us is growth. We want to scale our solution as quickly as possible. We’re working on getting licenses that allow us to offer our service to users in other European countries before the end of the year. We’ll also be concurrently improving the product with new features that ensure that everyone sending money to Africa gets the best money transfer experience.”

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