Zazu raises £200,000 through crowdfunding platform Seedrs to launch a digital-only bank in Africa
Zazu, which began at the Ignite Accelerator as an e-commerce platform for farmers has raised over £200,000 for a 7.51% equity at a pre-money valuation of £2.5m to build a digital-only bank in Africa, bringing financial inclusion to millions.
Co-founded by Perseus Mlambo – CEO; Adam Farah – CTO and Alessandra Martini – COO, the UK firm had sought £150,000 for 5.73 percent equity.
The 21st-century bank for Africa is targeting Zambia’s 1.2 Million adults in formal employment, 1.4 Million running SME’s and 2 million emerging farmers who it says are unhappy with the high cost of banking.
“We are aiming to issue 100,000 accounts in Zambia before December 2018. We are currently in talks with a potential sponsor bank, with whom we hope that we would be able to expand to other African countries,” the team said.
Zazu will have a prepaid card with a companion app for users to track spending and control on the card. The card will cost $2 with a monthly subscription of $2.00.
How Zazu Works
Users download Zazu, register and order their Zazu cards. Then they top up their Zazu account with their existing credit or debit card and get ready to access all of the features of a cutting-edge digital-only account.
“Once the card is in your hands, you just activate it by following the instructions provided. Once activated, the Zazu card can be used at 44 million locations in over 220 countries worldwide,” says the firm on its site.
Users can set spending goals, see where they are spending their money and know exactly how much is left on their card, right from the iOS or Android phone app.
Zazu will also have cash deposits at participating retailers, Zoona, MTN, Airtel wallets or buying Zazu vouchers from distributors.