Zazuu, an Africa-focused Fintech Raises $2 million
Business Startups Technology

Zazuu, an Africa-focused Fintech Raises $2 million

A platform for remittance providers is being built by the London-based fintech Zazuu, which recently announced a $2 million fundraising. Launch Africa, Founders Factory Africa, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors took part in the financing round. 

Since its inception in 2020, Zazuu has offered advice to Africans living abroad about transferring money home. The business has developed from a straightforward Facebook and Telegram chatbot alerting customers of daily prices to a UK organization with an FCA license and users in 8 different countries.

With an 800,000-strong migrant population, most of whom are based in the United States and the United Kingdom, Nigeria is sub-Saharan Africa’s largest receiver of remittance inflows, receiving more than $17 billion annually. Given that the founders of Zazuu are of Nigerian descent, they could easily connect to this issue.

“The core of Zazuu is to take power away from financial institutions and money transfer companies, which are inherently biased. We want to give customers this bird’s eye and transparent view so that for the first time, they can see all of the options in one place, including rates, speed and reviews. The onboarding experience is going to be a lot smoother and much better for them,” Kay Akinwumi, CEO of Zazuu, said in an interview with TechCrunch.

Customers can easily understand Zazuu’s value proposition, but it can be challenging to understand how the platform benefits its providers. The biggest problems for providers, according to Akinwunmi’s platform, are churn and expensive customer acquisition expenses.

Zazuu claims it plans to expand access to other sender and receiver nations even though this service is currently only available to senders in the U.K. and receivers in Nigeria and Ghana. A few items that address the financial difficulties faced by African immigrants, like credit availability, are also in the works.

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