Zazuu raises £1.7m in seed funding to expand its cross-border payment platform
The seed round was backed by Launch Africa, Founders Factory Africa, Hoaq Club, and angel investors.
Zazuu operates a payment platform designed to provide African immigrants with transparent money transfer services. The FCA-licensed company helps users compare rates and fees across multiple providers.
Zazuu has secured £1.7m in a seed funding round to support its ongoing growth and expansion plans. The investment saw participation from a range of backers including Launch Africa, Founders Factory Africa, and Hoaq Club, alongside notable angel investors. The capital will be directed towards scaling the company and obtaining additional regulatory licences across Europe.
Founded in 2018, the London-based firm provides a marketplace for cross-border payments aimed at addressing high remittance costs and opacity in the market. The fresh funding follows the rollout of its in-app transfer feature as the company seeks to build a broader financial ecosystem for African immigrants.
From the founder
"In 2018, I sent about $3000 back home to Nigeria. 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,"
Korede Fanilola
COO at Zazuu
Investor perspective
"Zazuu is building a true marketplace for financial services, starting with remittances and payments. We believe their business will bring fairer, more transparent pricing and better cross-border mobility of money across the African continent."
Zach George
Managing Partner, Launch Africa
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
Zach George
Launch Africa
Sam Sturm
Founders Factory Africa
Hoaq Club
Tinie Tempah
Jason Njoku
Babs Ogundeyi