- Zazuu, which specialises in cross-border payments for individuals throughout Africa and in its diaspora, has said that it has been given around US$2m in funding to help scale its offer.
- Investors in the company include Founders Factory Africa and the rapper Tinie Tempah.
- “We realised that Africans have this pathological behaviour, which is, we love to shop around, to compare our choices and try different options before we finally make a decision,” said a senior figure at the company.
Zazuu, a major provider of online money transfer services in sub-Saharan Africa, has confirmed that it has raised US$2m as part of a push towards building its cross-border payments offer.
The firm said that it had been given the funding from a range of participants.
These are thought to include Hoaq Club, Launch Africa and Founders Factory Africa.
Unusually, some entertainment figures are also represented.
The rapper Tinie Tempah has, it is understood, invested in the firm.
In a statement, the chief executive officer and founder of the company shared a highly personal story about his own reasons for getting involved in the business.
Kay Akinwunmi said that the firm had been set up in 2018 following his experiences with the sector.
“We’ve experienced this. Seeing my mom send money and the friction there is pretty much the story of millions of Africans and migrants sending money,” he said.
“Africans in the diaspora, whether you’re sending money to another side of the world or trying to get a loan here in the UK, are at a disadvantage.
“We looked at the typical African customer to understand their behaviour, and we noticed a fascinating trend,” he explained.
“We realised that Africans have this pathological behaviour, which is, we love to shop around, to compare our choices and try different options before we finally make a decision.”
Akinwunmi is not the only person involved in the set-up of the business, however.
Also represented are a number of other co-founders, including Korede Fanilola, Tosin Ekolie and Tola Alade.
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