UK-Africa remittance start-up Zazuu closes down
- Company Closure: UK-based fintech start-up Zazuu is shutting down.
- Market Focus: Zazuu operated in Africa, running a cross-border payment network marketplace.
- Funding History: Raised $2 million in July 2022 and $200,000 in August 2021 but struggled to secure additional growth funding.
- Challenges in Funding: Zazuu cites a tough funding climate as the reason for closure, despite exploring all options.
- Mission Statement: Zazuu aimed to reduce the high costs associated with sending money to Africa, which is considered the most expensive continent for such transactions.
- Investor Support: Had support from leading African investors, including Founders Factory Africa, Launch Africa Ventures, ODBA, and Jonomi Ventures.
- Company History: Founded in 2018, the company made significant progress in securing regulatory approvals and building products.
- Industry Trend: Zazuu joins other fintech start-ups like Cardeo and Status Money in recent closures, indicating funding challenges in the global fintech sector.