Tuesday, July 23, 2024
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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.

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