UK-Africa remittance start-up Zazuu closes down
Zazuu, a UK-based and Africa-focused fintech start-up, is closing down after failing to secure fresh funding.
Zazuu shared the news in a LinkedIn post. Image source: Zazuu
Founded in 2018 with its headquarters in London, Zazuu operated a marketplace for cross-border payment networks in Africa. The start-up’s goal was to reduce the costs that come with sending money to the region, claiming Africa is the most expensive continent in the world to send money to.
In July last year, the company raised $2 million in a funding round that saw participation from some of Africa’s leading investors, including Founders Factory Africa, Launch Africa Ventures, ODBA and Jonomi Ventures, among others. It also secured $200,000 in a seed round back in August 2021.
“When we started Zazuu, our mission was to make international money transfers fair for Africans,” the company writes in a LinkedIn post. “With the support of our investors and team, we made huge strides – securing regulatory approvals, building our products, and laying the groundwork for future growth.”
“However, due to a tough funding climate, we failed to secure growth funding round. We explored every option before making this decision.”
Zazuu is the latest in a string of fintech start-ups operating in the consumer space that have closed down in recent months as funding continues to be hard to come by for the global fintech sector. UK payments app Cardeo and US personal finance app Status Money also both shut down earlier this month.
