Fintech Startup Zazu Launches Seedrs Initiative to Build Digital-Only Bank in Africa

UK-based fintech startup Zazu has launched an equity crowdfunding campaign on Seedrs to raise £150,000 as it prepares to launch its new digital-only bank in Africa. Founded in 2015, Zazu states it was born from Ignite Accelerator as an e-commerce platform for farmers and is now setting its sights on becoming a 21st-century bank for Africa.

“We believe our proposition is affordable branchless banking for Africa, via a banking app through offering unprecedented customer service. It costs $2 to obtain a card, with a monthly subscription of $2. We are aiming to issue 100,000 accounts in Zambia before December 2018. We are currently in talks with a potential sponsor bank, with whom we hope that we would be able to expand to other African countries.”

Using Zazu’s banking system is simple:

  1. Order: Download the app, register and order a card. The company prints the card, and sends it to users.
  2. Load: Top up the Zazu account with existing credit or debit card, and get ready to access all of the features of a digital-only account.
  3. Activate: Once the card is in the user’s hands, they just activate it by following the instructions provided.
  4. Use: Once activated, the Zazu card can be used at 44 million locations in over 220 countries worldwide.
  5. Manage: The Zazu App works on both iOS and Android. Users can set spending goals, see where they are spending their money and know exactly how much is left on their card, right from the app.

Funds from the campaign will be used to further develop Zazu’s African platform. So far, it has raised nearly £70,000 from more than 150 investors. It is set to close later this fall.

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