Zambian startup Zazu has launched a crowdfunding campaign as it looks to raise GBP300,000 (US$397,000) in order to launch its digital banking service.
Launched in October 2015, Zazu originally allowed farmers with extra produce to connect with new markets, and launched operations in Zambia earlier this year.
However, the startup announced in July it had pivoted into the digital banking space as it looks to solve the problems associated with moving money in Africa. It plans to launch 1,500 prepaid debit cards, and will also roll out Zazu Pay, which will allow merchants across Zambia to accept digital payments.
Zazu’s aim is to secure 100,000 users in Zambia by 2018, and with this goal in mind it has launched a crowdfunding campaign on Seedrs. Funds raised will be used for a controlled launch in the short to medium term.
“From the onset, Zazu was never meant to be just a Zambian product, but for now this investment round will be used to ensure that our product responds to the feedback we have been getting from thousands of people currently waiting for a Zazu card,” Zazu founder and chief executive officer (CEO) Perseus Mlambo said.
Over 6,000 people are currently on Zazu’s waiting list, with the startup planning to launch to 1,500 customers. The crowdfunding campaign is currently 20 per cent funded.