Zazuu, a fintech startup from the U.K. with a focus on Africa, has closed its doors due to challenges in securing additional funding.
Despite previously raising $2 million to enhance its cross-border payment services, the company expressed regret in a statement, stating they couldn’t secure the necessary growth funding.
In the past year, Zazuu aimed to expand its offerings and build a unique, unbiased payment platform. Investors, including Launch Africa, Founders Factory Africa, Hoaq Club, and the CEO of Kuda, Babs Ogundeyi, had participated in the fundraising round.
Since its launch in 2018, Zazuu transformed from a simple chatbot providing daily rates to an FCA-licensed entity in the UK, serving users across eight countries in North America and Europe.
Nearly a hundred thousand users utilised its Search and Compare service to find optimal rates for their transactions.
Despite intentions to grow its user base, hire talent, and expand its Pay with Zazuu feature, allowing in-app transactions, the fintech faced challenges in realising these plans.
Although Zazuu initially operated between the U.K. and Nigeria/Ghana, its ambitions to enter additional markets were halted, ultimately leading to its closure.
The company, acknowledging the setback, expressed pride in its achievements and the lessons learned.