An Africa-focused fintech, Zazuu, has formally stated that it is closing.
The Punch reported that the company, which described itself as the first cross-border payment platform in history, stated that the main cause of its closure was its inability to close an expansion capital round.
Despite these novel features, it struggled to maintain operations without the required funding, according to a statement by the company,
“We would like to share some unpleasant news with our friends and supporters. Zazuu will be closed,” the company had said.
“Our goal when we founded Zazuu was to level the playing field for Africans transferring money internationally. We made significant progress in obtaining funding with the help of our staff and investors.
The company did, however, claim that despite considering all of its options, it was unable to secure a growth fundraising round because of the challenging funding environment.
“Many thanks to our amazing team, our devoted customers, our investors, and our partners who believed in our mission. Your confidence in us sustained us.
“Yes, it hurts. But we’re leaving with a sense of pride in the work we did and the knowledge we gained. Ensuring equitable and universal access to financial services is our top priority,” the startup said.
Zazuu was founded in 2018 by Nigerian entrepreneurs Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO), and Tola Alade (CDO).
It emerged as a significant player in the fintech sector. The startup aimed to revolutionize remittance payments in Sub-Saharan Africa through its end-to-end money transfer marketplace.