Zazuu, an Africa-focused fintech company has officially announced the cessation of its operations.
The startup, which positioned itself as the world’s first cross-border payment marketplace, cited its inability to secure a growth funding round as the primary reason for the shutdown.
Despite these innovative features, the company faced challenges in sustaining its operations without the necessary financial backing, it said in a statement obtained by The PUNCH.
“To our friends and supporters, we have some difficult news to share. Zazuu will be closing its doors,” the company said.
“When we started Zazuu, our mission was to make international money transfers fair for Africans. With the support of our investors and team, we made huge strides in securing regulatory approvals, building our products, and laying the groundwork for future growth.”
However, the company said due to a tough funding climate, it failed to secure a growth funding round despite exploring every option before making the decision.
“Massive thanks to our brilliant team, our customers who stuck with us, our investors, and partners who bought into our vision. Your belief in us kept us going.
“Sure, it stings. But we’re walking away with our heads high, proud of what we built and the lessons learned. We’re still all about making financial services fair and accessible for all. We are so grateful to have shared this experience with you,” the startup said.
Founded in 2018 by Nigerian entrepreneurs Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO), and Tola Alade (CDO), Zazuu emerged as a significant player in the fintech sector. The startup aimed to revolutionise remittance payments in Sub-Saharan Africa through its end-to-end money transfer marketplace.