The startup will use the funds to scale its operations into new markets and develop new innovative products.
The investment round was led by the International Finance Corporation (IFC), a member of the World Bank Group and a global fintech investor.
Participating in the round are Accion and Omidyar Network – both Series A investors in Zoona – and the Lundin Foundation, 4Di Capital and Patrick Pichette, former Chief Financial Officer at Google and the 2015 Silicon Valley CFO of the Year.
“We’re very proud of what we have achieved, but we know it is only a new beginning. The great Nelson Mandela once said, “After climbing a great hill, one only finds that there are many more hills to climb,”” said Mike Quinn, CEO of Zoona.
Launched in 2009, Zoona has grown into a vital lifeline for those that want to send and receive money and have limited safe ways to do so.
Zoona’s entrepreneur agents, who have earned close to US$10 million in commissions, serve more than one million customers every 60 day, across close to 1,500 locations.
These agents, spread across Zambia and Malawi, helped the startup process more than US$1 billion in money transfers, bill payments, and other financial services.
The job Zoona is doing is so profound its iconic green booths have become a staple across the landscapes of Zambia and Malawi.