Tech

Africa-focused payment platform, Zazuu shuts down operations

Published

3 weeks ago

November 19, 2023

Africa-focused payment platform, Zazuu has announced shutting down its operations due to its inability to secure a growth funding round.

The fintech founded in 2018 by four Nigerian entrepreneurs, Kay Akinwunmi, Korede Fanilola, Tosin Ekolie, and Tola Alade, posted on LinkedIn that it was closing down its operations.

“To our friends and supporters, we have some difficult news to share. Zazuu will be closing its doors,” the company said in the statement.

“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 securing regulatory approvals, building our products, and laying the groundwork for future growth.”

The fintech added that due to a tough funding climate, it failed to secure a growth funding round despite exploring every option.

“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. We explored every option before making this decision,” the company said in the LinkedIn post announcing the closure.

“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 statement said.

Zazuu had made history in June when it became the first fintech marketplace for cross-border payment networks in Africa to raise over $2 million from investors like Launch Africa, Founders Factory Africa, ODBA, HoaQ, Tinie Tempah, Jason Njoku, Babs Ogundeyi, and other angel investors.

Zazuu started out as a simple Facebook and Telegram chatbot informing users of daily FX rates, before evolving into a full-blown aggregator that listed more than 17 Africa-focused remittance providers on its platform before its closure.

Related Topics:Featured fintech Payment Platform Zazuu

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Tech

Egyptian online auto parts startup Mtor raises $2.8m funding

Published

4 hours ago

December 8, 2023

Akanimoh Etim

Egyptian online auto parts startup, Mtor, has announced raising $2.8 million in pre-seed funding to enable it expand its product portfolio to digitise local car workshops in the country.

Co-founder and CEO of the startup, Mohamed Maged, who made the announcement, explained that with the funds which were secured from Algebra Ventures with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors, the firm was set to expand its offering.

“With the new funds, we aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged said.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience.

“The local automotive aftermarket is inefficient with a fragmented and scattered supply chain. Workshops and mechanics face many challenges, including limited product availability, inaccurate fitment data, and a lack of price transparency.

“These issues inevitably trickle down to car owners, who are also faced with limited-service quality guarantees and a complex, time-consuming spare parts procurement process.

“Mtor aims to overhaul this system through its controlled, tech-enabled marketplace, backed by its proprietary Mtor Mechanic app, where pricing, availability, and fitment data are reliably just a click away,” the CEO stated.

He added that the funds raised would be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Founded in 2022 by Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

It has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area, according to the company’s profile on its website.

Tech

Kenya, Ghana, Senegal the pilots as YouTube Music launches in Africa

Published

1 day ago

December 7, 2023

Akanimoh Etim

International video sharing and social networking platform, YouTube, on Thursday announced the launch of YouTube Music and YouTube Premium with the pilot schemes taking off in Kenya, Ghana and Senegal.

Head of Music, Sub-Saharan Africa at YouTube, Addy Awofisayo, who made the announcement, said the new offerings would give subscribers something they had never experienced before.

He added that the expansion builds upon YouTube’s commitment to innovation and the exportation of culture, promising a more engaging and personalized experience for music and video enthusiasts in Africa.

“Music is a powerful force that can unite people beyond their geographical and language barriers; It brings joy and elevates the psyche.

“We’re excited to bring YouTube Music to Africa as this reinforces our commitment to provide individuals access to the music they love while exploring other interesting music preferences.”

Awofisayo further explains that YouTube Premium is all of YouTube and YouTube Music without interruptions.

“What this means is that subscribers will receive ad-free viewing, background play, and the ability to download videos for offline viewing.

“Additionally, Premium subscribers will automatically receive a premium version of YouTube Music, which enables them to listen to music offline and without ads on the standalone YouTube Music app.

“In addition to YouTube Music, YouTube Premium caters to our dedicated viewers by providing an enhanced viewing environment, empowering them to watch their favorite content seamlessly,” Awofisayo added.