Zoona is a company.
Zoona has raised $19.0M across 2 funding rounds.
Key people at Zoona.
Zoona has raised $19.0M in total across 2 funding rounds.
Zoona is a fintech company founded in 2009 that leverages mobile technology and a network of young entrepreneurs to deliver financial services to underserved communities in Africa, primarily in Zambia.[1][2][3] It offers products like money transfers, deposits, withdrawals, bill payments, savings, credit accounts, and bulk disbursements via an agent network and digital platforms, serving low-income consumers and businesses while empowering agents as franchisees.[1][2][4] Acquired by Chipper Cash in November 2022 after raising $20.5M+, Zoona has processed over $2 billion in transactions, operates thousands of agent outlets, and focuses on interoperable payments in Zambia with a business arm called Tilt.[1][2][3]
The company solves financial exclusion in sub-Saharan Africa by combining agent-led services with tech for P2P transfers, vouchers, and more, achieving high transaction volumes—leading Zambia's P2P market—and rapid network growth from one outlet in Lusaka to over 200 per province by 2016.[1][3][4] About 70% of its agents are young women, fostering employment and inclusion amid expanding digital wallets and credit offerings.[2][4]
Zoona began as Mobile Transactions International, initially providing payment solutions from companies to smallholder farmers in Zambia, before rebranding in 2009 to "Zoona" (meaning "it's real") and pivoting to domestic money transfer services via small business agents.[3][5] Starting with a single outlet in Lusaka's CBD, it scaled quickly to over 200 outlets across Zambia's 10 provinces by 2016, then expanded to Malawi and Mozambique due to demand for financial inclusion.[1][3]
Key founders emphasized a people-centered purpose: "help communities thrive" by empowering entrepreneurs, with operations in a hub-and-spoke model—hub in Cape Town, South Africa, and spokes in Zambia and Malawi.[3][4] Pivotal moments included selling its Malawi and Mozambique networks to refocus, launching Tilt in 2019 for business disbursements (gaining traction with NGOs and sectors), and the 2022 acquisition by Chipper Cash, marking evolution from over-the-counter transfers to digital wallets, savings, and credit.[1][3][4]
Zoona rides the fintech inclusion wave in sub-Saharan Africa, where mobile money bridges the unbanked gap for millions, fueled by rising smartphone penetration and demand for affordable transfers amid limited banking infrastructure.[1][2][6] Timing aligns with regulatory shifts enabling interoperability and post-COVID digital acceleration, positioning it against competitors like Paga and AZA Finance in a market processing billions in transactions.[1][3]
Market forces like youth entrepreneurship, women's economic participation, and B2B needs (e.g., NGO payouts to farmers) favor its agent-tech hybrid, influencing the ecosystem by pioneering scalable models—early success inspired fintechs for financial access, with its Chipper Cash acquisition amplifying pan-African reach.[1][2][4][6] It sets precedents for purpose-driven scaling, blending social impact with profitability in emerging markets.
Post-acquisition, Zoona will likely deepen integration with Chipper Cash's cross-border capabilities, expanding digital wallets, credit, and Tilt's B2B tools beyond Zambia into broader African corridors.[1][3] Trends like AI-driven personalization, regulatory interoperability, and climate-linked finance (e.g., farmer payouts) will shape growth, potentially boosting agent networks and transaction volumes amid Africa's 1B+ mobile users.
Its influence may evolve from Zambia pioneer to regional enabler, empowering more women entrepreneurs and underserved users—reinforcing the mission that started with one Lusaka outlet: harnessing tech and drive for thriving communities.[2][3][4]
Zoona has raised $19.0M in total across 2 funding rounds.
Zoona's investors include Quona Capital.
Key people at Zoona.
Zoona has raised $19.0M across 2 funding rounds. Most recently, it raised $15.0M Series B in August 2016.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Aug 1, 2016 | $15.0M Series B | Quona Capital | |
| Mar 1, 2012 | $4.0M Series A | Quona Capital |
