Zoona, a Cape Town, South Africa-based fintech company, raised $15m in Series B financing.
This round was led by the International Finance Corporation (IFC), a member of the World Bank Group, with participation from first round investors Accion, whose investment is managed by Quona Capital, Omidyar Network, the impact investment firm started by eBay founder Pierre Omidyar, The Lundin Foundation, a foundation that provides capital to high potential businesses to create wealth and alleviate poverty, 4Di Capital, and Patrick Pichette, former Chief Financial Officer at Google.
The company intends to use the funds to scale up its operations with plans to reach 10 markets and 30 million active consumers across Africa by 2020.
Founded in 2009 and led by CEO Mike Quinn, Zoona provides a mobile money platform that uses technology to provide financial services to underserved and financially excluded communities across Africa. The system, which has over 1.5 million active users, has processed over $1 billion in mobile money transactions. Since launching, the company has created over 2,500 jobs in Zambia and Malawi, empowered over 1,000 entrepreneurs to start their own business and allowed them to reach earnings of over $10 million. In 2012, Zoona raised $4m in a Series A round led by the Omidyar Network and Accion.