South African mobile fintech firm Zoona has raised $15m in a round led by the International Finance Corporation (IFC), a division of the World Bank Group.
Also investing in the Cape Town-based company’s Series B round are existing backers Accion and Omidyar Network, which Zoona says redoubled their investments. Local investor 4Di Capital also participated with its investor Justin Stanford joining the company’s board as a part of the deal.
Zoona develops mobile-based financial services targeted and underbanked communities. These include money transfer, voucher payments and agent payments.
The company says it has now processed more than $1bn in transactions since launching in 2009.
The capital will be used to further scale operations, with the aim of reaching 10 markets and 30 million African customers by 2020, as well as the development of new products.
The round brings Zoona’s total funding to $19m.
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