Zambian card issuing Fintech Union54 raises 12M USD led by Tiger Global
- ByStartupStory | April 18, 2022
Leading Zambian card issuing fintech Union54 has raised $12 million in a seed extension round led by Tiger Global. Other participating investors in this financing include existing ones such as Vibe VC and new investors Packy Mccormick’s Not Boring Capital and Earl Grey Capital.
It’s been only six months since Union54, whose API allows African software firms to manage and issue their debit cards without needing a bank or third-party processor, announced its seed round of 3 million USD, also led by Tiger Global.
Union54 founders launched the company in 2021 when they went through painstaking processes to issue debit cards for their previous startup and challenger bank named Zazu.
Since its launch in October, Union54 has grown to issue slightly over half a million virtual debit cards to its customers. The fintech startup also claims to have processed volumes now reaching double digits in millions of dollars.
CEO Perseus Mlambo disclosed to the media that Union54’s revenue in its first month was a little less than $3,000. In November 2021, the company’s revenue increased by 600% and had subsequently grown 50% month-on-month.
Mlambo added that Union54 has customers from multiple African countries, and one common issue they face is the longer settlement time for card transactions.
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