Breaking new ground in the Ugandan fintech scene, Zofi Cash has recently secured an impressive $1 million in pre-seed funding. This substantial investment will further fuel the company’s mission to redefine the payday experience for salaried workers in the country.
For many employees in Africa, receiving a monthly salary can pose challenges when faced with unexpected expenses or urgent financial requirements. Traditionally, individuals would have to resort to bank loans or rely on their employers for financial assistance.
However, Zofi Cash and other earned wage access startups have emerged as a game-changer. These platforms grant employees the ability to access a portion of their earnings ahead of payday, ensuring greater financial stability and peace of mind.
The $1 million pre-seed funding round for Zofi Cash was made possible through a single investor, Advancly. With an established presence in six African countries, Advancly has a proven track record of supporting and investing in promising fintech startups across the continent.
This investment signifies Advancly’s confidence in the potential of Zofi Cash and its dedication to empowering employees with early wage access. Notably, Zofi Cash marks Advancly’s entry into the Ugandan market, illustrating the startup’s promise and the broader recognition of the significance of earned wage access platforms.
Co-founded in 2021 by Paul Kirungi and Gordon Turibamwe, Zofi Cash has already facilitated over $300,000 worth of transactions in just a year of operation. This impressive performance played a pivotal role in securing the recent $1 million funding round, which comes in the form of debt financing.
With this injection of capital, Zofi Cash aims to expand its reach and cater to a significantly larger user base, effectively bridging the gap between paydays for a broader audience.
The startup is poised to make a more substantial impact in the lives of Ugandan workers. By providing convenient and accessible early wage access, Zofi Cash empowers individuals to proactively manage their finances, address pressing needs, and work towards achieving their financial goals.
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