Zofi Cash has successfully secured pre-seed funding of 1M USD from Advancly, a business-to-business financing company that aims to bridge the gap by reimagining access to credit for MSMEs in Africa and emerging markets through capital, data, and technology.
“With over 1,500 partner employers and over 20,000 employees in Uganda alone, we understand the struggles that people face because they have to wait for their salaries to be paid at the end of the month. With this raise, we are doubling down on our commitment to ensuring that every day is a payday for salaried workers.” The company said in a statement.
The entire $1m in this round has been raised from a single investor in Advancly. Advancly is a business-to-business financing company with a presence in 6 African countries that aims to bridge the gap by reimagining access to credit for MSMEs in Africa and emerging markets through capital, data, and technology.
They have been active investors in Africa with funding over several startups like Kenya’s Buy Now Pay Later (BNPL) platform Lipalater, e-commerce platform Market Force, and SME Financing platform Pezesha. Zofi Cash is their first foray into the Ugandan market.
“We believe that for people and businesses to experience progress, the flow of money needs to be innovated continually. Cash flow management is important as earning money itself. The work that Zofi Cash is doing connects to our ultimate goal of building the rail tracks for a more robust financial ecosystem that delivers prosperity for all.” says Lotanna Julian, Co-Founder & CEO of Advancly.
