Zofi Cash, a Ugandan fintech startup, has raised $1 million in pre-seed capital to strengthen its mission to make every day a payday for employees with paychecks.
Advancly, a provider of business-to-business lending with operations in six African nations, is the sole investor in the pre-seed funding round.
Zofi Cash, founded in 2020 by Paul Kirungi (CEO) and Gordon Turibamwe (CTO), is a digital financial platform that helps workers deal with unexpected expenses until their next paycheck arrives.
Through an online application, users can ask for an advance of up to 50% of their monthly wage.
In the last year, Zofi Cash has assisted with transactions totaling more than $300,000. This demonstrates its strong performance and aids in securing finance in a difficult investment market.
Through its quick salary advance platform, Zofi Cash, which gives workers early access to their paychecks, people may meet their immediate requirements without having to wait until the end of the month.
Lotanna Julian, co-founder, and CEO of Advancly, stated, “We believe that for people and businesses to experience progress, the flow of money needs to be innovated continually, cash flow management is as 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.”
The startup will be able to reach more people and serve them better with the new funding.