Zazuu, an Africa-centric fintech company renowned as the world’s first cross-border payment marketplace, has announced the end of its operations, citing its inability to secure necessary growth funding as the primary reason for the closure. Despite advancements in securing regulatory approvals and developing innovative money transfer products, Zazuu struggled to sustain operations without additional financial backing in a challenging funding climate.

The company, which was founded in 2018 by Nigerian entrepreneurs Kay Akinwunmi, Korede Fanilola, Tosin Ekolie, and Tola Alade, set out with the mission to make international remittances fairer and more accessible for Africans. Zazuu gained prominence with its unique marketplace that aimed to simplify and improve the remittance process across Sub-Saharan Africa.

In a farewell message, the Zazuu team thanked its investors, partners, and loyal customers, expressing pride in the groundwork they laid. Despite the disappointment, Zazuu’s founders remain committed to the vision of equitable financial services, departing with valuable lessons and their heads held high.