Golden
Zoona Transactions

Zoona Transactions

Zoona provides a mobile money platform, working capital financing, business management tools and entrepreneurial support in Africa.

Zoona was founded in 2009 by brothers Brad and Brett Magrath. They offer a mobile banking platform where customers don't need a mobile wallet or mobile phone. Instead, those who don't have a mobile phone can access one of Zoona's agents, who process transactions on behalf of customers for a small fee.

Zoona also offers a business opportunity where people can become an agent for them. These agents were offered credit and training to set up their Zoona franchises. In turn, these agents spread Zoona's services across Zambia, Malawi and Mozambique.

Zoona is a Certified B Corporation.

Funding

Series A

In March 2012, Zoona (formerly Mobile Transactions International) raised $4 million in funding. Investors included Omidyar Network and ACCION International. Mennonite Economic Development Associates provided $500,000 in converted debt financing.

Series B

Zoona raised $15 million in August 2016. International Finance Corporation led the investment round, which included Quona Capital, Patrick Pichette, Omidyar Network and 4Di Capital.

Venture - unknown round

In February of 2017, Zoona received $1 million in funding. The round was split between the MasterCard Foundation and the International Finance Corporation.

Timeline

People

Name
Role
LinkedIn

Andre Penderis

Chief Technology Officer

Brad Magrath

Chief Operations Officer

Brett Magrath

Chief Product Officer

Erica Hannath

Head of People

Jenna Bisset Brown

Employee

Keith Davies

Chief Financial Officer

Killy Kanjo

Managing Director, Malawi

Lelemba Phiri

Chief Marketing Officer

Mike Quinn

Chief Executive Officer

Misozi Mkandawire

Managing Director, Zambia

Shungu Chirunda

Chief Regulatory Officer

Further reading

Title
Author
Link
Type
Date

Case study: Zoona Mobile Financial Services

M4D Impact Peter Mcnally

October 2014

Documentaries, videos and podcasts

Title
Date
Link
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Companies

Company
CEO
Location
Products/Services
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References