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
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
Case study: Zoona Mobile Financial Services
M4D Impact Peter Mcnally
October 2014
