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.
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.
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.
In February of 2017, Zoona received $1 million in funding. The round was split between the MasterCard Foundation and the International Finance Corporation.
Case study: Zoona Mobile Financial Services
M4D Impact Peter Mcnally
- Financial technologyFinancial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.
- Financial servicesThis is a type of service that allows one party to receive financial assets from another party in the form of a loan, bonds, insurance policies, etc.