Zambia-based card issuing fintech startup, Union54, has announced it raised USD 12 million in a seed extension round led by Tiger Global, with the participation of Earl Grey Capital, and Vibe VC, among others.
The seed extension follows the company’s previous seed round funding of USD 3 million, led by same global investor Tiger Global. Union54’s API allows software companies from the African continent to issue and manage their debit cards without requiring a bank or a third-party processor, enabling cross-border payments and easing the overall process.
The company’s new funding aims to create a homegrown alternative to worldwide known card issuers Mastercard and Visa, who dominate the continent but impose higher fees for merchants.
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