Startup Union54 raises USD 12 mln in seed funding

Monday 18 April 2022 15:10 CET | News

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. 

Union54’s CEO and founder, Perseus Mlambo, believes that reaching an agreement with participating central banks from Africa might make his company more trustworthy in the eyes of merchants and investors and could lead to it issuing a domestic and continental debit card, to shorten settlement time, and integrate more local payment methods and APMs. 

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Keywords: funding, local payment method, debit card, card scheme, Issuer, cross-border payments
Categories: Payments & Commerce
Companies: Mastercard, Tiger Global, Visa
Countries: Zambia
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Payments & Commerce



Tiger Global



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