Zambian card issuing fintech Union54 has raised $12 million in a seed extension round led by Tiger Global. Other participating investors in this financing include existing ones such as Vibe VC and new investors Earl Grey Capital and Packy Mccormick’s Not Boring Capital.

The company also claims to have processed volumes now reaching double digits in millions of dollars. In addition to helping merchants solve their settlement and sourcing issues, Mlambo offered more insight into why the company chose to ply this route. Meanwhile, the company has learned these past few months that developing a card scheme is not a technical problem as it is a trust problem. The company plans to get nine central banks to establish this framework by the end of the year towards a pilot by Q2 2023. Mlambo says Union54 has customers from multiple African countries (he didn’t place an exact number).

Zambian Card Issuing Startup Union54 Raises $12M Led By Tiger Global

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Zambian Card Issuing Startup Union54 Raises $12M Led By Tiger Global

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