Close Menu
Innovation Village | Technology, Product Reviews, Business
    Facebook X (Twitter) Instagram
    Thursday, July 24
    • About us
      • Authors
    • Contact us
    • Privacy policy
    • Terms of use
    • Advertise
    • Newsletter
    • Post a Job
    • Partners
    Facebook X (Twitter) LinkedIn YouTube WhatsApp
    Innovation Village | Technology, Product Reviews, Business
    • Home
    • Innovation
      • Products
      • Technology
      • Internet of Things
    • Business
      • Agritech
      • Fintech
      • Healthtech
      • Investments
        • Cryptocurrency
      • People
      • Startups
      • Women In Tech
    • Media
      • Entertainment
      • Gaming
    • Reviews
      • Gadgets
      • Apps
      • How To
    • Giveaways
    • Jobs
    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»News»Uganda’s Zofi Cash raises $1m pre-seed funding to scale its Salary advance operations
    Zofi Cash

    Uganda’s Zofi Cash raises $1m pre-seed funding to scale its Salary advance operations

    1
    By Staff Writer on June 1, 2023 News

    Uganda’s Zofi Cash announced that it has raised $1m pre-seed funding from Advancly.

    Founded in 2020 by Paul Kirungi (CEO) and Gordon Turibamwe (CTO), Zofi Cash is a digital financial platform taking care of employees’ financial emergencies before payday by providing Instant Salary Advances. The startup offers salary advances at a very low interest rate based on the number of days you hold your loan before your payday. The interest rates vary according to the number of days advanced to a client before they are paid.

    Paul Kirungi said Zofi Cash was born out of his own experience and it was set up to bridge the gap between paydays as emergencies don’t and can’t wait for payday to arrive. Zofi Cash’s mission is to challenge the 30-pay-day status quo which he believes is “outdated and doesn’t meet the current times we are living in today.”

    In the last one year, Zofi Cash says that it has done over $300,000 in transactions and it has helped over 3,000 salary earners even though it has about 20,000 on its wait list.

    Through this financing, exclusively in the form of debt, the startup aims to extend its reach to a greater number of individuals.

    Related

    Share. Facebook Twitter Pinterest LinkedIn Email
    Staff Writer
    • Website

    I am a staff at Innovation Village.

    Related Posts

    SharePoint exploit hits hundreds of institutions as hackers escalate attacks

    SharePoint vulnerability exposes South African institutions to global cyberattack

    Airtel Africa reports strong Q1 2025 results with double-digit growth

    1 Comment

    1. Pingback: SA PAYG energy startup Yellow raises $14M series B funding led by Convergence Partners - Innovation Village | Technology, Product Reviews, Business

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Copyright ©, 2013-2024 Innovation-Village.com. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.