Uganda’s Zofi Cash secures $1m to scale salary advance services

By Delisha Fernandes

Zofi Cash, a Ugandan-based FinTech startup, announced it has raised $1 million in a pre-seed funding round from Advancly, a Nigeria-based investor.

This new investment will assist the company to grow and better serve its clients. The additional resources will allow Zofi Cash to improve its platform, expand services, and provide a more comprehensive financial experience.

Zofi Cash provides salaried individuals access their wages. The traditional 30-day pay cycle can leave individuals without funds in times of unexpected expenses and emergencies. The company solves this problem by providing early access to wages, enabling employees to take care of immediate requirements without waiting until the end of the month for payday.

Zofi Cash looks forward to this partnership’s opportunities and the positive impact it can collectively create. As a result, the FinTech startup aims to empower individuals with more control over their finances and help them achieve a healthier financial lifestyle.

Advancly believes that in today’s world, cash flow management is as vital as earning money itself. To experience actual progress, individuals need access to cash outside the limitations of traditional salary cycles.

Zofi Cash is striving to re-imagine cash flow for salary-earners across Uganda and Advancly aims to power their progress with debt capital of $1million. With this partnership,  Advancly will further advance their ultimate goal of building the rail tracks for a more robust financial ecosystem in Africa and emerging markets and delivering prosperity for all.