back Back

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

By Delisha Fernandes

June 12, 2023

  • Advancly
  • Africa Fintech
  • Cash Flow Management
Share

ZoficashZofi 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.

Previous Article

June 09, 2023

Brite Payments extends Instant Payments offering to Belgium

Read More
Next Article

June 12, 2023

PayMate accelerates expansion across CEMEA and APAC

Read More






IBSi Daily News Analysis

June 21, 2024

Advancly

Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 21, 2024

MECCA & Adyen to offer a seamless payments experience in Australia

Read More

June 21, 2024

Vipps, MobilePay launch cross-border P2P payments in the Nordics

Read More

June 21, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023