Zazuu, a UK based and Africa-focused fintech company, has shut down operations due to its inability to secure the necessary funding.

Last year, Zazuu successfully raised $2 million in funding to enhance its cross-border payment services and develop what it claimed to be the world’s initial impartial payment platform. Notable contributors to the fundraising initiative included Launch Africa, Founders Factory Africa, Hoaq Club, and investors like Babs Ogundeyi, the CEO of Kuda.

In a LinkedIn announcement, the startup declared that the reason for its closure was the failure to secure growth funding round.

“To our friends and supporters, we have some difficult news to share. Zazuu will be closing its doors,” the company said.

“When we started Zazuu, we aimed to make international money transfers fair for Africans. With the support of our investors and team, we made huge strides in securing regulatory approvals, building our products, and laying the groundwork for future growth.”

“However, due to a tough funding climate, we failed to secure growth funding round. We explored every option before making the decision. Massive thanks to our brilliant team, our customers who stuck with us, our investors, and partners who bought into our vision. Your belief in us kept us going.”

“Sure, it stings. But we’re walking away with our heads high, proud of what we built and the lessons learned. We’re still all about making financial services fair and accessible for all. We are so grateful to have shared this experience with you,” the startup said.

Established in 2018 by four Nigerian innovators—Kay Akinwunmi (CEO), Korede Fanilola (COO), Tosin Ekolie (CTO), and Tola Alade (CDO)—Zazuu is a end to end money transfer marketplace designed to reduce the expenses associated with remittance payments to Sub-Saharan Africa.

Zazuu is positioned as the first cross-border payment marketplace, that enables users to the discover best  rates from various financial providers, assess the actual costs of a transfer prior to sending, and monitor the entire transfer process source origin to recipient.

In July of the last year, the startup revealed that it had obtained $2 million to enhance its cross-border payment services and construct the first payment platform without bias on a global scale.