In order to strengthen its commitment to making sure that every day is payday for salaried workers, Ugandan fintech startup Zofi Cash has secured US$1 million in pre-seed funding.
Through its instant salary advance platform, Zofi Cash, which gives workers early access to their paychecks, people can meet their immediate needs without having to wait until the end of the month.
One investor contributed $1 million to the startup’s pre-seed round of financing through Advancly, a business-to-business lender with operations in six African nations. The business has backed several African fintech startups, including LipaLater, MarketForce, and Pezesha in Kenya. Its first entry into the Ugandan market is Zofi Cash.
“We believe that for people and businesses to experience progress, the flow of money needs to be innovated continually,” said Lotanna Julian, co-founder, and CEO of Advancly. “Cash flow management is as important as earning money itself. The work that Zofi Cash is doing connects to our ultimate goal of building the rail tracks for a more robust financial ecosystem that delivers prosperity for all.”
