Zambia-based FinTech Union54 said to raise seed extension

Zambia-based card issuing platform Union54 has reportedly collected $12m in its seed extension round.

The capital injection was led by Tiger Global, with commitments also coming from Earl Grey Capital and Not Boring Capital, according to a report from PYMNTS. This seed round follows an initial $3m in its seed funding.

Union54 was founded to provide a homegrown card issuer to companies across Africa, replacing global firms, such as Mastercard and Visa.

The company provides clients with an API to issue USD virtual and physical cards without needing a third-party processor. These can be issued to customers, employees, stakeholders and more across Africa.

Last year, Mastercard teamed up with Digital PayGo to support digital payments in Zambia. The partnership was aimed at helping SMEs make and receive digital payments more safely.

The SME-in-a-Box service supports digital payments through the use of a mobile app, mobile point-of-sale, a scannable QR code, a USSD code and a virtual and physical card.

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