Zambia card-issuing API startup Union54 has received a $3 million investment from Tiger Global. Union54 confirmed the investment to TechCrunch. This was only 2 weeks after graduating from the summer batch of Y Combinator. Other investors that took part in the round are Runa Capital, Todd & Rahul Angel Fund, Ace & Company, and Vibe VC.
The Zambia fintech further received investments from top angel investors, Babs Ogundeyi Kuda CEO, Risana Zitha MD of Renaissance Capital, and Gbenga Ajayi. Union54’s API allows African software companies to issue/manage their debit cards without the need for a bank or third-party processor.
Union54 was started by Perseus Mlambo and Alessandra Martini as a spin-off of a challenger bank Zazu. Mlambo revealed that over 50 companies are taking part in Union54’s API sandbox environment. The entities range from digital banks to post-Series A fintechs. The company is also partnering with Africa unicorn Flutterwave, Payday, Plumter, and Bitmama. Tiger Global has now made 4 investments this year in Africa with the recipients being Flutterwave, FairMoney, and Mono in that order. Other African startups that have received investment from Tiger Global are Wakanow, Cheki, Jobberman, and Takealot.