Ugandan fintech startup Zofi Cash has secured US$1 million in pre-seed funding to double down on its commitment to ensuring that every day is a payday for salaried workers.
An instant salary advance platform, Zofi Cash offers employees early access to wages, ensuring that people have the financial resources they need to take care of immediate needs without waiting until the end of the month.
The startup’s US$1 million pre-seed funding round has been raised from a single investor in Advancly, a business-to-business financing company with a presence in six African countries. The company has invested in several African fintech startups, such as Kenyan ventures LipaLater, MarketForce, and Pezesha. Zofi Cash is its first foray into the Ugandan market.
“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.”
