Founded Year

2009

Stage

Asset Sale | AssetsPurchased

Total Raised

$20.5M

About Zoona

Zoona is a mobile payments company that uses technology to provide financial services to underserved and financially excluded communities across Africa.On May 9th, 2020, Zoona was acquired by Mukuru, terms of the transaction were not disclosed.

Zoona Headquarter Location

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Expert Collections containing Zoona

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Zoona is included in 3 Expert Collections, including Fintech 250.

F

Fintech 250

498 items

P

Payments

2,323 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.

F

Fintech

3,615 items

Latest Zoona News

The Most Popular Digital-Only Banks in the World

Oct 27, 2021

Neobanks now number in the hundreds and new ones continue to open — all striving to satisfy consumers' and businesses' preference for banking digitally. How do all these digital players stack up? A new report breaks it down, country by country. By Garret Reich, Editorial Associate at The Financial Brand The introduction of the iPhone in 2007 changed the banking industry forever. Sure, some internet banks existed well before then, but the Apple product radically changed consumer habits almost overnight. It didn’t take long for innovators to figure out that a smartphone could make digital-only banking more appealing and more far-reaching. Simple and Ally Bank both launched in 2009, Moven in 2011 and Chime in 2013. Then the floodgates opened in 2015. Now there are hundreds around the world, with new ones popping up regularly. Which of these digital banking disruptors is most popular? Every country seems to have a front-runner. To satisfy peoples’ curiosity, BusinessFinancing.co.uk — a finance and lending research and information website — devised a way to decipher which are the most popular neobanks by country. The company used The Financial Brand‘s Neobank Tracker as one of its sources to build out a list of neobanks and digital-only banks. To determine popularity, Business Financing used Google search history, tapping search volume website Ahrefs’ Keywords Explorer to collate the totals as of July 2021. Yes, But… Ideally, a ranking of the most popular digital banks would be based on their actual number of users. However, it’s reasonably safe to infer that the digital banks generating the most Google searches are also getting a lot of website traffic, which, in turn, leads to more users. If you’re popular, people are going to hear about you more often and search for you. Also, “number of users” can be a questionable measure, as many sources include anyone who clicked “yes” on their terms of service agreement. Using its search volume methodology, the information below is what Business Financing found in its report. We first present the top players here with key insights, followed by digital banks that are most popular in more than one country and then the regional picture. Key Players Business Financing determined that Square, with 719,000 searches per month, was the United States’ most popular digital bank. Unlike a majority of American neobanks, however, Square’s base doesn’t consist solely of consumers — it also serves small and midsize businesses nationwide (see the Insight below). Worldwide, Square had over 880,000 in global searches. ( sponsored content ) The Financial Brand Insight: Business Financing determined that Square was the most popular American neobank by search volume, and readers may wonder why Chime , with users exceeding 12 million, did not come out on top. While Square is most often thought of as a small business payment company, its Cash App P2P payment solution alone has 36 million monthly active users, according to Business of Apps, dwarfing Chime’s total. Cash App is heavily used for bitcoin trading, however, so it’s not really an apples-to-apples comparison. Chime may indeed be the most popular banking app among consumers. The benchmark of success for neobanks in the U.K., a hotbed of digital banking innovation, can be measured by Monzo’s yardstick. Since its inception in 2015, the neobank has amassed some five million customers. With approximately 237,000 monthly searches in the U.K. (and an additional 7,600 in the U.S.), Business Financing determined that Monzo outpaced well-known neobank competitors Starling Bank (with 213,000 searches), Revolut (with 196,000) and Stripe (with 96,000). It may be because Monzo offers a full suite of traditional banking products — for both consumers and businesses alike — in addition to its own version of Buy Now, Pay Later. U.K. success so far hasn’t made the leap to the U.S. for Monzo. The company withdrew its application for a national banking charter for now. Although most neobanks got their start in the 2000’s, mBank was a pioneer. Launched in 1986, the company was the first of its kind in Poland and remains the most popular digital-only bank in the country. In addition, it has also now spread its footprint to make the most popular list in the Czech Republic and Slovakia. Impressively, mBank worldwide attracted almost 2.5 million monthly searches, more than double Revolut’s total. Carbon may be a headquartered in Nigeria, but its influence is strongest in Ghana and Kenya where Business Financing determined it is the most searched neobank. Considered a microfinance bank, Carbon caters to both businesses and consumers, with checking and savings accounts as well as payments and loans. Carbon has even jumped on the Buy Now, Pay Later trend with its Carbon Zero product, which allows people to make larger purchases through the bank’s partnerships with a large list of vendors. Even more of an anomaly than Square, Stripe takes the top spot in both Switzerland and The Netherlands in the Business Financing rankings. Stripe doesn’t look or act like a traditional financial institution — or even a neobank. The software-as-a-service company instead designs open APIs for invoice management and other online business functions for small to large businesses. What gives Stripe the bank angle isn’t a checking or savings account. Instead, its corporate card and lending earns the company a place on the list. Stripe had just over 900,000 monthly searches worldwide. Zoona launched in 2009 in South Africa where it is the most popular neobank. Dressed up with its lime green and dark blue branding, Zoona strives to be the top “interoperable financial services distribution network” in Zambia, where it is also the top digital bank. The company’s goal, accomplished with the help of various financial institution partnerships, is to take care of entrepreneurs all along southern Africa. Notably Missing: Readers may have noticed a notable blank spot among the countries shown in the world map above — China. As Business Financing told The Financial Brand, it did not include China because the online search tool it used did not have extractable data from that country, where the digital financial apps Alipay and WeChat Pay dominate. Lately the communist government there has increased oversight of ecommerce and banking  dramatically. Read More: Zoona : South Africa, Zambia Sign up for The Financial Brand’s free email newsletter . Stay on top of all the latest trends transforming the banking industry today! Join more than 2.1 million financial services executives who count on The Financial Brand, and get actionable insights delivered straight to your inbox every week. SUBSCRIBE NOW! This article was originally published on October 27, 2021 . All content © 2021 by The Financial Brand and may not be reproduced by any means without permission. Sign Up for The Financial Brand's Email Newsletter Get the best articles from The Financial Brand — with big ideas and actionable insights — delivered straight to your inbox. Email Address*

  • When was Zoona founded?

    Zoona was founded in 2009.

  • What is Zoona's latest funding round?

    Zoona's latest funding round is Asset Sale.

  • How much did Zoona raise?

    Zoona raised a total of $20.5M.

  • Who are the investors of Zoona?

    Investors of Zoona include Mukuru, RippleWorks, #cocreateSA, International Finance Corporation, Mastercard and 7 more.

  • Who are Zoona's competitors?

    Competitors of Zoona include MobiKwik, Toss, Paga, Coins.ph, Circle and 14 more.

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