What we do: Zoona is a money transfer business with a network of 1,500 franchise agents in Zambia and Malawi. Through it agents the company has signed up more than 1.5 million customers who have sent and received more than US$1.2 billion over the network. The company was founded by Brad and Brett Magrath in 2009.
Ownership & Management: Zoona is majority owned by Brad Magrath and Brett Magrath. The company managed to secure funding of US$15 million in an August 2016 funding round which included backing from the International Finance Corporation, Accion and Omidyar Network. Zoona specifically employs women who have a greater impact on the communities the company serves.
Key financial indicators: Not provided. Zoona has signed up more than 1.5 million customers who have sent and received more than US$1.2 billion over the network. When Zambia suffered a currency crisis in 2015 Zoona managed to get a bridging loan of US$2 million from its investors which ensured it survival at that time. It has snice received US$15 million of equity funding.
Track record: Zoona is well placed in the Zambian and Malawian market and has since expanded to Mozambique. The company plans to expand further into Africa over the next 5 years.
Client contact details: Tel: +27 21 421 3618 Email: firstname.lastname@example.org Address: UG & 3rd floor, Longkloof Studios, Park, Kloof and Darters Roads, Gardens, Cape Town, South Africa. Website: www.ilovezoona.com
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