Zambia based fintech company, Union54, has secured US$12-million in equity funding led by Tiger Global for the expansion of its product in the market. Union54 provides the Application Programming Interface (API) for any company to issue virtual and physical cards without a bank partner or processor which is a significant component of its success in the Zambian financial sector. The funding will support the expansion of this technology although the stake acquired was not disclosed.
Tiger Global Management LLC (“Tiger Global”) is an investment firm focused on public and private companies in the global internet, software, consumer and financial technology industries. The private equity business has since 2003 invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. Tiger Global is an SEC-registered investment adviser based in the USA.