Union54

History

2021: Attracting $3 million of investments

On October 27, 2021, it became known that the Zambian startup Union54 attracted $3 million in investments from venture funds Tiger Global, Runa Capital, Ace and Company, Todd & Rahul Angel Fund and Vibe VC. The detailed parameters of the transaction are not disclosed, including the estimated value of Union54.

Union54 offers an API for issuing debit cards without the need to use a bank or a third-party payment processor. The company was founded by Perseus Mlambo and Alessandra Martini in 2021 as a subsidiary of their bank Zazu.

Runa Capital Invested in African Debit Card API Developer

According to Perseus Mlambo, the Union54 API sandbox contains more than 50 companies, ranging from digital banks to Series A fintechs and "companies based on the availability of Union54." The fintech company wants to help companies monetize their existing customer bases with what it calls "exchange." Thanks to the exchange, Union54 will take up fintech companies that will use its API to issue cards to customers. When these customers use cards to make online transactions, they earn 1%. In the case of a $50 transaction, $0.50 is earned. The company bets on the number of customers. Thanks to the exchange, Union54 hopes to help fintech companies earn significant profits without doing most of the hard work associated with card management.

We not only allow fintechs to enter the market faster than any bank or card issuer could ever dream of, but we also really show that our incentives are very consistent. We make money only when they do it, and therefore we are glad to give a guarantee for such an exchange, "said Perseus Mlambo.

Commenting on the investment, Runa Capital general partner Andre Bliznyuk said the fund was pleased to support Union54's efforts to "overload the African fintech ecosystem, allowing its customers to easily launch new card products and bring tangible benefits to consumers."^[1]

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