The Colombian Fintech Company Zulu Raised US$5 Million in Record Time

Zulu, the Colombian fintech company, founded by Esteban Villegas, Jaime Varela, and Julian Delgado will seek to position itself as the leading digital wallet in Latin America, for users who want to save in digital dollars, protect their money from devaluation and send remittances to different countries from their cell phones.

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With only 6 months of having started operations in Colombia, Zulu continues to receive support from major investors around the world

One of the funds that participated in this round is Cadenza Ventures, a venture capital fund that has invested in early-stage fintech companies in emerging economies such as Africa, Southeast Asia, the Middle East, and Latin America. Max Shapiro, Managing Partner of Cadenza comments “this investment to Zulu ratifies our interest in Latin America and the relevance we find in expanding these technologies around the world.”

Other participating investors include Nexo, CMT Digital, Simplex, Coin DCX, Gaingels, and the founders of startups such as Caterine Castillo of Neivor; José Jair Bonilla, Carolina Garcia and Oscar Sarria of Chiper; Andrew Chang, former COO and Advisor of Paxos; Man Hei Lou of Treinta, among others. These two rounds allowed raising capital amounting to US$5 million in record time.

“With this milestone, Zulu plans to close 2022 by launching operations in Mexico and Peru, two new markets that will join Colombia, where we are already adding users who see in Zulu the way to take care of their wealth and send remittances at low cost between these countries and Venezuela. We are focused on providing simple and secure options to the millions of people who have no financial relationships in Latin America,” said Esteban Villegas, CEO of Zulu.

Currently, this fintech company has more than 100 thousand users, but with its arrival in these new markets, it plans to reach the 500-thousand mark before the end of the year. The above is after announcing its arrival to the iOS operating system, which will significantly boost its growth in the Apple user market.

“We are aware of the financial situation that Latin Americans are going through, in the market, and most of the time, there are no savings options in hard currencies and easy access so the doors are closed immediately. In addition, we know that every day many Latinos leave their countries of origin in search of a better future and do not find or are unaware of the digital tools, such as Zulu, that can help them save and transfer money in dollars to their relatives as is the case of migrants living in our country and send remittances to Venezuela” said Jaime Varela, CCO of the company.

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(Featured image by bergslay via Pixabay)

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First published in Confidencial Colombia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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