Zoona, an African financial technology company, has raised $15m in a second round of financing from the IFC – led investment consortium.

The Series B round will help Zoona scale up its operations as it aims to reach 10 markets and 30 million active consumers across Africa by 2020.

“As the world economies transit from cash-based to cashless, an entire infrastructure is needed to make that transition possible and ensure equal availability of both ‘currencies’, said Andi Dervishi, Global Head of IFC’s Fintech Investment Group.

“Zoona has made this possible in Zambia and Malawi and is planning to do the same in many other markets in Africa. Whether in the form of a money transfer or a cash collection network, these retail footprints play an important role in acceptance and adoption of the new form of money and will be critical for the financial service industry as it transforms itself,” he said.

First round investors Accion, whose investment is managed by Quona Capital, and Omidyar Network, an impact investment firm started by eBay founder Pierre Omidyar, have reaffirmed their commitment to Zoona by more than doubling their respective investments during the Series B round. 

The Lundin Foundation, a foundation that provides capital to high potential businesses to create wealth and alleviate poverty, has also increased its stake in the company.

The round also includes investment from 4Di Capital, a venture capital firm based in South Africa, headed up by entrepreneur, investor and Zoona non-executive director Justin Stanford. 

In addition, Patrick Pichette, former CFO at Google and long-time Zoona advisor, has also invested in the company.

Zoona uses technology to provide financial services to underserved and financially excluded communities across Africa.

The company has over 1.5 million active users, and its system has processed over $1bn in mobile money transactions since its founding 2009.

The company’s mobile money platform has already enabled more than 1,000 entrepreneurs to become Zoona Agents, creating over 2,500 jobs at 1,500 agent outlets in the process.

Mike Quinn, Zoona CEO, said:“Technology has the potential to bring about financial inclusion to underserved communities across Africa.”

“This investment round marks a key milestone in our journey to build a billion dollar business that helps communities thrive. We are thrilled that investors the caliber of IFC, Accion and Quona Capital, Omidyar Network, Lundin Foundation and 4Di Capital buy into and support Zoona’s vision. Having Patrick Pichette invest, a visionary and long-time supporter of Zoona, is also very exciting,” he added.