So what are you meant to think when you start a business with your brother in 2007 and at the start of 2012, you are part of a committed team of 25 employees that close a $ 4 million deal with three world class international fund. Seriously, (four million dollars, thirty two million rand, twenty billion kwacha) for an “African/Zambian” IT start up business
These are the words of Mobile Transactions International co-founder, Brad Magrath, whose startup has made history in Zambian by closing a US $4 million ‘Series A’ funding round this week. The investment will bring in close to $3 million of new cash into from US based philanthropic investment firm Omidyar Network and a non-profit organization ACCION Invest. The additional $1 million is debt converted into equity from Mennonite Economic Development Association (MEDA).
Pushing a ‘Cashless Africa’ vision, the Zambian mobile money startup has developed a proprietary integrated switching technology to enable companies to transact with their unbanked and unconnected customers with the help an agent network across the country.
Mobile Transactions International was founded in 2007 by Brad and his brother Brett initially as a solution for Dunavant (the largest cotton company in Zambian) to make mobile payments to cotton farmers.
You can read the full press release on the funding here.