CDS Startups Zulu Receives $5 Million in Funding for its LatAm Digital Wallet
Startups

Zulu Receives $5 Million in Funding for its LatAm Digital Wallet

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Zulu Receives $5 Million in Funding

Zulu, a digital wallet for consumers in Latin America with headquarters in Colombia, is the most recent business to receive new capital. Cadenza Ventures, Nexo Ventures, Simplex, CMT Digital, Gaingels, and several startup founders, including Caterine Castillo of Neivor, Jose Jair Bonilla, Carolina Garca, and Oscar Sarria of Chiper, Andrew Chang, a former COO and advisor of Paxos, and Man Hei Lou of Treinta, participated in the $5 million seed round as well.

What is Zulu?

Zulu continues to develop a digital payment tool that enables international payments for remote workers, contractors, and freelancers in both their local currency and in fiat and cryptocurrency. For this, Zulu joins businesses that have also recently raised money, including Ping’s $15 million seed round, an enormous raise in the current VC environment.

Users of Android and iOS devices may transmit free cross-border payments and save money in secure digital currencies thanks to the platform. The company added that it shields consumers from currency devaluations that frequently take place in nations like Colombia, Venezuela, and Peru.

Recent History of the Zulu

Following a chance encounter, while attending Universidad de Los Andes, Villegas and co-founders Jaime Varela and Julian Delgado founded the business in March 2022. Their objective was to provide web3 services to the Latin American populace, which banks typically ignore.

According to the business, it has 500,000 users in Mexico, Peru, Colombia, and Venezuela. Moreover, their plans to grow in 2023 include other LatAm nations.

Villegas is still confident that funding will continue to flow into the kinds of businesses that have shown a clear path to success, knowing despite the ongoing difficulties in the cryptocurrency industry today and what it might mean for Latin American firms seeking funding.

References

www.techcrunch.com

Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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