The IFC’s board of directors is meeting at the end of May to review a $7.5 million equity commitment by the development finance institution in Zoona, a company that operates an agent network of over-the-counter money transfers in Zambia and Malawi. If approved, the investment would be part of Zoona’s $15 million Series B fundraising round. The capital will be used to expand the firm’s agent network in current and regional markets.
Zoona closed a Series A round in 2012, with backing from Accion and Omidyar Network. According to the Summary of Investment Information posted on the IFC’s website, the firm’s founders own 43% of the business with Accion and Omidyar each holding an 18% stake in the business. The balance of the company is held by a number of smaller investors and participants in the firm’s Employee Stock Option Pool.
The IFC Board is expected to review the investment on May 27th.