Takwana Tyaranini, a UK-based Zimbabwean entrepreneur, has successfully raised £331,875 (US$430,531) through Crowdfunding on Crowdcube, nearing his £340,000 (US$441,785) goal, thanks to the backing of over 190 investors for his groundbreaking digital banking platform, Jamboo.
Crowdcube, renowned for helping startups like Monzo and Revolut, has raised over £1.4 billion and boasts a network of 1.7 million registered investors. Crowdfunding is a way to raise money for an individual or organization by collecting donations through family, friends, friends of friends, strangers, businesses, and more. By using social media, people can reach more potential donors than traditional forms of fundraising.
Jamboo, a UK-based digital bank, was co-founded by Takwana Tyaranini (Chief Operating Officer) and Innocent Chinyama (Chief Investment Officer). Leading the bank as Chief Executive Officer is Ciaran McSharry, formerly Managing Director of First Capital Bank.
Through its digital banking platform, Jamboo’s vision is to provide banking and investment opportunities for the African diaspora in the UK and Europe, who often face challenges and barriers when trying to access financial services in Africa. Jamboo wants to bridge the gap between the African diaspora and the African continent.
The Jamboo app has been designed to give everyone the flexibility to grow their money and access it whenever they need.
This innovative venture aims to enhance food security and create employment opportunities in Africa.
According to Jamboo, the African diaspora was responsible for sending over $90 billion back home in 2023 compared to the $48 billion Africa attracted in foreign direct investment, and yet the African expatriates still encounter challenges accessing investments
This capital raised through crowdfunding will go a long way toward developing the app and other products, human resources, marketing, and operating expenses.
The digital bank got its first investment of US$420,000 from Rutenhuro Moyo, a seasoned businessman who believed in the bank’s potential. The second investor, Diaspora Kapita (DK) were in the business of evaluating investment opportunities and they thought Jamboo deserved US$600,000 of their money.
The business has so far raised over US$800,000 in investments.
Jamboo’s app is already operational to a select few and it is delivering innovative solutions to meet the unique financial needs of the African diaspora. Customers can open UK accounts and send money to any account in the UK and also mobile top-ups globally, with full transparency on transaction costs. In the coming weeks, Jamboo is set to launch Mastercard powered virtual cards.
“The next phase is to open a virtual card, which basically means when you go to the shops you can pay using your phone,” said McSharry while speaking on In Conversation with Trevor.
He added that this feature will probably go live sometime in October next year.
Before that, the company also wants to launch Bucks which is an automatic credit system.
The Jamboo app is available on iOS and Android in the UK and offers an inclusive onboarding process that takes a few minutes. Members are also set to receive a Jamboo companion card, to provide even more flexibility in managing their cross-border financial transactions.
Prior to launching Jamboo, Takwana Tyaranini successfully founded and scaled Senditoo, a UK-based startup with a diverse portfolio spanning fast-moving consumer goods, remittances, and international mobile phone top-ups across over 100 countries. Senditoo facilitated the transfer of millions of dollars from Europe and globally into Africa.