‘Local startup’ raises $420,000 from local businessman, to launch demo by 20 December

Earlier this year we talked about Jamboo, a digital bank that wants to target the underserved African diaspora. They want to offer basic banking services and also allow diasporans to invest in other organisations in Africa.

We won’t get into the details here. Still, you can read more about what they are trying to do here: Zim co-founded digital bank to target underserved African diaspora with banking and investment opportunities.

We managed to talk to one of the co-founders, Takwana Tyaranini, and he confirmed that the original idea still stands. However, when we last talked, the bank was supposed to launch in early November.

It’s now early December, so what gives? Takwana says,

We are about days from actually getting a demo app into people’s hands. There were delays in terms of tech. We built something and it wasn’t satisfactory, we went back to the drawing board and we should have something in the hands of people by the 20th of December.

That’s usually how these things go, isn’t it? It was either this – the delay – or rushing a product that wasn’t ready. We have seen some startups make the mistake of rushing to get to market and killing a brilliant idea and solution because of a half-baked product.

The December launch will be a demo and,

The idea is to be in the market in February or March, the actual live product but we are piling up people in terms of getting demo testers. We have over 2000 people that have expressed interest. We have also had almost 300 retail investors.

If you remember, Jamboo wants to allow Africans in the diaspora to invest in African businesses, hence the retail investors being talked about here. However, Jamboo will start with the banking stuff and then added the investment stuff later in the year.

We shall see how all that plays out but in the meantime, Jamboo has amazing news, as Innocent Chinyama, Jamboo’s Chief Investment Officer, stated, “We are excited to announce that Mr. Moyo is going to invest US$420,000 into Jamboo.”

Rutenhuro Moyo

…esteemed businessman Rutenhuro Moyo has announced a substantial investment of over US$420,000 in the revolutionary fintech start-up, Jamboo…

Oh, so that’s who Mr Moyo is. Here is a short bio on him as given by one of the organisations for which he is a board member,

Rutenhuro (58) has extensive business and financial experience gained from working with some multinationals locally and in several other countries. He is the Managing Partner at Remoggo PCC (Mauritius), an investment holding firm with a portfolio of private equity investments in Zimbabwe and the Region. He is also a director in a number of companies listed on the Zimbabwe Stock Exchange including OK Zimbabwe Limited and First Banking Corporation Holdings Limited. Rute was appointed to the Hippo Valley Estates Board on 1 August 2020.

It is great to see local businesspeople investing in startups. The common perception is often that Zimbabweans may not fully embrace startup investments, but Moyo’s actions demonstrate that when individuals believe in certain ideas, they are willing to invest.

So, I believe this should encourage other local startups to work on their ideas, business models and pitching techniques. Evidently, you don’t always have to look West for funding.

Half a mil

You don’t need telling that $420,000 is a lot of money, especially when it’s funding for a startup. See, most Zimbabwean startups are struggling to raise capital and would give a kidney and half a lung to get that kind of funding.

To remember though is that while Jamboo has Zimbabwean founders, it is a UK registered startup, so that could have helped. Even so, raising capital is still a challenge for all startups, let alone one founded by black Zimbabweans and serving Africans, starting with Zimbabwe.

Takwana says it has not been easy to raise capital, despite the great news they are sharing now. He could not count how many emails and conversations they had trying to raise capital. All that until they met a man who understood their vision for Jamboo and saw potential in the idea in Rutenhuro Moyo.

Says Jambo,

This funding not only validates our mission but empowers us to revolutionize banking and investment services for the African diaspora. Mr. Moyo’s commitment is a testament to the transformative potential of Jamboo.

Let them celebrate

They have every right to feel this way in the wake of this kind of news. Here’s how excited they are,

In a bold move that exemplifies his commitment to driving innovation, esteemed
businessman Rutenhuro Moyo has announced a substantial investment of over
US$420,000 in the revolutionary fintech start-up, Jamboo. The news comes on the heels
of Mr. Moyo’s recent successful consortium takeover of the lender group’s debt in
Tongaat Hulett, where this strategic investment promises salvation for thousands of
jobs across South Africa, Zimbabwe, Mozambique, and Botswana.

Jamboo, set to launch early next year, stands as a groundbreaking digital solution
offering banking and investment services tailored for the African diaspora in the U.K.
and Europe. Innocent Chinyama, Jamboo’s Chief Investment Officer, expressed
enthusiasm, stating, “We are excited to announce that Mr. Moyo is going to invest
US$420,000 into Jamboo.” This injection of capital signifies a pivotal moment for the
start-up, propelling it toward its mission of transforming financial services for the
diaspora community.

With a distinguished background that includes being a shareholder and executive at the
pioneering Shanduka Group, Mr. Moyo holds post-graduate qualifications in Psychology,
coupled with postgraduate qualifications in Business and Finance. His entrepreneurial
prowess and extensive experience in senior roles at international corporations such as
Anglo–American, Old Mutual, and The Coca-Cola Company underscore his commitment
to drive positive change and foster economic growth.

In a statement echoing the collective excitement, Jamboo’s Co-Founder and CEO,
Takwana Tyaranini, expressed gratitude for Mr. Moyo’s visionary investment, saying,
“This funding not only validates our mission but empowers us to revolutionize banking
and investment services for the African diaspora. Mr. Moyo’s commitment is a
testament to the transformative potential of Jamboo.”

This strategic alliance between Mr. Moyo and Jamboo promises to reshape the
landscape of financial services, bringing innovation, accessibility, and empowerment to
the African diaspora in the U.K. and Europe.

Also read:

• Local startup that provides housing loans to the informally employed rebrands and has updates on progress
• Zim co-founded digital bank to target underserved African diaspora with banking and investment opportunities
• Old Mutual Zimbabwe launches a Fintech business, Old Mutual Digital Services