African fintech Union54 has raised $12 million in a seed extension round led by Tiger Global. The company is issuing debit cards to African software companies without needing a bank or third-party processor. Union54 hopes to create a homegrown alternative to Mastercard or Visa in Africa. In Africa, Visa and Mastercard dominate the market share; for example, in South Africa, 51% of cardholders with Visa is 51% compared to 48% with Mastercard’s 48%. CEO Perseus Mlambo: “The purpose of creating another card network is an inspiration of what’s happening right now. Number one, we’re vulnerable and hostage to any political decisions that might affect trade on the continent,” . . .
Read more at techcrunch.com
