Africa-focused escrow service Truzo launches in the UK
Truzo, an Africa-focused digital escrow service, has launched in the UK after gaining approval from the Financial Conduct Authority (FCA).
Established in South Africa, Truzo’s launch in the UK means it can now make transactions between the two countries “safer and more reliable”. The firm estimates South Africa and UK bilateral trade to be worth more than £10 billion as of 2022.
Truzo operates a web and app-based escrow platform for businesses of all sizes, allowing them to transact goods and services and receive and make payments on time.
It claims its platform provides fraud and scam protection, as well as a “significant” reduction in administration. While it focuses on digital escrow, Truzo also provides features such as multi-currency digital wallets, remittances, payments and receipts.
By digitising and removing the high fees associated with letters of credit and currency conversions, Truzo claims it reduces trading costs between the UK and South Africa.
“With global events driving high levels of inflation and slowing growth, businesses of all sizes are acutely aware that even fractional savings can make a huge impact not only on their profits and competitive advantage but benefit their customers’ pockets too,” says Terence Naidu, founder and CEO of Truzo.
Truzo is supported by the UK’s Department of International Trade’s global entrepreneur programme and has also partnered up with Currencycloud for cross-border payments. The firm says it will close its next round of funding in Q2 2023.