← State of Embedded Finance 2026

Union54

Can a homegrown African card-issuing API company become the financial operating system for the continent by combining BIN sponsorship infrastructure with a consumer super-app that routes around costly international remittance providers?

Founded2020
HQLusaka, Zambia
FoundersPerseus Mlambo
Total raised$15.13M
Latest roundSeed Extension, 2022
IndustryInfrastructure / Card issuing
The story

Union54 launched as a card issuing API infrastructure company, providing BIN sponsorship, processing, and settlement for African fintechs without requiring them to engage a separate bank or processor. After establishing its developer-first API platform, the company pivoted toward consumer-facing applications by co-launching ChitChat — a messaging app with integrated USD digital wallets and debit cards — in partnership with Mastercard in Zambia. The company is now simultaneously operating as embedded finance infrastructure (card issuing API) and as a direct-to-consumer financial super-app, targeting Africa's cross-border payments challenge.

Last 12 months
2024-03
Product timeline
2020
Union54 founded in Lusaka, Zambia by Perseus Mlambo to build card issuing infrastructure for Africa.· card
2022
Raised $15M in seed funding (combined) led by Tiger Global, positioning as a homegrown alternative to Mastercard/Visa for African card issuance.· banking
2024
Launched ChitChat in partnership with Mastercard in Zambia — a social commerce platform combining secure messaging with USD digital wallets and cross-border payments.· banking
The stack
Payments / PSP
Union54 (self-operated)
Card issuing
Union54 (self-operated)
Accounting gap: none