To expand stablecoin and cryptocurrency payment infrastructure throughout Africa, SA’s Ezeebit raised $2 M
The FSCA-regulated stablecoin and cryptocurrency payment infrastructure company Ezeebit, based in South Africa, has closed a US$2.05 million seed funding round with the goal of expanding strategic partnerships with banks, PSPs, and telcos as well as accelerating product development and merchant adoption in South Africa, Kenya, and Nigeria.
Ezeebit, which was established in 2023, allows businesses to take cryptocurrency payments with immediate stablecoin settlement and local fiat payouts the following business day. Over 30,000 transactions totaling millions of dollars in gross merchandise value have already been completed by the company. iStore, Le Creuset, Scoin, Tintswalo Lodges, Amiri, and Diesel are among the clients.
With the help of Founder Collective, an early backer of Uber, WHOOP, Airtable, and The Trade Desk, and Raba Partnership, an earlier backer of Flutterwave, Stitch, Fuse, and BVNK, the startup has now raised US$2.05 million. Strategic angels Terry Angelos (formerly Visa), Anton Katz (Talos), Nadir Khamissa (Hello Group), David De Picciotto (formerly Revolut), and Chris Harmse (BVNK) are also included in the round.
Ezeebit plans to use the funds to expand its strategic alliances with banks, PSPs, and telcos, as well as to speed up product development and merchant adoption in South Africa, Kenya, and Nigeria.
“African merchants are tied to slow, expensive payment rails, while consumers increasingly hold crypto for remittances and savings but lack a safe way to spend it,” said Daniel Katz, CEO and co-founder of Ezeebit. “We bridge this gap by connecting decentralised and traditional finance with a compliant stablecoin settlement layer. This funding empowers us to provide that vital infrastructure, allowing millions to participate fully in the global digital economy.”
According to him, mobile money has already made hundreds of millions of customers aware of the benefits of making digital payments via QR codes and account-to-account transfers.
“Stablecoins are the logical next step. What’s more, at 8.78 per cent, Sub-Saharan Africa remains the most expensive region in the world to receive remittances, making crypto rails a compelling alternative. And, once consumers have received crypto, they are eager to spend it on goods and services, creating a reinforcing growth loop,” said Katz.
The situation in Africa is “extraordinary,” according to David Frankel, co-founder and managing partner of Founder Collective.
“Millions of people hold crypto but can’t spend it; merchants need faster, cheaper rails, but legacy systems keep them locked out. Ezeebit is building the bridge. This team has an uncommon gift for integrating modern financial technology with a grounded understanding of the dynamics shaping the markets they serve,” he said.
