Stabyl raises $2.7m to build Africa’s FX payment network

Stabyl , a fintechstartup focused on institutional foreign exchange (FX) infrastructure, has secured a $2.7 million in pre-seed funding led by Konga to accelerate the development of its platform for banks, payment service providers (PSPs) and other financial institutions across Africa.
The company said the investment would be deployed towards regulatory licensing, product development, compliance and expansion into additional African markets.
Founded by former Konga Group Co-Chief Executive Officer, Prince NnamdiEkeh, alongside Zachary Schwartzman and software engineer, Michael Anyi, Stabyl aims to address longstanding inefficiencies in Africa’s foreign exchange market by providing a u...