Ezeebit, a South African crypto payments startup, has secured $2.05 million in seed funding to modernise how African retailers receive and process digital payments.
- Ezeebit, a South African crypto payments startup, has secured $2.05 million in seed funding to modernise how African retailers receive...
- With the capital, the FSCA-regulated company intends to accelerate product development and increase merchant adoption in Kenya, Nigeria, and South...
- The system was created in response to what its creators saw as antiquated, costly, and slow payment rails that continue...
- According to Daniel Katz, CEO of Ezeebit, the company is working to close the growing gap between merchants’ payment capabilities...
Keep reading for the full breakdown on African Fintech — everything you need to know is covered below.
With the capital, the FSCA-regulated company intends to accelerate product development and increase merchant adoption in Kenya, Nigeria, and South Africa.
Likewise, it will pursue new alliances with major telecom companies, banks, and payment service providers.
The growing interest in cheaper, faster crypto payments
Ezeebit, founded in 2023 by Daniel, Jonathan, and David Katz, allows retailers to accept cryptocurrencies, receive local cash payouts the following business day, and settle immediately in stablecoins.
The system was created in response to what its creators saw as antiquated, costly, and slow payment rails that continue to annoy companies across Africa.
The platform has processed over 30,000 transactions with a gross merchandise value in the millions since its launch. The service is already in use by well-known companies like iStore, Le Creuset, Diesel, Scoin, Tintswalo Lodges, Amiri, and Ritual.
Together with Founder Collective, which is well-known for its early wagers on Uber, WHOOP, Airtable, and The Trade Desk, Raba Partnership, an early backer of Flutterwave, Stitch, Fuse, and BVNK, led the round.
Former Visa executive Terry Angelos and former Revolut executive David De Picciotto were among the strategic angel investors who joined.
According to Daniel Katz, CEO of Ezeebit, the company is working to close the growing gap between merchants’ payment capabilities and consumers’ crypto use.
“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,” he said. “We bridge this gap by connecting decentralised and traditional finance with a compliant stablecoin settlement layer.”
The payment structure on the continent is still changing. Millions of people have learnt to pay via QR codes and account-to-account transfers thanks to mobile money, and the demand for dollar-denominated stablecoins is driven by rising inflation and hefty remittance charges.
“Mobile money has already sensitised hundreds of millions of consumers to pay digitally,” Katz said. The next obvious step is stablecoins.
Ezeebit is positioned for scale with a compliance-first design
Ezeebit sets itself apart by offering regulatory certainty, a significant barrier to the global adoption of cryptocurrencies.
The company implements integrated AML/KYC safeguards and prepares Travel Rules as a Financial Services Provider and Crypto Asset Service Provider under FSCA regulation.
Along with other omnichannel rails like Android ePOS, e-commerce plugins, and APIs, it supports Bitcoin, USDT, USDC, ETH, and more.
The platform reduces user friction and widens the funnel for merchant acceptance by remaining wallet-agnostic.
With smartphone penetration predicted to reach 90 per cent by 2030 and Africa’s on-chain transaction volume increasing 52 per cent annually to over $205 billion, they want to establish themselves as a key player in Africa’s next stage of digital payment expansion.