HUB2, a fintech startup with operations in Ivory Coast and Réunion, has secured undisclosed additional funding from Nairobi-based Enza Capital to accelerate its growth and innovation within the African payments sectors.
The company has previously raised $1.8 million in 2021 from investors including APICAP, COMPASS, and BPI Réunion. These funds were instrumental in developing a suite of products and services designed to streamline payment and distribution channels for insurance companies, brokers, retailers, and financial institutions within the CIMA zone.
In a subsequent funding round in September 2023, HUB2 received a €1.25 million equity investment from ESSOR PME La Réunion. This investment enabled the company to develop an Application Programming Interface (API) facilitating interoperability between mobile money wallets in West Africa, addressing a critical need for seamless mobile banking and payment systems in the region.
Founded in 2018 by Ashley Gauzere, Jean-Rémi Kouchakji, and Rémi Voluer, HUB2’s focus on digital solutions aligns with the rapidly evolving African insurance landscape, characterized by increasing customer expectations, heightened competition, and significant growth potential. The company’s platform started out simplifying the insurance process for both insurers and policyholders by enabling premium payments and claims settlements through mobile money and bank card integrations.
In a strategic shift, HUB2 identified significant growth opportunities in the online payment market of West and Central Africa (WECA). The company aims to become a dominant payment orchestrator in the region by offering a tailored solution that addresses the unique challenges faced by businesses in the area.
Currently, HUB2’s payment orchestration platform provides a centralized and customizable solution for managing online transactions, integrating local and international payment methods, and optimizing processing costs. The company is committed to expanding its market presence, investing in research and development, and enhancing its regulatory expertise to achieve its goal of becoming the leading payment orchestrator in WECA.
By offering a comprehensive and adaptable payment solution, HUB2 aims to empower businesses in the region to capitalize on the growing online payment market and enhance their customer experience.
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