African fintech startup Scale has announced the successful closing of a $700,000 pre-seed funding round, setting the stage for its ambitious plans to simplify card issuance and payments on the continent. The funding round was led by early-stage investors 54 Collective and First Circle Capital, alongside Sunny Side Venture Partners and a selection of expert angel investors. This injection of capital comes as Scale prepares to expand its operations into key African markets, including Kenya, Zambia, and Côte d’Ivoire.
Scale, which operates as an Issuer Orchestration Platform, provides infrastructure to streamline the typically cumbersome card issuance process. In a region where payment card penetration remains low, particularly in underserved segments, the startup’s innovative approach to card management offers a much-needed solution.
The $700,000 in pre-seed funding will allow Scale to accelerate its market entry into three African nations, where the company aims to enable fintechs and other businesses to offer payment solutions that are otherwise challenging to deploy. As part of its strategic expansion, Scale has already secured key partnerships with banking institutions, networks, and technology providers, positioning it as a comprehensive Infrastructure-as-a-Service (IaaS) provider for fintechs.
Transforming Africa’s Payments Landscape
Scale’s CEO, Miranda Perumal, sees the funding as a validation of the company’s potential to transform the African payments landscape. “With this capital and the backing of our investors, we are well-positioned to build trust with businesses across the continent and address critical pain points in enabling card rails. Our goal is to provide a seamless, sustainable, and scalable service,” Perumal said.
As fintechs across Africa increasingly look to enhance their services with payment cards, many face a labyrinthine process that can take up to 18 months to launch a viable product. Scale’s core offering — what it terms “Card-as-a-Service” — shortens that timeline significantly, enabling businesses to issue cards in a matter of weeks. By simplifying this process, Scale hopes to unlock value for its clients, especially those targeting underserved markets such as women and youth.
Backing Disruption in African Fintech
Hetal Patel, Chief Investment Officer at 54 Collective, emphasized the company’s mission to support ventures that have the potential to drive significant impact across Africa. “Scale’s approach to simplifying the card-issuing process addresses a major bottleneck for fintechs, allowing them to serve their customers more efficiently. By unlocking this capability, Scale is making it easier for businesses to grow and innovate, while also promoting financial inclusion,” said Patel.
First Circle Capital’s Selma Ribica added that the African continent’s low payment card penetration presents both a challenge and an opportunity. “The complexity of launching a card product in Africa has long hindered the ability of businesses to scale. Scale’s platform removes these barriers by providing a pre-approved, fully-managed card management scheme that reduces the time and expertise needed to launch a card product,” Ribica noted.
Aiming to Transform Cross-Border Payments
Sunny Side Venture Partners Founder Sadaharu Saiki highlighted the importance of cross-border transactions in Africa’s rapidly evolving payments ecosystem. “Despite the emergence of various fintech solutions, the card remains a gold standard for cross-border payments. Scale’s solution, which simplifies card issuance across multiple countries, is not only filling a gap but also improving the lives of millions across the continent,” Saiki said.
Saiki also pointed to the collective experience of the Scale team, which spans over 40 African nations, as a key driver of the company’s growth potential. “Their deep understanding of the African fintech landscape, combined with their passion for innovation, gives Scale the potential to turn ambitious goals into achievable realities.”
With its first anniversary approaching, Scale is positioning itself as a critical enabler of fintech growth across Africa. The company is actively engaging global investors and partners to further its mission of empowering businesses with streamlined payment solutions.
As the African fintech ecosystem continues to expand, Scale’s role as a card-issuing orchestration platform could prove to be a pivotal factor in driving financial inclusion and business growth across the continent. With its cutting-edge technology and strong network of partners, Scale is poised to make a significant impact in the African payments space.
A Look At Scale
Founded in 2022 by Miranda Perumal, Roy Markham and Barbara Woolams, Scale is an African fintech startup focused on simplifying the card issuance process for businesses across the continent. The company’s proprietary platform, known as SOIL (Scale Orchestration Issuing Layer), provides end-to-end infrastructure for fintechs to launch and manage card products quickly and efficiently. By offering a streamlined solution for card management, Scale aims to enable businesses to scale faster and reduce time to market, ultimately contributing to the growth of Africa’s digital economy.