Cape Town-based start-up uses stablecoins and a merchant-of-record model to undercut transaction fees that have long burdened African tourism businesses.
Amid the rise of elusive institutional funds targeting African cleantech, startups in the cleantech and climatetech sectors have found a reliable destination in their search for hard-to-come-by funding.
The company previously raised $15.5 million in a Series A round in 2022, backed by investors including Monzo founder Tom Blomfield and Brazilian neobank Nubank.
In 2023, Morocco exported $222 million in semiconductor devices to the US— a fraction of Taiwan’s $214 billion in integrated circuit exports or the UK’s $92 billion in financial services.
Cape Town-based start-up uses stablecoins and a merchant-of-record model to undercut transaction fees that have long burdened African tourism businesses.
Nigeria’s proposed plan—demanding that withholding tax be paid in the native token and remitted to a government-controlled wallet—is a radical departure from global norms.
