Stabyl Raises $2.7 Million Pre Seed to Build Africa’s Foreign Exchange Infrastructure
African fintech startup Stabyl has raised US$2.7 million in pre seed funding to develop foreign exchange (FX) liquidity infrastructure for financial institutions, payment providers, and businesses operating across African markets. The funding will enable the company to build technology that simplifies cross border currency transactions and improves access to foreign exchange for enterprises navigating fragmented African payment systems.
The investment round was led by Konga Group, one of Nigeria’s largest e-commerce companies, which will also become Stabyl’s first enterprise customer through KongaPay, serving as its naira settlement partner. The startup was founded by Prince Nnamdi Ekeh, Zachary Schwartzman, and Michael Anyi.
Solving One of Africa’s Biggest Payment Challenges
While Africa has experienced rapid growth in digital payments and fintech innovation, businesses continue to face significant challenges when moving money across borders.
Many companies can initiate international payments but struggle to obtain reliable access to foreign exchange. Treasury teams often rely on manual processes, contacting multiple banks, payment providers, and liquidity partners to compare exchange rates and secure currency. This fragmented system can delay settlements, increase costs, and create uncertainty for businesses operating in multiple African markets.
Stabyl aims to modernize this process by creating infrastructure that allows institutions to source foreign exchange more efficiently through a digital marketplace.
Building Infrastructure, Not Another Payments App
Unlike many African fintech startups focused on consumer payments or remittances, Stabyl positions itself as infrastructure for financial institutions.
Its platform operates a central limit order book, enabling buyers and sellers of foreign exchange to post and automatically match orders in real time. By replacing manual negotiations with a technology driven marketplace, the company hopes to improve price transparency, increase liquidity, and accelerate settlement times.
The platform currently focuses on the naira US dollar corridor, with plans to expand into additional African currency pairs as the business grows.
Leveraging Stablecoins for Faster Settlement
One of Stabyl’s distinguishing features is its integration of both traditional banking infrastructure and blockchain based settlement.
The platform supports settlements through conventional banking rails while also enabling transactions using USDT and USDC stablecoins. Wallet infrastructure is provided by digital asset security company DFNS, allowing institutions to access faster settlement while maintaining flexibility across different payment methods.
As regulatory frameworks for digital assets continue to evolve across Africa, Stabyl believes combining traditional finance with blockchain infrastructure can improve cross-border payment efficiency without requiring businesses to abandon existing banking systems.
Funding to Accelerate Growth
According to the company, the newly raised capital will be used to strengthen licensing, regulatory compliance, technology infrastructure, and product development.
The funding also comes at a time when Nigeria is gradually establishing clearer regulations for digital assets, creating new opportunities for fintech companies building blockchain enabled financial infrastructure.
By investing early in compliance and enterprise grade infrastructure, Stabyl hopes to position itself as a trusted liquidity provider for banks, payment companies, and multinational businesses operating throughout Africa.
Why This Matters
Foreign exchange liquidity remains one of the least visible, but most important, components of Africa’s financial infrastructure
As cross border trade expands under the African Continental Free Trade Area (AfCFTA), businesses increasingly require faster, more transparent access to multiple currencies. Delays in obtaining foreign exchange can disrupt supply chains, increase operating costs, and limit expansion into new markets.
Infrastructure companies like Stabyl are addressing these challenges by building the financial rails that enable payments to move efficiently across borders, supporting both established financial institutions and Africa’s growing fintech ecosystem.
Looking Ahead
Stabyl plans to expand beyond the naira, US dollar corridor by supporting additional African currency pairs and deepening partnerships with banks, fintech companies, and payment service providers.
As demand for cross-border financial services continues to grow, the company aims to become a core infrastructure provider that simplifies liquidity management for enterprises operating across the continent. Success will depend on its ability to build trust, maintain regulatory compliance, and attract sufficient liquidity to support large-scale institutional transactions.
EIA Takeaway
Stabyl’s pre-seed funding highlights a growing shift within Africa’s fintech ecosystem. Rather than focusing solely on consumer, facing applications, a new generation of startups is building the underlying financial infrastructure needed to support cross border commerce. By tackling foreign exchange liquidity, a persistent challenge for businesses across Africa, Stabyl is positioning itself to play an important role in enabling faster, more efficient regional trade as the continent’s digital economy continues to expand.