Ezeebit, a stablecoin and cryptocurrency payment infrastructure company regulated by the FSCA, has just secured $2.05 million in a seed funding round to expand its payment network across Africa.
Founded by 3 brothers, Daniel, David, and Jonathan Katz, the company allows merchants to accept cryptocurrency payments with instant stablecoin settlement and next-business-day local fiat payouts. Since its launch in 2023, it has processed over 30,000 transactions, totaling millions of dollars in gross merchandise value. Its clients include iStore, Le Creuset, Scoin, Tintswalo Lodges, Amiri, and Diesel.
“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,” explains Daniel Katz, CEO and Co-Founder of Ezeebit. “We bridge this gap by connecting decentralized and traditional finance with a compliant stablecoin settlement layer. This funding empowers us to provide that vital infrastructure, allowing millions to participate fully in the global digital economy.”
Addressing consumer needs & merchant costs
Africa is experiencing a convergence of structural tailwinds. These include lingering inflation in some countries fueling the demand for stablecoins, negligible credit card penetration (just 4% of adults in Sub-Saharan Africa hold credit cards), and mobile money increasing the comfort of hundreds of millions to pay digitally via QR codes. In addition, smartphone adoption will approach 90% by 2030, expanding the addressable market.
