Côte d’Ivoire-based fintech HUB2 has raised $8.5 million in a Series A funding round led by TLcom Capital. Other participating investors include FMO, Enza Capital, Bpifrance, and Eric Barbier, founder of Thunes (a cross-border payment infrastructure provider).
HUB2 offers a unified payment infrastructure API to fintechs that enables them to collect and payout in its operational markets. It operates in six Francophone countries—Senegal, Burkina Faso, Benin, Togo and Cameroon.
With the new funding, HUB2 intends to reach the rest of francophone Africa in two years. TLcom partner Eloho Omame said, “We’re proud to work with HUB2 as the company extends its reach across Francophone Africa.”
HUB2’s platform supports mobile money payments, bank transfers, card payments, and cryptocurrencies. “We have a very horizontal play, and our goal is to offer all payment methods — from mobile money and cards to banking and cryptocurrencies — covering the entire footprint for fintechs,” according to Co-CEO Jean-Rémi Kouchakji.
As a leading provider of payment solutions in francophone Africa, the company boasts a stellar line-up of 55 customers. The customers include Ghana’s Zeepay (PSP), Tanzania’s NALA (remittance), SA’s Onafriq (PSP) and fellow YC-backed Ivorian startup, Djamo (neobank). Fintechs now make up 98% of HUB2’s customer base, after starting with merchants directly.
In 2022, they were processing €70 million in transaction volume (TPV). By year-end, the startup expects to process €1 billion. This projection is based on its 15% month-over-month growth, according to TechCrunch.
“The one issue I wanted to solve in French-speaking Africa after two decades in telecom and seeing the need for high-quality, interoperable payment solutions was creating infrastructure and unifying payments in the region like a Stripe-like platform,” Founder and CEO Ashley Gauzere, remarked.
See also: Stripe’s acquisition of Paystack, the Stripe for Africa
Founded in 2019, HUB2 has 35 employees and three offices in France, Ivory Coast, and Mauritius.
