HUB2: The Stripe of Francophone Africa Secures $8.5 Million
Bridging the Financial Gap in West Africa
HUB2, an Ivorian fintech startup, has raised $8.5 million in Series A funding led by TLcom Capital. The company aims to unify the fragmented financial landscape of Francophone Africa by providing a streamlined payment infrastructure similar to Stripe. This funding round includes participation from FMO, Enza Capital, BPI France, and others. Learn more about fintech innovations.
From Telecom Engineer to Fintech Founder
Founded in 2019 by Ashley Gauzere, a former telecom engineer, HUB2 addresses the challenges faced by merchants and financial institutions in the region. The platform connects various payment methods, including mobile money, bank transfers, card payments, and cryptocurrency, through a single API. This simplifies transactions and expands market reach for businesses. Explore the impact on mobile banking.
Evolving Strategies and Fintech Focus
HUB2's journey involved several pivots, from targeting individual e-commerce merchants to large corporations, before finding success by focusing on fintechs. Currently, the platform serves 55 fintechs across Francophone Africa, processing a projected €1 billion in transaction volume this year, a significant increase from €70 million in 2022. See how smartphone sales are influenced by fintech.
Expanding Horizons and Future Plans
HUB2 plans to expand its services by offering cross-border payments, stablecoin remittances, and enhanced card payment capabilities through deeper integration with CyberSource. The company aims to achieve full regional coverage within the next two years, extending beyond its current operations in six Francophone African countries.
Investment and Partnership for Growth
The investment from TLcom Capital and other partners signifies confidence in HUB2's potential to transform digital payments in Francophone Africa. This partnership aims to improve financial accessibility across the continent.