South African Crypto Startup Ezeebit Secures R35 Million Seed Funding to Expand Across Africa
By simplifying complex crypto transactions into an experience comparable to card payments, the company is building the infrastructure necessary to enable widespread adoption of cryptocurrency as a practical payment method across the continent.
South African stablecoin and cryptocurrency payment startup Ezeebit has secured R35 million (approximately $2.05 million) in seed funding from prominent investors, including Founder Collective and Raba Partnership. This funding round also saw participation from strategic angels and early-stage investors with strong track records in global fintech and technology companies.
Ezeebit provides merchants with the ability to accept cryptocurrency payments while offering instant stablecoin settlement and next-business-day local fiat payouts. Since its launch in 2023, the company has processed over 30,000 transactions, handling millions of dollars in gross merchandise value. The platform already counts notable brands such as iStore, Scoin, Diesel, Amiri, Le Creuset, Al Capone Premium, and Ritual among its clients.
The capital injection will be used to accelerate product development and drive merchant adoption across South Africa, Kenya, and Nigeria. Ezeebit plans to expand strategic partnerships with banks, payment service providers, and telecommunications companies to strengthen its payment infrastructure and reach more businesses.
Ezeebit’s founders have identified a unique opportunity in the African market, where slow and expensive payment rails, low credit card penetration, and growing mobile money usage create a strong demand for crypto-enabled payment solutions. Stablecoins are emerging as a viable alternative, particularly in countries facing inflation and high remittance costs. The company aims to reduce transaction fees for merchants, offering significant savings compared to traditional card payments, while eliminating delays and volatility risks.
Sub-Saharan Africa has experienced rapid growth in cryptocurrency adoption, receiving over $205 billion in on-chain value between July 2024 and June 2025, a 52% increase from the previous year. Smartphone penetration is projected to reach nearly 90% by 2030, further expanding the addressable market for digital financial solutions. Ezeebit leverages this trend to bridge the gap between decentralized finance and traditional payments, providing a compliant and efficient settlement layer for merchants and consumers alike.
The funding round reflects strong investor confidence in Ezeebit’s technology and its potential to reshape digital payments in Africa. By simplifying complex crypto transactions into an experience comparable to card payments, the company is building the infrastructure necessary to enable widespread adoption of cryptocurrency as a practical payment method across the continent.
