CrissCross Secures Circle Ventures Investment to Expand Cross-Border Payments in Africa
The investment comes as stablecoins gain traction as a settlement mechanism for cross-border payments, particularly in markets where currency volatility, limited liquidity and traditional correspondent banking arrangements can make transactions slower and more expensive.
CrissCross, an African cross-border payments infrastructure provider, has secured investment from Circle Ventures, the corporate venture capital arm of Circle Internet Group, through its parent company, Stitch Group.
The investment comes as stablecoins gain traction as a settlement mechanism for cross-border payments, particularly in markets where currency volatility, limited liquidity and traditional correspondent banking arrangements can make transactions slower and more expensive.
CrissCross provides infrastructure that connects blockchain-based settlement with local payment networks, enabling businesses and financial institutions to collect, convert and transfer funds across African markets. Its services include local collections, automated payouts, corporate treasury management and real-time foreign exchange, accessible through a single application programming interface (API).
James Cope, general manager of CrissCross, said the investment recognised the need for payment infrastructure capable of addressing the complexities of Africa’s cross-border payments market.
“Africa’s cross-border payments market is massive, complex, and underserved. Circle Ventures’ investment validates what we’ve been building: infrastructure that can handle that complexity at scale.”
– James Cope, General Manager, CrissCross
Brian Schultz, vice president of corporate development and ventures at Circle, said the investment would support CrissCross as it expands stablecoin-powered payment infrastructure across the continent.
“We’re excited to support CrissCross as they bring stablecoin-powered payments infrastructure to scale across African markets — some of the most complex and underserved corridors in the world.”
– Brian Schultz, Vice President of corporate Development and Ventures, Circle
Stablecoins, which are digital assets designed to maintain a relatively stable value against a reference asset such as the US dollar, can provide an alternative settlement layer for international transfers. Their use in cross-border payments can help reduce some of the delays associated with conventional banking networks, although the final delivery of funds still depends on local payment infrastructure and regulatory requirements.
CrissCross said it currently operates in more than 30 markets, supports over 20 currencies and maintains 99.99% uptime. Its customers include multinational enterprises, financial institutions and payment platforms requiring cross-border collection and disbursement services.
The company said the new investment would support its continued efforts to make payments across African markets faster, simpler and more reliable. Financial details of the investment were not disclosed in the announcement.
