HUB2 Secures $8.5M to Expand Digital Payments in Francophone Africa
TLDR
- Ivorian fintech HUB2 has raised $8.5 million in Series A funding led by TLcom Capital.
- FMO, Enza Capital, Bpifrance, and Thunes founder Eric Barbier also participated.
- The startup processes 98% of its transaction volumes for fintechs, with a projected €1 billion in transaction volume for 2024.
Ivorian fintech HUB2 has raised $8.5 million in Series A funding led by TLcom Capital, with participation from FMO, Enza Capital, Bpifrance, and Thunes founder Eric Barbier.
The funding aims to expand HUB2's payment infrastructure across Francophone Africa, enabling seamless integration for mobile money, bank transfers, cards, and cryptocurrency via a single API.
Founded in 2019, HUB2 initially targeted e-commerce merchants and corporates but pivoted to serving fintechs exclusively, powering operations for 55 clients, including Djamo, Julaya, and CinetPay. The startup processes 98% of its transaction volumes for fintechs, with a projected €1 billion in transaction volume for 2024, up from €70 million in 2022.
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Key Takeaways
HUB2 is tackling payment fragmentation in Francophone Africa, where mobile money dominates but interoperability gaps hinder growth. The company plans to scale its services, introducing cross-border payments, stablecoin remittances, and enhanced card payment options. Currently active in six countries, HUB2 aims for full regional coverage within two years. With digital payments on the rise, HUB2's growth aligns with broader efforts to boost financial inclusion across Africa.
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