Mambo 👋 This week, the circle around Flutterwave got even bigger. Circle joined Ripple in betting that the fastest way to scale stablecoins in Africa is through fintechs that already have licenses, merchants, and distribution.
The story
Flutterwave raised funding from Circle Ventures, the investment arm of USDC issuer Circle.
Just weeks after securing a strategic investment from Ripple, the issuer of RLUSD, Flutterwave has now attracted backing from two of the world’s biggest stablecoin players.
It reinforces the thesis we have been tracking: stablecoin companies are not trying to reinvent the wheel. They are investing in licensed fintechs with distribution, letting stablecoins scale through platforms people already use.
Deals
Timon, which helps Africans spend, save and move money across borders using local currencies and stablecoins raised funding to expand in Kenya.
Nearly 70% of funding activity on the platform now comes through stablecoins. For a platform serving travelers, digital dollars are becoming the preferred way to move and hold value across borders.
Launches
PayPal’s Xoom partnered with Flutterwave for payouts into Nigerian bank accounts.
Behind the scenes, Flutterwave is increasingly using stablecoins for settlement, reinforcing the shift toward invisible stablecoin infrastructure powering traditional payment networks.
Regulation
Taptap Send, a recent OpenUSD Network member, secured three UAE licenses to expand its payments offering.
As stablecoins mature, companies are investing as much in regulatory infrastructure as they are in payment infrastructure.
Madini
“Stablecoins work best when paired with regulated infrastructure rather than replacing it”
Cedar Money partnered with Noah to combine regulated onboarding with stablecoin powered settlement for African cross border trade.
Cedar handles KYC, AML, and compliance, while Noah provides the stablecoin rails.
From inside
Nigerian stablecoin powered fintech Gigbanc shut down operations, citing fundraising challenges, and is pursuing an acquisition.
Following Chimoney, it reinforces a thesis we have been tracking: in Africa, distribution and funding remain harder problems than the technology itself.
On the record
Africa’s top funded startups list for June included at least two stablecoin companies: Daya and Stabyl.
Written from inside Africa with love 🇹🇿💚
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