Stabyl Raises $2.7 Million to Transform Africa’s Foreign Exchange Infrastructure
African fintech startup Stabyl has officially launched after securing $2.7 million in pre-seed funding, marking a significant step toward modernizing foreign exchange (FX) infrastructure across the continent.
The company aims to eliminate the delays, fragmented liquidity, and manual processes that continue to slow cross-border financial transactions for banks, payment providers, and large institutions operating in Africa.
The funding will help accelerate Stabyl’s expansion while strengthening its technology platform as demand for faster and more reliable FX services continues to grow.
Founders Set Out to Solve Africa’s Fragmented FX Market
Stabyl was founded by Prince Nnamdi Ekeh, former Co-CEO of Konga Group, alongside Zachary Schwartzman and software engineer Michael Anyi.
The idea reportedly emerged from conversations at Oxford University before evolving into a fintech company focused on solving one of Africa’s biggest financial challenges, accessing foreign exchange efficiently.
Although foreign exchange activity across the continent continues to increase, many institutions still depend on multiple banks and liquidity providers to complete transactions. This often leads to delayed settlements, inconsistent exchange rates, and unnecessary operational costs.
In Nigeria alone, net FX inflows reached approximately $6.92 billion in February 2026, highlighting the growing demand for a more efficient trading infrastructure.
How Stabyl’s Technology Works
Rather than relying on traditional manual FX trading, Stabyl has developed a Central Limit Order Book (CLOB) that allows financial institutions to place and match foreign exchange orders in real time.
Banks, payment service providers, and institutional clients can access liquidity through a single platform instead of negotiating rates across multiple providers.
According to co-founder Michael Anyi, the platform removes much of the manual work involved in sourcing exchange rates and processing transactions, allowing deals to be completed much faster.
By centralizing liquidity, the company hopes to improve transparency while reducing settlement delays.
Supports Both Traditional Banking and Blockchain Payments
One of Stabyl’s biggest advantages is its hybrid settlement infrastructure.
The platform supports both conventional fiat payments and blockchain-based settlements.
For Nigerian Naira transactions, settlements are processed through KongaPay, while digital asset settlements use DFNS wallet infrastructure.
Currently, the platform supports popular stablecoins including:
- USDT
- USDC
Rather than depending on a single blockchain, Stabyl remains blockchain-agnostic, selecting networks based on transaction speed, costs, and customer requirements.
This flexibility allows institutions to choose the most efficient payment rail for each transaction.
Business Model Focuses on Higher Trading Volumes
Unlike many traditional foreign exchange providers that earn revenue through wide exchange rate spreads, Stabyl has adopted a different strategy.
The company charges a relatively small transaction fee while encouraging higher trading volumes across its platform.
Co-founder Zachary Schwartzman explained that the objective is not to compete with existing liquidity providers but to expand overall market liquidity by creating a larger and more efficient trading ecosystem.
This model could make cross-border foreign exchange transactions more affordable for institutional users over time.
Regulatory Changes Create New Growth Opportunities
Stabyl enters the market at a time when Africa’s digital finance ecosystem is becoming increasingly supportive of innovation.
Nigeria has introduced several regulatory developments that have created a more favorable environment for fintech companies operating with digital assets.
Following the removal of restrictions on crypto-related banking services and the introduction of regulatory frameworks for virtual asset providers, companies building compliant blockchain-powered financial services have gained greater confidence to expand.
These developments provide Stabyl with an opportunity to establish itself as a core infrastructure provider for institutional foreign exchange transactions across Africa.
Konga Becomes Stabyl’s First Major Enterprise Partner
Stabyl’s first large-scale deployment will come through Konga, giving the startup immediate access to one of Africa’s leading e-commerce ecosystems.
The partnership supports Konga’s broader ambition of strengthening digital commerce and financial infrastructure across the continent.
The company will initially focus on facilitating transactions within the NGN/USD currency corridor before expanding into additional African currency pairs as regulatory approvals become available.
Expansion Plans Backed by Fresh Funding
With new capital now secured, Stabyl plans to scale its infrastructure, onboard more financial institutions, and expand liquidity across multiple African markets.
The startup is positioning itself as more than another fintech company. Instead, it aims to become the infrastructure layer that powers faster, cheaper, and more transparent foreign exchange transactions for businesses operating across Africa.
As cross-border trade continues to grow, solutions that reduce settlement times and improve liquidity could play a major role in shaping the continent’s next generation of financial services.
