Nigerian Fintech Daya Secures $2.4m Raise To Scale Stablecoin Payments Network Throughout Africa
Fintech start-up Daya, based in Nigeria, has announced a $2.4m pre-seed round to fund the expansion of its stablecoin-facilitated cross-border payment network, securing new capital as demand for its faster international settlement solution grows.
Hivemind Capital led the oversubscribed financing round, with participation from Lattice Fund, Alliance DAO, Aptos Foundation and Globelink Investment.
The business focuses on B2B settlement using stablecoins, as an alternative to traditional rails. Co-founder Tomiwa Lasebikan stated that the team is currently focused on product delivery to existing clients.
Nigeria already leads the pack as Africa’s biggest stablecoin market. The International Monetary Fund’s data and Chainalysis’ crypto adoption index have often positioned it among the highest tiers in terms of crypto adoption. Tens of billions of dollars in inflows have been recorded in recent years.
Daya joins other African firms that leverage blockchain settlement to reduce the cost and time of payments for companies that need to send money overseas.
The latest funding will aid the company’s expansion into a larger geographical footprint and richer product set as Daya looks to make stablecoin settlement a more viable option for companies making cross-border payments.
