A new Nigerian-founded fintech startup, Stabyl, has emerged from stealth mode with $2.7 million in pre-seed funding to tackle one of Africa’s biggest financial infrastructure challenges, making foreign exchange (FX) trading faster, more transparent and easier for banks, payment companies and other financial institutions.
The funding round, led by Konga, comes as demand for efficient foreign exchange infrastructure continues to grow across Africa, where businesses often struggle with fragmented liquidity, delayed settlements and manual trading processes.
Unlike many fintech companies focused on consumer payments or money transfers, Stabyl is building the technology that sits behind those transactions. Its platform enables financial institutions to source foreign exchange from a shared liquidity pool instead of negotiating separately with multiple banks and liquidity providers.
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The startup was founded by Prince Nnamdi Ekeh, former co-chief executive officer of Konga Group,
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