Fonbnk operates a stablecoin settlement layer that converts prepaid mobile payments into digital assets for Web3 integration. This process facilitates frictionless foreign exchange, efficient cross-border treasury flows, and instant liquidity for cash-based economies. The platform delivers dollarized payments across Africa, mitigating fraud and reducing FX costs associated with traditional money movement rails.
Funding
$3.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+4Founders
Product
Problem
In emerging markets, individuals and businesses face challenges converting local currencies into stablecoins for digital transactions due to limited access to traditional financial infrastructure. This restricts participation in the global digital economy and hinders efficient cross-border payments.
Solution
Fonbnk provides a platform that enables users in Africa to convert local currencies, including mobile money and airtime, into stablecoins and vice versa. By integrating with various mobile payment methods, Fonbnk connects prepaid SIM cards and mobile-generated payments with stablecoins, facilitating fast, secure, and dollar-based settlements. The platform offers a widget, dashboard, and API for businesses to integrate stablecoin payments into their applications, simplifying cross-border transactions and enhancing accessibility to the digital economy.
Target Audience
Fonbnk targets individuals and businesses in emerging markets, particularly in Africa, who need to convert local currencies into stablecoins for cross-border payments, digital transactions, and access to the global digital economy, as well as Web3 developers looking to integrate local payment methods into their dApps.
Features
- On-ramp and off-ramp widget for converting local currency to stablecoins and vice versa
- Support for multiple stablecoins including USDC and USDT on networks like Avalanche, Polygon, Celo, Ethereum, Stellar, Solana, TRON, Base, Optimism, and BNB Chain
- Integration with local payment methods such as bank transfers and airtime in various African countries
- API for requesting quotes and information needed for integration into dApps
- Dashboard for configuring integration and monitoring client orders
- Events tracking via webhook or iframe events
- Instant Merchant feature for receiving cKES payments via a link or QR code