Ivory Coast-based fintech HUB2 has raised $8.5 million in Series A funding to expand its payment infrastructure across Francophone Africa.
The round was led by Pan-African early-stage investor TLcom Capital, with participation from FMO, Enza Capital, Bpifrance, and Thunes founder Eric Barbier.
Why it matters
Francophone Africa is a fragmented financial market, where interoperability issues and low banking penetration pose challenges for businesses and consumers alike.
HUB2 aims to bridge these gaps with a unified API that integrates mobile money, bank transfers, card payments, and cryptocurrencies.
Behind the scenes
- Founded in 2019 by telecom veteran Ashley Gauzere, HUB2 initially targeted independent e-commerce merchants but pivoted to corporates, and later fintechs, after discovering limited market readiness for earlier models.
- Today, HUB2 powers 55 fintechs, including Julaya, Onafriq, NALA, and CinetPay, which collectively account for 98% of its transaction volumes.
The big picture
HUB2 is tackling the payments landscape in six countries — Senegal, Burkina Faso, Benin, Togo, Cameroon, and Ivory Coast — with plans for full regional coverage in two years.
While mobile money drives most transactions, the fintech is working to boost adoption of bank cards and cryptocurrency payments through partnerships like CyberSource, Visa’s processing platform.
What’s next
HUB2’s roadmap includes:
- Cross-border solutions to simplify payments across the region.
- Stablecoin-powered remittance services for greater accessibility.
- Deeper integrations to strengthen its API offering.
What they’re saying:
“We aim to offer all payment methods across Francophone Africa while maintaining high compliance and technical standards,” says Jean-Rémi Kouchakji, co-CEO.
Eloho Omame of TLcom Capital adds, “HUB2’s growth mirrors the continent’s potential to overcome fragmentation and build accessible digital payment systems.”
Source: Techcrunch
