Fonbnk’s core product is an Android app and decentralized market‑making dApp that lets users convert prepaid mobile airtime into MIN, an in‑app digital currency pegged to USDC, and into multiple crypto protocols. The app supports very small conversions (as little as 5 KES or 150 Naira) and enables users to save, hedge against local inflation, invest, make online payments, and earn from microtasks. Fonbnk reports about 250,000 user‑generated wallets across Nigeria, Kenya, Uganda and South Africa. The company leverages a relationship with a regulated US e‑money issuer (Circle/USDC) and interoperability with Visa, Mastercard and major crypto networks (ETH, MATIC, CELO, BTC, AVAX, ALGO, FLOW, HBAR, SOL). Strategic partnerships and programs — including Visa Fast Track, Mastercard Crypto Path, a Stellar Development Foundation marketing grant, and potential Moneygram cash‑out options — are being used to grow utility and distribution. The team is focused on scaling user adoption across prepaid SIM markets and expanding cash‑out and payment rails to increase on‑ramps into web3 for everyday Africans.

Total raised

$4M

Funding rounds

1

Latest round

Seed

Latest activity

Aug 2022