Stax aggregates USSD codes from multiple bank and mobile-money accounts into a single offline-capable app so users can perform transactions without dialing individual codes. The product is active in 10 African markets and fully supports six countries — Kenya, Uganda, Tanzania, Nigeria, Ghana and Ethiopia — with access to more than 100 banks and mobile-money accounts. The company came out of beta last May and has grown from fewer than 3,000 monthly active users in its first month to over 170,000 customers, of which about 40,000 are active monthly users. Stax currently makes no revenue and intends to charge commissions from partner brands for additional services in the future. The team is remote with employees in the U.S., the U.K., Nigeria and Kenya, and the product evolved from a prior Hover API platform after the founders pivoted to a vertical consumer app. Planned product work includes a self-custody crypto wallet starting with USDC and other features to improve offline transaction experiences. The company also plans to expand its services from 10 to 50 African countries by the close of its Series A and has longer-term ambitions to enter other USSD-prevalent markets such as South and Southeast Asia.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

Mar 2022