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HUB2 Secures $8.5 Million, Aims to Transform Payments in Francophone Africa
HUB2 secures capital: Fintech startup HUB2 has secured $8.5 million in Series A funding to revolutionize digital payments. Led by Pan-African investor TLcom Capital, alongside FMO, Enza Capital, and Bpifrance, this investment empowers HUB2 to expand its reach, enhance its technology, and simplify payment solutions for businesses across the region.
HUB2 already works with some 55 neobanks, payment companies, remittance companies and cryptocurrency providers, and it has now picked up $8.5 million to expand that list, and to up its game in its tech stack.
HUB2 Secures Capital To Further Ease Life For Francophone Africa
Founded in 2019 by Ashley Gauzere, a former telecom engineer with experience at Orange Africa, HUB2 addresses the challenges of fragmented mobile money systems.
In Francophone Africa, mobile money providers and banks often operate in silos due to regulatory and systemic differences, making it difficult for merchants to scale regionally and for financial institutions to serve last-mile consumers.
HUB2 was built to unify these systems through APIs, enabling businesses to collect payments and manage transactions seamlessly. While the journey was not straightforward, HUB2’s strategic pivots have been crucial to its success.
Gauzere said, “The one issue I wanted to solve in French-speaking Africa after two decades in telecom and seeing the need for high-quality, interoperable payment solutions was creating infrastructure and unifying payments in the region like a Stripe-like platform.”
The company claims to offer “comprehensive coverage and seamless integration across payment methods,” partnering with mobile money providers like Wave, Orange, MTN, Moov, Free, and T-Money, and it simplifies payments by enabling fintechs to collect mobile money, bank transfers, card payments, and cryptocurrency through a single API.
Also Read: M-KOPA Attains $400 Million in ARR Through Commitment to Financial Inclusion and Asset-Based Funding
HUB2 Growth, Strategic Focus and Objectives
HUB2 began by targeting independent e-commerce merchants. However, realizing the market’s limitations, the company shifted its focus to large corporates transitioning from cash to digital payments. This led to partnerships with insurance companies and eventually attracted the attention of fintechs like Djamo.
Today, HUB2 serves as the payment backbone for over 55 fintechs, including Julaya, NALA, and CinetPay. Its unified platform integrates mobile money, bank transfers, card payments, and cryptocurrency, providing comprehensive payment solutions tailored to fintech operations.
This strategic focus has driven HUB2’s rapid growth, with fintech clients now accounting for 98% of its transaction volumes.
HUB2’s growth trajectory is impressive. The company is on track to process €1 billion in transaction volume in 2024, up from €70 million in 2022. This consistent growth is fueled by month-over-month increases in transaction volumes and revenue. With a team of 35 professionals across France, Ivory Coast, and Mauritius, HUB2 is scaling its infrastructure to support its ambitious expansion plans.
In the short term, HUB2 aims to enhance cross-border payment solutions, introduce stablecoin-based remittance services, and deepen card payment integrations with Visa’s CyberSource platform. Currently operating in six countries, HUB2 plans to achieve full regional coverage within two years.
