SA Crypto Payments Startup MoneyBadger has Raised $400k in Pre-seed Funding

South African bitcoin and crypto payments solution provider MoneyBadger has raised $400k in pre-seed round of funding to help it expand its network of partners and establish more use cases for bitcoin in more countries. The funding round, led by P1 Ventures, also featured three angel investors active in the bitcoin and crypto industry, one of whom even invested in bitcoin itself. With this support, the company is planning to reach more stores and make crypto payments easier for both shoppers and merchants.

Founded in Stellenbosch by Carel van Wyk, Carl Kritzinger, Ben Blaine, and Brent Petersen, MoneyBadger is making it simple and safe to pay with bitcoin, whether you are buying something online or in a physical shop. Their technology supports the secure and fast Bitcoin Lightning Network and works with almost all major crypto wallet providers, making paying with crypto as easy as QR-code “tap-and-go” at a till.

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What sets MoneyBadger apart is its “universal translator” app, a QR code scanner that helps older point-of-sale (POS) systems accept modern bitcoin payments. This system lets shops take crypto without needing big upgrades or complicated tech changes, giving them a way to offer customers a new and in-demand payment option.

The company’s first major client was Pick n Pay, one of South Africa’s biggest and most familiar retailers. In February 2023, Pick n Pay debuted crypto payments with MoneyBadger’s help, and since then, SA crypto payments startup MoneyBadger has rolled out bitcoin payments to more than 1,600 stores across the country, including all Pick n Pay hypermarkets, supermarkets, clothing shops, and express outlets. This means thousands of South Africans can buy groceries, airtime, electricity, and even pay for travel tickets and municipal bills using bitcoin, directly at the till.

MoneyBadger has raised $400k in funding at a time when crypto usage is expanding quickly in the everyday world. The company reports that more than US$83,000 worth of transactions go through their platform each month, and as bitcoin’s price has soared 128% since 2022, more shoppers and retailers are showing interest. For Pick n Pay alone, over R1 million (about $59,000) in crypto passes through its tills every month, showing that the adoption of bitcoin for real-world spending is catching on.

With the new investment, MoneyBadger is planning to make even bigger moves. Its main goals are:

• Grow its network of retail partners, especially with top-tier retailers, ecommerce gateways, and QR-based payment networks

• Make bitcoin payments available in more countries and different shopping scenarios

• Partner with established payments companies, helping merchants accept crypto quickly and easily

“This funding round, partly funded in bitcoin, helps us accelerate these partnerships and expand our service to more consumers, merchants, use-cases, and countries. We envision a future where you can buy anything and everything with Bitcoin,” said Carel van Wyk, the company’s CEO.

One of the main features driving MoneyBadger’s adoption is support for the Bitcoin Lightning Network. This technology enables extremely fast, secure, and low-fee transactions, often quicker than regular credit card tap-to-pay services, making bitcoin a practical choice for day-to-day spending. The company’s API lets any retailer integrate these payments without needing to overhaul their whole system.

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Hisham Halbouny, managing partner at P1 Ventures, emphasized that while debates about crypto still happen overseas, MoneyBadger is showing what’s possible in Africa right now. “We are backing this incredible team because they’ve lived the problem, built in the trenches, and are now scaling a solution that reimagines everyday payments in Africa,” he said. “We believe the future of crypto utility will be written here in Africa.”

MoneyBadger has raised $400k in pre-seed funding, and the South African bitcoin and crypto payments solution provider is preparing to increase its presence, helping more people and businesses see that crypto payments can be simple, fast, reliable, and ready for the mainstream.

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