HUB2 Secures $8.5M to Build Stripe-Like Payments for Francophone Africa
Ivory Coast-based fintech HUB2 has raised $8.5 million in Series A funding to solidify its position as the go-to payment infrastructure provider for Francophone Africa. The startup, often dubbed the “Stripe for Francophone Africa,” aims to unify fragmented financial systems across the region through its API-driven platform.
Funding and Strategic Backing
- Lead Investor: Pan-African VC firm TLcom Capital
- Other Investors: FMO, Enza Capital, Bpifrance, and Eric Barbier (founder of Thunes)
- Use of Funds: Expand tech stack, enhance interoperability, and grow merchant network
The Vision Behind HUB2
Founded in 2019 by Ashley Gauzere, a former Orange Africa telecom engineer, HUB2 addresses critical pain points in Francophone Africa’s digital payment ecosystem:
- Fragmented Systems: Mobile money operators and banks operate in silos due to regulatory and technical disparities.
- Low Banking Penetration: Reaching unbanked consumers remains a challenge.
- Interoperability Gaps: Merchants struggle with cross-border and multi-method payment collections.
Inspired by Stripe’s success, Gauzere built HUB2 to streamline payments via a single API, supporting:
- Mobile money (Wave, Orange, MTN)
- Bank transfers
- Card payments
- Cryptocurrency transactions
Evolution of HUB2’s Strategy
HUB2’s journey to product-market fit involved three key pivots:
- E-Commerce Focus: Initially targeted independent merchants but found the market too nascent.
- Corporate Shift: Partnered with large businesses transitioning from cash to digital payments.
- Fintech Backbone: Now powers 55+ fintechs, including Julaya, Onafriq, and NALA, handling 98% of its transaction volumes.
Growth Metrics and Future Plans
- Transaction Volume: On track to process €1 billion in 2024 (up from €70M in 2022).
- Revenue Growth: Consistent 15% month-over-month increase.
- Expansion Goals:
- Launch cross-border payments and stablecoin remittances.
- Deepen Visa’s CyberSource integration for card payments.
- Expand from 6 to all Francophone African markets within two years.
Leadership Insights
Jean-Rémi Kouchakji, HUB2’s co-CEO, emphasizes focus:
“To offer all payment methods with compliance and technical excellence, verticalizing everything isn’t feasible yet.”
However, the long-term vision includes serving SMEs, which dominate Africa’s business landscape.
Investor Perspective
Eloho Omame, Partner at TLcom Capital:
“HUB2’s achievements in Francophone Africa, combined with our Anglophone market expertise, will drive continent-wide payment accessibility.”
With a 35-person team across Ivory Coast, France, and Mauritius, HUB2 is poised to redefine financial connectivity in one of the world’s most underserved regions.
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