MoneyBadger secures $400K investment to drive bitcoin payment adoption across Africa

The Stellenbosch-based fintech startup plans to leverage the funding to expand merchant partnerships and scale bitcoin transaction capabilities beyond South Africa's borders.

Carel van Wyk, CEO, MoneyBadger.Portal ERP South Africa. 

MoneyBadger, a cryptocurrency payment solutions provider based in South Africa, has completed a $400,000 pre-seed funding round to accelerate the expansion of bitcoin payment infrastructure across African markets. The investment round was spearheaded by P1 Ventures with participation from three angel investors specializing in digital currency technologies.

The company, established in Stellenbosch by founders Carel van Wyk, Carl Kritzinger, Ben Blaine, and Brent Petersen, develops technology that enables seamless bitcoin transactions for both digital and brick-and-mortar retail environments. Their merchant-focused API integrates Lightning Network capabilities while supporting major cryptocurrency wallets and digital tokens, complemented by a universal application that connects traditional point-of-sale infrastructure with bitcoin payments through QR code technology.

MoneyBadger's breakthrough came through its partnership with major South African retailer Pick n Pay, which introduced cryptocurrency payment options in February 2023. This collaboration has since expanded to encompass over 1,600 retail locations throughout South Africa, spanning Pick n Pay's entire network of hypermarkets, supermarkets, clothing stores, and express outlets.

"Our partnership with Pick n Pay originated from their need to integrate bitcoin capabilities into existing point-of-sale infrastructure," explained van Wyk. "Leveraging Bitcoin Lightning network advancements, we developed a prototype that exceeded performance expectations - delivering transactions that are more reliable, faster, and cost-effective compared to traditional contactless card payments."

The platform currently facilitates bitcoin and cryptocurrency purchases across diverse categories, from grocery shopping to value-added services including mobile airtime, utility payments, bill settlements, and travel bookings. Since implementation, monthly transaction volumes have reached approximately $83,000, serving thousands of cryptocurrency users nationwide.

Van Wyk highlighted the market opportunity, noting bitcoin's 128% appreciation since 2022, rising from roughly $40,000 to approximately $108,000 by June. "This sustained growth trajectory makes the bitcoin adopter demographic increasingly attractive for retailers and merchants seeking new customer segments," he stated.

The company's current strategic focus involves expanding merchant partnerships through established payment service providers, targeting large-scale retailers, e-commerce payment platforms, and QR-based transaction networks. The recent funding, which included partial bitcoin payments, will support these partnership initiatives while extending services to additional markets and use cases.

"This investment enables us to accelerate merchant partnerships and expand our proven service to reach more consumers, retailers, applications, and countries. Our vision encompasses a future where bitcoin becomes universally accepted for any purchase," van Wyk commented.

Hisham Halbouny, managing partner at P1 Ventures, emphasized the strategic importance of MoneyBadger's approach. "While Western markets continue debating cryptocurrency regulations, MoneyBadger is actively implementing scalable bitcoin spending solutions. We're supporting this team because they've addressed real market challenges through hands-on development and are now scaling infrastructure that transforms everyday payments across Africa."

He added that the founders' combination of technical expertise and industry knowledge positions them to build critical financial infrastructure, with Africa potentially leading global cryptocurrency utility adoption.