Dropin, a Nigerian start-up dedicated to pushing portable near field communication (NFC)-based contactless payment solutions for Africa’s road transportation sector, is accelerating ambitions to scale its platform across the region and broader African markets by partnering with venture capital firm, FasterCapital.
According to FasterCapital, the collaboration is designed to fast-track Dropin’s milestones ahead of a planned seed funding round. This will enable the start-up to leverage the investor’s LaunchUp program, where Dropin will have access to global mentorship, capital-raising expertise, and a selective network of industry leaders, including critical resources for licensing, hiring, and scalable customer acquisition strategies.
Dropin said Africa’s public transportation system remains heavily dependent on cash payments, which are fraught with security risks such as theft and counterfeit currency, inefficiencies causing transaction delays, and operational costs linked to cash handling.
It added that Nigeria alone recorded $147,7 billion in card transactions in 2024, growing at a compounded annual growth rate exceeding 22% through 2028, signaling a ripe market for digital payment solutions.
Dropin’s core offering consists of portable NFC devices and cards that according to the company enable secure, and contactless payments, eliminating the need for cash and exact change.
Emmanuel lwenze, co-founder and CEO of Dropin notes that the partnership is crucial to the company’s mission to transform Africa’s public transit experience.
He said: “With their support, we can accelerate development, expand our reach, and deliver a frictionless payment system that benefits millions of riders and drivers alike. This partnership marks a critical step toward building the future of digital, touchless, and safe mobility in Africa.”
Hesham Zreik founder and CEO of FasterCapital added: “Dropin exemplifies the kind of innovative, market-driven start-up that aligns perfectly with FasterCapital’s vision. Their solution addresses a pressing need in Africa’s transportation ecosystem by digitising payments and enhancing security."
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