DafriBank Digital has announced that its Series A pre-seed funding round is officially open, offering investors and venture capitalists an opportunity to participate in what its described as the evolution of cross border banking.

The company has its sights on dethroning competitor Kuda Bank – who raised $500 million in 2020 - arguing that it has broader outreach and a wider products offering.

The Series A round, which has a minimum participating entry of $1 million, aims to raise $80 million to expand DafriBank’s operations and infrastructure, acquire commercial banking licenses in Nigeria, South Africa, Kenya, Botswana and India, and execute on the issuance of DafriBank Stablecoin.

Describing itself as the ‘bridge maker’ for cross border banking, and branchless financial technology company with an active 50 000 users within 6 months of its soft launch, of which 500 are merchants, DafriBank is the next generation cross border banking solution that integrates financial inclusivity, transparency and convenience to give digital entrepreneurs the first-mover advantage on a global scale. Authorised and licensed by the Comoros International Banking Authority (CIBA) – a body of the Central Bank of Comoros.

The bank has partnerships with major financial institutions to avail Visa & MasterCard, Apple Pay, Google Pay, American Express and Discover deposit methods, and has bank agents in the Philippines, India, South Africa, Brazil, Nigeria, Ghana, Botswana, Zimbabwe, USA, Lesotho, Kenya, Cameroon, Rwanda and Zambia.

Through DafriBank, customers can send and receive payments, shop online and hold funds in over 50 currencies worldwide; overcoming current challenges such as high costs, slow processing times, a lack of transparency, and currency volatility.

As a fully compliant, multipurpose African bank in the cloud, DafriBank enables low-fee, 5-minute processing and real-time currency exchange to bridge the gaps between the banked, underbanked and fully banked.

To indicate your interest, please register here