Coy to Build Africa’s Foreign Exchange Infrastructure

Fintech startup Stabyl is emerging from stealth with a significant $2.7 million pre-seed investment, aiming to revolutionize foreign exchange infrastructure across Africa. Led by Konga, the funding will enable Stabyl to build institutional-grade systems designed to enhance liquidity access and drastically cut settlement times for banks, payment service providers, and other financial institutions.

Stabyl's core mission, as articulated by co-founder Zachary Schwartzman, is to "connect participants on one platform, creating the deepest and most accessible liquidity pool on the continent." He clarified that Stabyl is not a consumer-facing app or a cross-border payments platform. Instead, it targets the critical bottleneck where financial institutions struggle to source foreign exchange necessary for completing transactions.

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Our goal is to connect participants on one platform, creating the deepest and most accessible liquidity pool on the continent.

Prince Nnamdi Ekeh, another co-founder, illustrated the problem with an example relevant to their lead investor, Konga. He explained that when a large entity like Konga requires foreign exchange, its treasury team must manually contact numerous banks and liquidity providers to compare rates and secure funds. This manual process is fraught with delays and inefficiencies.

Co-founder Michael Anyi highlighted how Stabyl eliminates this cumbersome process. "Everybody on Stabyl can create a transaction, and that transaction gets matched and queued immediately," he stated. "That entire process of having to make calls, hold transactions, figure out rates and do all this manual labour is completely removed."

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Everybody on Stabyl can create a transaction, and that transaction gets matched and queued immediately. That entire process of having to make calls, hold transactions, figure out rates and do all this manual labour is completely removed.