Fintech Startup Stax Secures USD 2.2 Mn Seed Round

Stax, a startup that allows Africans to buy airtime, send and request money, and transfer funds between accounts via automated USSD codes, has raised a USD 2.2 Mn seed extension round. U.S.-based VC firms World Within Ventures and Noemis Ventures co-led the round with Anthemis Group, Orange DAO, 500 Startups, Garuda Ventures, and GAN Ventures participating.

Stax fetches codes from multiple accounts together into an app that users can access offline, letting them perform transactions without dialing any USSD code. Stax plans to include several features in the course of its journey, including a self custody crypto wallet starting with USDC so users can buy airtime when they dial nonfinancial codes. The seed extension equips Stax to develop these features and expand its services from 10 African countries to 50.