Fintech Company Stax Raises USD 500 K Funding

Stax, a universal money app developed by Hover Developer Services, Inc. to enable users across Africa to access their bank accounts, and mobile wallets in one place without using mobile data, has received USD 500 K from the Stellar Development Foundation’s (SDF) Matching Fund to support Stax in building an affordable, borderless mobile wallet on the Stellar blockchain.

Stax allows users to buy airtime, send and request money, and transfer funds between accounts via automated USSD codes. By utilizing USSD codes, Stax permits its users to avoid the high costs associated with the use of mobile data and improves its users’ access to digital financial services. Seeing the challenges with borderless payments, Stax intends to make USD Coin (USDC), a fully-reserved dollar digital currency, on Stellar more accessible to users who want a secure place to hold their money, access global investment opportunities, and participate in borderless commerce.