Ivory Coast’s HUB2 Secures $8.5M to Revolutionize Payments in Francophone Africa
Staff Editor HUB2, Ivory Coast Fintech, Raises $8.5 Million to Become “Stripe for Francophone Africa”
HUB2, a fintech startup based in Ivory Coast, has secured $8.5 million in Series A funding led by TLcom Capital, positioning itself to become the “Stripe for Francophone Africa.” Founded in 2019 by former telecom engineer Ashley Gauzere, HUB2 currently works with 55 neobanks, payment companies, remittance companies, and cryptocurrency providers across the region.
The company aims to address the challenges of fragmented financial systems and low banking penetration in Francophone Africa, where mobile money operators and banks often operate in silos due to regulatory differences. HUB2’s solution offers a unified payment infrastructure, providing comprehensive coverage and seamless integration across various payment methods.
Inspired by Stripe’s success, HUB2 has partnered with major mobile money providers such as Wave, Orange, MTN, Moov, Free, and T-Money. The company simplifies payments through a single API that integrates mobile money, bank transfers, card payments, and cryptocurrency transactions.
Since its inception, HUB2 has evolved its business strategy. Initially focusing on independent e-commerce merchants, the company shifted to large corporates transitioning from cash to digital payments. It later expanded its services to include payment collections via mobile money, bank cards, and point-of-sale systems. Eventually, HUB2 pivoted to serving fintechs exclusively, which now account for 98% of its transaction volumes.
The company has achieved significant growth, projecting to process €1 billion in transaction volume this year. HUB2 reports consistent 15% month-over-month growth in both Total Payment Volume (TPV) and revenue.
Looking ahead, HUB2 plans to serve smaller businesses in the long term, targeting SMEs. The company is ramping up its payment infrastructure, with a focus on mobile money, and rolling out cross-border payment solutions and stablecoin-based remittance services. HUB2 is also expanding its card payment capabilities through integration with CyberSource.
Currently operating in six Francophone African countries, HUB2 aims to achieve full regional coverage within two years. The company maintains a 35-person team across offices in France, Ivory Coast, and Mauritius.
The partnership with TLcom Capital is expected to enhance digital payment accessibility across Africa, furthering HUB2’s mission to streamline and unify the region’s fragmented financial landscape.
