Kotani Pay, an African crypto on-ramp and off-ramp service provider, has announced its expansion into Rwanda and Uganda.
The startup, which closed a $2 million pre-seed funding round led by P1 Ventures in September 2023 offers software connecting blockchains to local payment networks such as mobile money where customers can withdraw their funds using USSD.
🇰🇪FUNDING | Kenyan Crypto On-Off-Ramp, Kotani Pay, Closes $2 Million Funding Round
Kotani Pay is set to introduce more products including Reconset, a Reconciliation-as-a-Service offering, and Money Ledger, a Ledger-as-a-Service solution, after acquiring Fuhlstack, a Nigerian… pic.twitter.com/FsW4JJRe6v
— BitKE (@BitcoinKE) September 6, 2023
Fintech companies integrate Kotani’s technology seamlessly into the local payment channels accessing a reliable exchange service to reach a wider customer base.
Thanks to the platform, users can access the blockchain via Unstructured Supplementary Service Data (USSD). USSD is primarily used to interact with mobile phones by many users across the continent.
By entering the two markets, Kotani Pay enables local businesses and users to access a simplified and compliant on-ramp/off-ramp API.
In a press release, Kotani said the expansion serves as a game-changer for fintech firms seeking to bridge fiat and crypto assets.
“With Kotani Pay’s easy-to-integrate API, these companies can facilitate seamless cash-in and cash-out services, providing customers with effortless access to both traditional and digital currencies. This functionality supports fintechs in scaling their operations and addressing the increasing demand for agile, borderless payment solutions.”
“For Web3 businesses, Kotani Pay’s expansion means unprecedented opportunities to on-ramp users into crypto and off-ramp them into their preferred fiat currencies.”
The startup previously had operations in:
- Kenya
- Ghana
- Zambia and
- South Africa
with plans to expand to:
- Rwanda
- Senegal
- Ivory Coast
- Tanzania, and
- Nigeria
“As we expand into Rwanda and Uganda, we are thrilled to support our clients in navigating these dynamic markets. This expansion empowers fintech and Web3 companies to enter with confidence, removing the payment and technical barriers that have previously hindered innovation.
We are committed to helping our current and future clients scale seamlessly across borders.”
_____________________________________
