SA fintech startup Ezeebit bags R36.6m funding

Ezeebit team, from left - Jonathan Katz, David Katz, Daniel Katz | image supplied

Founded in 2023, Ezeebit enables merchants to accept cryptocurrency payments with instant stablecoin settlement and next business day fiat payouts.

The company has processed more than 30,000 transactions across millions of dollars in GMV. Local and international clients include iStore, Le Creuset, Scoin, Tintswalo Lodges, Amiri and Diesel.

The round was led by Raba Partnership, an investor in Flutterwave, Stitch, Fuse, and BVNK. Founder Collective also joined, alongside strategic angels Terry Angelos, Anton Katz, Nadir Khamissa, David De Picciotto, and Chris Harmse.

Bridging crypto and traditional payments

Daniel Katz, CEO and co-founder of Ezeebit, said African merchants remain tied to slow and expensive payment rails while consumers increasingly use crypto for remittances and savings.

He said the investment would support Ezeebit’s stablecoin settlement layer, which connects decentralised and traditional finance in a compliant manner.

Merchant demand, lower fees and faster settlement

Merchants face costs of around 2 to 3% for card payments, multi-day settlement, and limited cross-border options. Ezeebit offers fees of 1 percent or less and instant stablecoin settlement with next business day fiat payouts.

The company reports rising demand driven by inflationary pressure in some markets, low credit card penetration, and widespread adoption of mobile money and QR payments.

Compliance first infrastructure

Ezeebit is an FSCA-regulated Financial Services Provider and Crypto Asset Service Provider. Its platform includes AML and KYC tooling and Travel Rule readiness. Merchants can accept Bitcoin, USDT, USDC, and ETH through Android ePOS devices, e-commerce plugins, and APIs.

The startup is wallet agnostic, allowing payments from custodial, DeFi or foreign wallets.

Investor confidence

Investors backing the round highlighted Africa’s high remittance costs and the need for compliant crypto infrastructure to reduce friction for both consumers and merchants.