Nigerian fintech startup Stabyl has emerged from stealth with $2.7 million in pre-seed funding led by Konga as the company targets one of Africa’s biggest financial infrastructure problems, fragmented foreign exchange liquidity.
Stabyl is building infrastructure for banks, payment service providers, and large businesses. The platform helps these institutions find FX liquidity, match currency orders, and settle transactions through banking and blockchain rails.
The company was founded by Prince Nnamdi Ekeh, former Co-CEO of Konga Group, Zachary Schwartzman, a former Wall Street analyst who covered Jumia’s IPO, and software engineer Michael Anyi.
Stabyl Raises $2.7 Million From Konga
Konga led Stabyl’s $2.7 million pre-seed funding round. Konga also serves as Stabyl’s first real-world customer and its official naira settlement partner through KongaPay.
The funding will support regulatory licensing, compliance, infrastructure development, and expansion into additional African markets.
The investment gives Stabyl both capital and an early institutional use case for its FX infrastructure.
For Konga, the investment also addresses a problem the company has experienced through its own operations. Large businesses often need to work with multiple banks and liquidity providers when sourcing foreign currency.
The Idea Started at Oxford
Stabyl’s origin story goes back to the University of Oxford.
Between 2021 and 2022, Ekeh and Schwartzman were MBA students at Oxford. Conversations about stablecoins and their potential role in African financial markets eventually led to the idea behind Stabyl.
The two founders had firsthand reasons to focus on the problem. Ekeh had experience running Konga, while Schwartzman had worked as a Wall Street analyst covering African technology companies, including Jumia’s IPO.
Michael Anyi later joined the founding team, bringing more than a decade of experience in financial infrastructure and software engineering.
Stabyl Is Not a Consumer Fintech App
Stabyl is different from consumer fintech platforms used for transfers, payments, or personal banking.
The company focuses on the infrastructure behind financial transactions.
A bank, payment provider, or large business needing foreign exchange often has to contact multiple counterparties, compare rates, wait for responses, and complete several manual steps before a transaction settles.
Stabyl wants to replace this process with a single liquidity marketplace.
Its platform gives institutional participants access to a shared pool of FX liquidity.
How Stabyl’s FX Platform Works
The core technology uses a central limit order book, or CLOB.
A CLOB allows buyers and sellers to place orders on the same platform. The system then matches compatible orders.
For example, a payment company needing dollars could place an order for dollars against naira. A participating liquidity provider with the opposite order could be matched automatically.
This approach removes much of the phone calls, rate negotiations, and manual coordination involved in traditional institutional FX sourcing.
Stabyl also provides APIs for institutions that want to connect the platform directly to their treasury systems.
Stablecoins Form Part of the Settlement System
Stabyl combines traditional banking infrastructure with blockchain-based settlement.
For fiat transactions, KongaPay serves as the company’s official naira settlement partner.
For stablecoin transactions, Stabyl uses wallet infrastructure provided by DFNS. The platform currently supports USDT and USDC while maintaining a blockchain-agnostic approach.
The company says different blockchain networks could be selected based on factors such as transaction costs, speed, settlement finality, and institutional requirements.
The model reflects a practical approach to African FX infrastructure. Stablecoins provide another settlement rail, while banking infrastructure remains important for moving funds into local currencies.
Nigeria’s FX Market Shows the Problem
Stabyl is entering the market while Nigeria continues to handle large volumes of foreign exchange.
Nigeria recorded $6.92 billion in net foreign exchange inflows in February 2026, according to the Central Bank of Nigeria’s monthly economic report cited by TechCabal and other outlets.
Large FX inflows do not automatically mean institutions have simple access to liquidity.
Banks, payment companies, and large businesses still deal with multiple relationships when sourcing foreign currency.
Stabyl’s pitch is to connect these participants through a shared marketplace.
Konga Is More Than an Investor
Konga’s role in Stabyl goes beyond providing funding.
The company is Stabyl’s first real-world test case and its official naira settlement partner.
Konga operates across commerce and payments, giving Stabyl an institutional environment where its FX infrastructure faces real transaction requirements.
Konga Group has described Stabyl as part of its broader effort to address infrastructure problems linked to African commerce.
This relationship also gives Stabyl an early customer while the startup works toward broader adoption among banks and payment companies.
Stabyl Plans to Expand Beyond Nigeria
Stabyl is initially focused on the NGN/USD corridor.
The company plans to add more African currency pairs as its regulatory footprint expands.
This creates a larger opportunity than the Nigerian market alone. African businesses often need to move money across several currencies, while payment providers need reliable access to liquidity in different markets.
A platform connecting these markets would need strong liquidity, reliable settlement systems, regulatory approvals, and institutional participation.
Stabyl’s first priority is building those foundations.
The Startup Will Make Money From Transactions
Stabyl is taking a different approach from traditional FX businesses.
Many FX companies earn money from the spread between buying and selling prices.
Stabyl says it will instead charge a transaction take rate. The company has not disclosed the exact rate.
The model gives Stabyl an incentive to increase transaction volume and liquidity on the platform.
More institutional participants would also give buyers and sellers more opportunities to find matching orders.
Regulation Will Be Critical
Regulation is another major part of Stabyl’s expansion plans.
Nigeria’s digital asset environment has changed since the Central Bank lifted its 2023 restriction on banks and other financial institutions dealing with cryptocurrency-related businesses.
The Securities and Exchange Commission has also introduced a regulatory framework for virtual asset providers.
Stabyl says its new funding will support licensing and compliance as the company expands.
For a company dealing with institutional FX and stablecoin settlement, regulatory compliance will be central to its ability to operate across African markets.
Stabyl Wants to Build Infrastructure for African Finance
Stabyl’s approach puts the company in the infrastructure layer of financial technology.
Rather than competing directly for consumer users, the startup wants banks, payment providers, and large businesses to use its FX liquidity network.
The company also sees other African fintechs as potential customers rather than direct competitors.
Its goal is to provide liquidity to financial institutions and payment companies while increasing the overall amount of FX activity flowing through its platform.
What the $2.7 Million Means for Nigeria’s Fintech Sector
Stabyl’s funding shows continued investor interest in financial infrastructure in Nigeria.
The company is targeting a problem with direct effects on banks, payment providers, exporters, importers, and large businesses.
Its success will depend on several factors, including regulatory approvals, liquidity growth, institutional adoption, settlement reliability, and expansion into additional currency corridors.
The early involvement of Konga gives the startup an important institutional partner as it develops the platform.
For now, Stabyl is starting with one of Africa’s most active FX corridors, NGN/USD, and plans to build outward from there.
Nigerian fintech Stabyl has raised $2.7 million in pre-seed funding led by Konga to build FX infrastructure for banks, payment companies, and other financial institutions across Africa.
The startup uses a central limit order book to match FX buyers and sellers, while supporting settlement through traditional banking rails and stablecoins such as USDT and USDC.
Its first focus is the naira-dollar corridor, with plans to add more African currencies.
The startup’s founders first discussed the idea at Oxford between 2021 and 2022. Years later, those conversations have turned into a funded fintech focused on fixing one of the infrastructure problems facing African finance.
FAQs
What is Stabyl?
Stabyl is a Nigerian fintech building FX liquidity and settlement infrastructure for banks, payment service providers, and other financial institutions.
How much did Stabyl raise?
Stabyl raised $2.7 million in pre-seed funding in a round led by Konga. The funds will support infrastructure, licensing, compliance, and expansion.
How does Stabyl use stablecoins?
Stabyl supports USDT and USDC as settlement options alongside traditional banking rails. DFNS provides wallet infrastructure for the platform’s stablecoin settlement.
