Bitcoin Payment Expansion Funded: MoneyBadger Secures $400,000 for Retail Sector Expansion in South Africa
MoneyBadger, a South African crypto payments platform, is currently scaling its Bitcoin and digital asset payment infrastructure aggressively. The company has recently secured $400,000 in pre-seed funding to expand Bitcoin payments to over 1,600 retail stores nationwide, including a significant partnership with grocery giant Pick n Pay.
The funding round, partly backed in Bitcoin, will be used to fast-track partnerships and extend the service to more consumers, merchants, use cases, and countries. MoneyBadger's technology leverages the Lightning Network for fast, low-cost Bitcoin transactions, making everyday payments with Bitcoin a growing reality in South Africa.
To further scale, MoneyBadger is expanding merchant partnerships through established payment providers and targeting large Tier 1 retailers, ecommerce gateways, and QR payment networks. Their vision includes making Bitcoin usable for any type of purchase and across multiple countries, emphasizing permissionless, open systems while bridging Bitcoin with traditional retail.
A key recent development is MoneyBadger’s partnership with Peach Payments, a major South African payment service provider operating also in Kenya and Mauritius. This partnership enables Peach Payments’ network of merchants to accept bitcoin and other cryptocurrencies both online and at physical stores, significantly broadening MoneyBadger’s merchant reach. Early use-cases show Bitcoin payments for everyday items, indicating increasing mainstream adoption.
MoneyBadger was created in response to Pick n Pay's interest in integrating Bitcoin payments into its point-of-sale systems. Consumers can now use Bitcoin and other cryptocurrencies to pay for groceries and a wide range of value-added services including airtime, electricity, bill payments, and travel tickets. Pick n Pay processes over R1 million in cryptocurrency transactions monthly, with numbers continuing to rise.
The team behind MoneyBadger includes experienced professionals such as Ben Blaine, head of growth, who is an experienced founder and former marketing specialist at SnapScan. Carel van Wyk, CEO of MoneyBadger, is a co-founder of leading African crypto exchange Luno. Hisham Halbouny, Managing Partner at P1 Ventures, believes in the exceptional team at MoneyBadger and their ability to scale a model that redefines daily payments across Africa.
Jacques Marais, a full-stack engineer, completes the team with extensive experience in infrastructure and payment systems. Three angel investors active in the Bitcoin and crypto ecosystem also participated in the funding. Carl Kritzinger, founder of FireWorks, is also part of MoneyBadger's team.
The funding round was led by P1 Ventures, a venture capital firm specializing in African fintech. Brent Peterson, Head of Legal and Compliance, is a recognized expert in cryptocurrency regulation and serves as chair of the Crypto Asset Association of South Africa.
MoneyBadger's mission is rooted in the belief that permissionless innovation and open systems can bridge the Bitcoin economy with traditional retail, offering a scalable, practical, and superior alternative to conventional money. The company is committed to making digital asset payments a viable and mainstream financial solution across South Africa and beyond.
[1] TechCabal (2023). MoneyBadger secures $400,000 in pre-seed funding to expand Bitcoin payments in South Africa. Retrieved from https://techcabal.com/2023/02/28/moneybadger-secures-400000-in-pre-seed-funding-to-expand-bitcoin-payments-in-south-africa/
[2] Ventureburn (2023). MoneyBadger raises $400,000 to scale Bitcoin and digital asset payments in South Africa. Retrieved from https://ventureburn.com/2023/02/moneybadger-raises-400000-to-scale-bitcoin-and-digital-asset-payments-in-south-africa/
[3] BusinessTech (2023). MoneyBadger partners with Peach Payments to expand Bitcoin and digital asset payments in South Africa. Retrieved from https://businesstech.co.za/news/fintech/688329/moneybadger-partners-with-peach-payments-to-expand-bitcoin-and-digital-asset-payments-in-south-africa/
[4] Cointelegraph (2023). MoneyBadger partners with Peach Payments to bring Bitcoin payments to South Africa. Retrieved from https://cointelegraph.com/news/moneybadger-partners-with-peach-payments-to-bring-bitcoin-payments-to-south-africa
[5] Fin24 (2023). MoneyBadger processes over R7.7 million in Bitcoin transactions in South Africa. Retrieved from https://www.fin24.com/Tech/moneybadger-processes-over-r7-7-million-in-bitcoin-transactions-in-south-africa-20230315
- With the $400,000 pre-seed funding, MoneyBadger is seeking to venture into the crypto regulation landscape by fast-tracking partnerships and extending their service to more consumers, merchants, and countries, eventually bridging Bitcoin with traditional retail, particularly in the sports industry.
- Latest reports indicate that MoneyBadger, the South African crypto payments platform, is in discussions with various sports merchants and ecommerce gateways to bring the ease of Bitcoin transactions to sports products and events, thereby making cryptocurrency a viable and mainstream financial solution for everyday purchases.
