(Ecofin Agency) - The fintech aims to become the "Stripe of Francophone Africa" by creating smoother connections between mobile money operators, banks, and other payment providers. Stripe, a U.S.-based payment giant, is valued at $70 billion.

HUB2, a fintech company based in Côte d’Ivoire, has raised $8.5 million in a Series A funding round led by the UK-based TLcom Capital. Other investors included FMO, Enza Capital, Bpifrance, Axian Group, Digital Currency Group, African Fintech Collective, Eric Barbier, and ENL Group.

The company aims to use the funds to build a payment infrastructure that enhances the interoperability of payment systems in French-speaking Africa. HUB2 has set its sights on becoming "the Stripe of Francophone Africa," inspired by the U.S.-based payment company valued at $70 billion.

According to TLcom Capital, West and Central Africa, the regions HUB2 targets, face significant challenges with interoperability. The area has 150 independent operators and 750 million registered mobile wallets, but technical, regulatory, and operational hurdles limit seamless transactions. However, the region offers immense potential with an addressable market estimated at $335 billion and annual growth in transaction volumes of about 60%.

To achieve its goals, HUB2 plans to develop cross-border payment solutions, launch money transfer services using stablecoins, and strengthen its capabilities in mobile money and card payments. The company aims to expand its presence across Francophone Africa within the next two years.

Founded five years ago, HUB2 currently operates in six countries in Francophone sub-Saharan Africa: Senegal, Burkina Faso, Benin, Togo, and Cameroon. It supports over 40 types of payments and has direct and indirect connections with most major mobile money operators. HUB2 collaborates with approximately 55 neobanks, payment companies, remittance firms, and cryptocurrency providers.

“We take a very horizontal approach, aiming to offer all payment methods—from mobile money and cards to banking services and cryptocurrencies—across the entire fintech ecosystem,” said Jean-Rémi Kouchakji, co-CEO of HUB2. Eloho Omame, a partner at TLcom Capital, highlighted the partnership’s potential, saying, “This will make digital payments more accessible across the continent.”

This funding comes amid a surge in mobile money adoption in sub-Saharan Africa, which accounts for nearly two-thirds of new mobile wallets globally. According to the “State of the Industry Report on Mobile Money” report by the Global System for Mobile Communications Association (GSMA), mobile money usage in Africa grew by 52% between 2020 and 2023.