Stabyl Raises $2.7M Funding

Stabyl, a Nigerian-founded fintech startup, has emerged from stealth mode with $2.7 million in pre-seed funding led by Konga.com. The company aims to address Africa's foreign exchange infrastructure challenges by making FX trading faster, more transparent, and easier for banks, payment companies, and other financial institutions. Founded by Nnamdi Ekeh, Zachary Schwartzman, and Michael Anyi, Stabyl's platform uses a central limit order book (CLOB) to replace manual FX trading processes, allowing buyers and sellers to automatically match orders in real time. The platform combines traditional banking systems with blockchain-based settlement, supporting USDT and USDC stablecoins and partnering with KongaPay for naira transactions and Direct function for digital asset custody. The funding will be used for regulatory licensing, compliance, platform expansion, and entry into additional African markets, initially focusing on the naira-to-dollar corridor. This launch comes amid a more supportive regulatory environment in Nigeria, following the Nigeria — Central Bank of Nigeria's lifting of crypto banking restrictions and the Securities and Exchange Commission's regulatory incubation program.