DFS Lab and Stellar Blockchain Launch ‘The Africa Fund I’ to Transform Digital Payments in Africa – BitcoinKE

DFS Lab, an early-stage investor in Africa, in partnership with the Stellar Development Foundation, a non-profit entity that helps promote and expand the Stellar network, has launched the DFS Lab Stellar Africa Fund I to support promising entrepreneurs and teams in Africa which seeks to revolutionize the digital payment industry by leveraging the capabilities of the Stellar blockchain network.

The Stellar network is an open source, decentralized, low-cost digital currency money transfer protocol that enables cross-border transactions between all currency pairs.

By combining the open source network tailored for payments and asset issuance with DFS Labs’ extensive experience in supporting innovative digital commerce entrepreneurs in Africa, the new fund presents a unique opportunity for builders and creators. Selected portfolio entrepreneurs who receive investments from the fund will have access to the DFS Labs team and community as well as mentors from the Stellar Development Foundation and other companies within the Stellar ecosystem.

DFS Lab Stellar Africa Fund I builds on the successful blockchain bootcamp collaborations that took place between DFS Lab and the Stellar Development Foundation in the past. These collaborations provided support to African developers and startups building innovative products on the Stellar open source network, resulting in a diverse range of successful products.

What kind of team is the fund looking for?

The initiative is looking to support pre-seed and seed teams in Africa building products with a variety of use cases that can leverage the Stellar network, particularly those solving for fiat crypto ramps and those building cross-border payments for the continent.

Preferably, the team is familiar with the Stellar platform and already has a working product built on it, but the fund is also open to funding teams that are not already integrated but have a clear path towards implementing it usefully on the roadmap within 6 – 12 months after we invested.

Kenyan crypto startup, Kotani Pay, was one of the winners to receive a $100,000 grant in the latest bootcamp, the 11th round of the Stellar Community Fund (SCF).

DFS Lab is also currently accepting applications for its latest 12th round of blockchain bootcamp.

Those interested can apply here.

The DFS Lab portfolio includes a wide range of start-up companies in Africa:

• Akiba
• Ando
• Increase
• Bump
• Cherehani Africa
• Garage
• GoBeba
• Hover
• Inclusive
• Top it off mom
• Koa
• Nala
• Nobuntu
• Numi
• OnePipe
• Word
• Payflow
• Pezesha
• Pula
• SendChamp
• Suplias
• Tooth
• TaniHub

“At DFS Lab, we have always taken a pragmatic approach when it comes to decentralized finance in Africa. It is hard to deny the potential that decentralized solutions can offer on a continent where finance is often bogged down by inefficiency, opacity and lack of interoperability.” said Joseph Benson, partner at DFS Lab.

“We’ve now seen a rush of talent and capital enter this space, helping to refine potential use cases for technologies like blockchain and crypto in Africa. Undoubtedly, some approaches will falter as hype gives way to reality, but those that break through and find ways to build foundational platforms that can underpin the future of digital transactions on the continent. We think it’s an opportunity worth exploring.”

Stephen Deng, partner at DFS Lab, said the new fund will support the building of pre-seed and seed teams for Africa.

“We are open to various use cases, but will be particularly interested in those solving for fiat-crypto ramps and those building cross-border payments for the continent. We will fund both teams familiar with the Stellar platform along with those looking to integrate Stellar into their product roadmaps for the first time We are planning initial investments of up to $100,000, with additional follow-on investments possible as the teams grow. Deng said.

See also

Those interested in the DFS Lab X Stellar Fund can apply here with applications that are assessed continuously.

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