Nigerian blockchain startup Bingtellar says it is building modern cross-border payments infrastructure and tools for Africa, streamlining global transactions for individuals and businesses.
Founded in 2022 by Joshua Tebepina, CEO, and Arepade Peremi, CTO, Bingtellar enables swift and cost-effective cross-border transactions into or across Africa for diaspora, freelancers, remote teams, international contractors, and businesses.
“Unlike the conventional 7–14 business days, our solution ensures rapid, seamless, and affordable money transfers. Picture it as the “Wise for Africa”, harnessing the efficiency of stablecoins to reduce both costs and transaction times significantly,” Tebepina told Disrupt Africa.
At the heart of Bingtellar’s solution is the integration of stablecoins and DeFi to local payment networks, such as mobile money wallets and bank accounts, supported by efficient on/off ramps and institutional market makers.
“This integration empowers African users and businesses worldwide, allowing them to access the global economy, make everyday payments and send money from regions like Africa, Europe, Latam, and Asia using fiat or digital assets such as USDC, USDT, and cUSD, while recipients receive value or cash instantly in their local naira, cedis, or shilling bank accounts or mobile money wallets,” said Tebepina, explaining how this creates a seamless and confident transaction experience, in contrast to traditional global platforms.
“This strategic approach tackles challenges related to interoperability, fragmentation, currency restrictions while enhancing accessibility and global connectivity,” he said.
Bingtellar originated from the personal experiences of its co-founders, who faced first-hand challenges with the inefficiencies of the existing financial system for cross-border transactions in Africa.
“These challenges, including high costs, delays and currency restrictions particularly in freelancing payments, prompted us to introduce a stablecoin-based solution to HR teams. The success of this solution led to the organic growth of a robust product and infrastructure within our networks,” Tebepina said.
While platforms like PayPal, Western Union, and Wise have made attempts to address these challenges globally, Tebepina said they come with “drawbacks” and are not tailored to effectively serve African users.
Bingtellar, on the other hand, does just that, and to power its growth the startup has secured funding from early-stage backers and accelerators such as AWS Startups, Celo Camp and Nodo, among others. Tebepina said uptake of its solution had exceeded his expectations.
“Since our launch, we’ve witnessed a substantial increase in user adoption, with a growing number of African diaspora, remote teams and businesses embracing our platform for cross-border transactions,” he said.
“We have also achieved significant milestones in terms of product development and user engagement, securing strategic partnerships and successful launches in five African countries – Nigeria, Ghana, Kenya, Rwanda, and Uganda.”
As it continues to grow and expand its customer base, the startup is “actively exploring” additional funding opportunities to scale its operations, accelerate growth and further enhance its platform’s capabilities.
“Our pre-seed round is open and we are keen to engage and collaborate with angels investors and VCs who share our enthusiasm for the future of modern finance and payments in Africa,” said Tebepina.
“Looking ahead, we have ambitious expansion plans to enter additional African markets, especially the Francophone corridors, and strengthen our presence across the continent. Hopefully by Q3 2024 we should be live in four or five of those markets.”
Bingtellar generates revenue primarily through FX interchange and arbitrage , transaction fees and value-added services provided on its platform.
“As for our financial performance, while we’re in the early stages of monetisation, we’ve experienced steady growth in transaction volumes, facilitated over US$1.5 million already, while experiencing month-on-month revenue growth of 35 per cent, indicating a positive trajectory,” said Tebepina.
“Our focus is on building a robust user base and delivering a seamless and affordable cross-border payment experience. As we continue to expand our market presence and user engagement, we anticipate a proportional increase in revenue. The goal is to balance sustainable growth with providing valuable services to our users, ensuring a win-win scenario for both Bingtellar and the individuals and businesses using our platform.”
