Stabyl, a Nigerian financial technology startup, has secured $2.7 million in a pre-seed funding round to develop a platform aimed at improving foreign exchange liquidity and infrastructure across Africa. The round was led by MaC Venture Capital, with participation from other investors including One Way Ventures, Ventures Platform, and Catalyst Fund, according to company announcements made public in late June 2026.

The company, founded by CEO Michael Ugwu, intends to use the capital to build what it describes as a "first-of-its-kind" infrastructure platform designed to aggregate liquidity for African currencies. The core challenge Stabyl seeks to address is the fragmented and often illiquid nature of foreign exchange markets on the continent, which complicates cross-border trade and business operations.

Ugwu stated that the platform will function as a centralized marketplace, connecting businesses with licensed liquidity providers to facilitate more efficient and transparent currency conversions. "Our mission is to build the foundational layer for Africa's FX market," Ugwu was quoted as saying in one announcement. The company argues that by creating a more robust and accessible FX infrastructure, it can lower costs and reduce settlement times for businesses engaged in regional and international commerce.

The funding comes at a time when African fintechs are increasingly focusing on solving complex financial infrastructure problems, moving beyond consumer-facing payment applications. Cross-border payment facilitation remains a significant hurdle due to currency volatility, regulatory differences between nations, and a reliance on correspondent banking networks that can be slow and expensive.

Stabyl's approach targets the business-to-business segment, aiming to serve importers, exporters, and other corporations that require reliable access to foreign currency. The company has indicated it will initially focus on key African currency corridors, though specific launch markets were not detailed in the available announcements. The involvement of investors like Catalyst Fund, which often backs startups focused on financial inclusion, suggests an alignment with broader goals of enabling economic growth through improved market efficiency.

Michael Ugwu brings prior experience from the African tech scene to the venture, which is headquartered in Lagos. The raise of $2.7 million represents a significant pre-seed round for the region, reflecting investor confidence in tackling deep-seated financial system challenges. The success of Stabyl's model will depend on its ability to secure partnerships with established financial institutions, navigate diverse regulatory environments, and achieve sufficient liquidity on its platform to attract a critical mass of users.