South African fintech NjiaPay has raised $2.1 million in a seed funding round led by the European venture capital firm Newion, the company announced on March 9. The Cape Town-based startup, which operates a payment routing platform, will use the capital to accelerate its expansion across the continent.

NjiaPay’s technology is designed to simplify payment integration for businesses by connecting them to multiple payment methods and financial institutions through a single application programming interface. This approach aims to reduce the complexity and cost for merchants, particularly small and medium-sized enterprises, to accept a wide range of digital payments. The company’s platform supports various payment types, including bank transfers, card payments, and mobile money.

The funding round was spearheaded by Newion, a Netherlands-based investor with a focus on B2B software companies. The participation of other investors was not detailed in the announcement. NjiaPay stated that the new capital will be directed towards enhancing its technology, growing its team, and expanding its market presence beyond South Africa into other key African economies.

The investment arrives amid a period of significant evolution in South Africa’s digital payments landscape. The country has a mature banking sector but continues to grapple with high costs for electronic transactions and a persistent reliance on cash for a segment of the population. Regulatory shifts, including the phased implementation of the Rapid Payments Programme by the South African Reserve Bank, are intended to foster faster, cheaper digital payments and could create new opportunities for infrastructure-focused fintechs like NjiaPay.

Across Africa, the demand for interoperable payment solutions has grown as digital commerce expands and businesses seek to reach customers using diverse payment preferences. While East Africa has been defined by the dominance of mobile money networks like M-Pesa, Southern African markets often feature a more fragmented mix of banking, card, and nascent mobile money services. Platforms that can navigate this fragmentation are attracting investor attention.

NjiaPay’s funding follows a broader trend of sustained, though increasingly selective, venture capital interest in African fintech, particularly in companies building foundational financial infrastructure. The sector remains the largest destination for tech investment on the continent, as investors target solutions addressing payments, lending, and financial operations. The successful close of this seed round for a South African startup suggests continued confidence in the region’s B2B fintech proposition, even as market conditions encourage a sharper focus on unit economics and clear paths to profitability.