Kenyan fintech firm SurgePay has secured a six-figure investment from the Stellar Community Fund, an organisation backed by the Stellar Development Foundation, to scale its cross-border payments network across Africa. The funding, announced on March 31, 2026, will be used to expand the company's operations and integrate more deeply with the Stellar blockchain network.

The investment is part of a broader wave of capital flowing into African fintech ventures addressing financial inclusion and payment efficiency. On the same day, Kenyan credit-focused fintech 4G Capital announced it had secured $2 million in funding to expand its 'touch-tech' lending model across East Africa. That round was led by Alphamundi VC and will support the company's goal of reaching one million customers.

SurgePay's model focuses on leveraging blockchain technology to facilitate faster and cheaper transfers for individuals and businesses moving money across African borders. The company operates in a competitive landscape that includes both traditional mobile money giants like M-Pesa and a growing cohort of blockchain and stablecoin-based payment providers. For instance, another firm, Kulipa, recently raised $6.2 million to expand its stablecoin-powered card payments across the continent and other markets.

The Stellar network, on which SurgePay builds, is designed for fast, low-cost cross-border transactions and has seen increasing adoption in various African markets for remittances and business payments. The Stellar Community Fund provides grants and investments to projects building on its protocol, with a focus on financial inclusion. A spokesperson for the fund stated that SurgePay's focus on solving real-world payment frictions aligned with its mission to create equitable access to the global financial system.

Cross-border payments remain a significant challenge in Africa, often characterised by high costs, slow settlement times, and limited transparency. The African Continental Free Trade Area (AfCFTA) has increased the focus on simplifying intra-African commerce, creating demand for more efficient payment rails. Fintechs are positioning themselves to capture this opportunity by building digital infrastructure that bypasses traditional correspondent banking networks.

SurgePay's CEO, in a statement provided to TechCabal, said the capital would accelerate product development and market expansion, though specific target countries were not disclosed. The company will need to navigate a complex regulatory environment, as central banks across the continent maintain varying stances on cryptocurrency and blockchain-based payment systems, with some embracing pilot projects and others maintaining caution.

The parallel funding for 4G Capital highlights the dual focus of investors on both credit access and payments infrastructure. 4G Capital provides unsecured working capital to micro-enterprises, using a hybrid model that combines proprietary credit-scoring technology with in-person customer verification. Its latest funding will deepen its presence in Kenya and Uganda and support expansion into new East African markets.

Industry observers note that while investment totals may fluctuate with global economic cycles, the fundamental drivers for African fintech—large unbanked populations, high mobile penetration, and growing digital literacy—continue to attract strategic capital. The involvement of entities like the Stellar Community Fund signals a growing interest from ecosystem-specific investors, rather than just generalist venture capital firms, in backing Africa's digital finance evolution.