DFS Lab and Stellar Development Foundation to Launch Fund for Transformative Digital Payments in Africa
By Richard Adorsu-
NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- DFS Lab announced the launch of the DFS Lab Stellar Africa Fund I to back high-potential builders and teams in Africa who aim to transform the digital payments landscape and beyond by building on the Stellar network.
The Fund is made possible through an investment from the Stellar Development Foundation.
The Fund brings together DFS Lab’s years of supporting Africa’s best digital commerce founders with the open-source Stellar network, optimized for payments and asset issuance.
Portfolio founders selected for investment by the Fund will have access to DFS Lab’s team and community as well as mentors from the Stellar Development Foundation and Stellar ecosystem companies.
The new Fund builds on previous blockchain bootcamp collaborations between DFS Lab and the Stellar Development Foundation which supported developers and startups building on the opensource Stellar network in Africa, with wide-ranging product examples.
Daniel Casanas, Head of Investments at the Stellar Development Foundation said, ‘‘We’ve seen developers build solutions on Stellar that address local needs, ranging from wallet apps and remittance services to digital identity solutions. We’ve worked with growing teams across
Africa, and we’re excited to be expanding our relationship with DFS Lab to support more African founders.”
“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 in a continent where finance is oftentimes bogged down by inefficiency, opacity, and lack of
interoperability,” says Joseph Benson, Partner at DFS Lab.
“We’ve now seen a rush of talent and capital enter into this space, helping to refine the potential use cases for technologies like blockchain and crypto in Africa. Undoubtedly, some approaches will falter as hype gives way to reality, but those who break through and find traction may find themselves building foundational platforms that can underpin the future of digital transactions on the continent. We believe that’s an opportunity well worth exploring.”
Speaking on what founders can look forward to from the Fund, Stephen Deng, Partner at DFS Lab summarized that, “We’ll back pre-seed and seed teams building for Africa. We’re open to various use cases, but will be especially interested in those solving for fiat-crypto ramps and those building cross-border payments for the continent. We’ll fund both teams that are familiar with the Stellar platform alongside those who want to integrate Stellar into their product roadmaps for the first time. We plan on initial investments of up to $100,000, with further
follow-on investments possible as teams grow.”
For New Africa Business News Richard Adorsu Reports, Africa Correspondent