Checker Raises $8M to Expand Stablecoin Payments in Africa

Checker Closes $8M Funding to Accelerate Stablecoin Services in Africa

Checker, a global infrastructure network for digital asset markets, has raised $8 million in a funding round led by Al Mada Ventures, the investment arm of Morocco's sovereign wealth fund. The round also includes co-leads Galaxy Ventures and Framework Ventures, with strategic participation from DFS Lab, Bitso, Airtm, and others. The funding will fuel Checker's mission to expand stablecoin-powered financial services across Africa and other emerging markets.

Key Investors and Strategic Backing

Al Mada Ventures, as the parent of Attijariwafa Bank—one of Africa's largest banking groups—brings deep institutional credibility. Angel investors include Flutterwave co-founder Iyin Aboyeji, former Onafriq VP Gwera Kiwana, and Juicyway co-founder Justin Ziegler, alongside individuals from Stripe and Tala. This diverse backing underscores Checker's potential to bridge fragmented liquidity markets.

Why This Matters for African Fintech

Africa's stablecoin ecosystem faces structural fragmentation, with operators often stitching together liquidity from dozens of providers via informal channels like WhatsApp groups. Checker's single API replaces this patchwork with a unified, programmable liquidity network, enabling faster and cheaper cross-border transactions.

Solving Africa's Stablecoin Liquidity Puzzle

Despite high crypto adoption in countries like Nigeria, Kenya, and South Africa, financial institutions struggle with siloed liquidity pools, high correspondent banking costs, and FX volatility. Checker's infrastructure connects African financial institutions to multiple payment providers, cross-border businesses, and banks globally through one integration.

Use Cases and Applications

Checker's API powers B2B trade corridor payments, particularly between Africa and China, and Africa and the United States. Consumer neobanks leverage the platform for digital savings products and low-cost remittances, while larger institutions access compliant FX and trading tools aligned with VASP requirements in Kenya and South Africa.

Key Features of Checker's Platform

• Unified API: Single integration for stablecoin liquidity, cross-border settlement, and treasury management.
• Multi-Currency Support: Covers 75 currencies across Nigeria, Kenya, Tanzania, and Francophone West Africa.
• Institutional-Grade Compliance: Meets VASP licensing frameworks in regulated markets.

Checker's Growth and Market Impact

Since launch, Checker has processed $3 billion in total volume, roughly 1% of annual global B2B stablecoin payments. Its network includes institutional clients like Rail (acquired by Ripple), Braza Bank in Brazil, and Belo in Argentina. The company plans to deploy new funding across three areas: expanding global payments coverage, building embedded borrowing and lending capabilities, and launching AI-powered agents for treasury management and predictive analytics.

Leadership and Vision

CEO Jack Chong, who co-founded Checker with Justin McMahan, brings deep experience in trading and financial infrastructure. Chong's personal familiarity with South-South trade corridors, particularly Africa-China flows, positions Checker to address key commercial opportunities in emerging markets.

Future Roadmap

• Payments Coverage: Reduce reliance on correspondent banking networks.
• Embedded Finance: Enable just-in-time settlement with borrowing and lending tools.
• AI Automation: Deploy agents for back-office tasks and predictive analytics.