DafriBank aims to become the largest digital entrepreneurs focused bank in Africa with 50 000 active users since inception in August 2021, an increase of more than 500% in the last 6 months. The bank offers a wide range of banking products and services covering the personal, corporate, lending, small and medium enterprises market segments. According to information on the company website, Dafri’s wide spectrum of financial solutions for business clients includes structured finance, merchant API, working capital finance, and tailor-made term financing options. The company revealed its plan to raise seed capital. It is seeking to raise $80m for a 49% stake at a valuation of $1bn through a group of private investors with a minimum of $1m contributions.
The company, which recently added support of IBAN and USDT Digital currency to its network, shedded light on its Stablecoin ambition. DafriBank plans to utilise some of the funds its plans to raise for expansion towards the creation of DafriBank Stablecoin to compete with the likes of USDT and USDC. A plan many have applauded as a welcoming development in an industry that has been at the centre of scandals over lack of transparency. Over the last six years, the fintech sector has been the most populated and most funded among tech startups in the continent, with players raising almost $900 million over this period, according to Disrupt Africa, a website that tracks African startups. No doubt that DafriBank is following the above trend as the next African Unicorn FinTech brand. Dafri leverages its global bank agent network to avail its services in 180+ countries. The approach enables users in the countries where DafriBank has no offices to utilize its local agents to send/receive money abroad in a record time.