Hub2, an Ivory Coast fintech startup, has secured $8.5 million Series A funding led by TLcom Capital with the participation from FMO, Enza Capital, Bpifrance, and Eric Barbier.
Founded by Ashley Gauzere and Remi in 2019, Hub2. is a system for digitizing ongoing transactions. Services like cash out, to pay, manage, and others are offered by them. It connects businesses to their infrastructure will enable them to accept and process payments quickly and safely.
Presently, HUB2 offers transaction gateway to 55 fintechs across French-speaking Africa — they include Julaya, Onafriq, NALA, and CinetPay among others. This alignment with fintechs, which are now responsible for 98% of its volumes, helped HUB2 achieve product-market fit and drove its growth over the last three years.
The payment aggregator is on track to process €1 billion in transaction volume (TPV) this year — an increase from the €70 million it handled in 2022 — fueled by consistent 15% month-over-month growth in both TPV and revenue, which comes from take rates on these volumes.
Small and medium enterprises (SMEs) account for 90% of businesses in Africa, making them a crucial segment that cannot be overlooked. It would also put it in line with competition. Paystack and Flutterwave, for example, have scaled by addressing the needs of enterprise clients and small businesses, a model HUB2 could emulate to expand its reach.
“We’re proud to work with HUB2 as the company extends its reach across Francophone Africa,” said Eloho Omame, partner at TLcom Capital. “HUB2’s achievements in the region, combined with TLcom’s track record in Anglophone markets, create a powerful partnership that will make digital payments more accessible across the continent.”
