Fincra, a payment solutions provider that enables secure, efficient, and seamless financial transactions within Africa and beyond, and Reap, a global leader in digital and blockchain-enabled business account management solutions, have announced a formal partnership to transform cross-border payments between Africa and Asia.
The Memorandum of Understanding (MoU) marks Reap’s first strategic alliance in Africa, and brings together Fincra’s established payment rails in Africa with Reap’s stablecoin-enabled infrastructure for card and cross-border payments, strengthening the trade and payments corridor between the two continents. With the signing of the MoU, both companies have agreed to explore potential Card-as-a Service (CaaS) solutions, programmable spend controls, and other innovative financial products, specifically designed for African fintechs and SMEs.
“This partnership sets a vital foundation for Reap’s global expansion into Africa. We’re excited to learn from Fincra’s expertise in connecting African businesses to global markets through innovative payment solutions,” said Kevin Kang, Co-Founder at Reap. “We aim to support the local and regional fintech ecosystem to create new opportunities for businesses operating across the Africa-Asia corridor to leverage the benefits of stablecoin-enabled payments.”
“We’re excited to partner with Reap to deliver innovative card solutions for African businesses. At Fincra, we see cards as a powerful tool to unlock trade and global opportunities, and this collaboration will give African businesses across the continent the flexibility to spend and scale with ease,” said Wole Ayodele, CEO, Fincra.
While sub-saharan Africa remains the most expensive region in the world to transfer money to, with an average remittance cost of 8.37% in the second quarter of 2024 (World Bank, Remittance Report, 2024), this has catalysed a surge of stablecoin adoption in the region. The region accounted for 43% of all global crypto transactions in 2024 (Sub-Saharan Africa Crypto Adoption, 2024, Chainalysis).
This is because stablecoins can move across borders instantly and at near-zero cost, providing alternatives to traditional remittance providers. Mobile-first solutions also dominate the region, so locals and businesses can receive stablecoins directly on mobile wallets within minutes.
The MoU is expected to significantly increase collaboration across the Africa-Asia corridor for both companies, unlocking new growth opportunities. With the Nigeria market as a launchpad, Reap also plans to expand into additional African markets.
About Fincra Fincra is building the trusted financial infrastructure for businesses in Africa to move money locally and globally. Through a suite of APIs and no-code solutions, Fincra enables secure collections, payouts, and settlements across borders, with full regulatory backing in every market it operates.
About Reap
Reap is a global financial technology company that enables financial connectivity and access for businesses worldwide through stablecoin-enabled infrastructure. We transform the financial landscape through more efficient money movement by merging traditional finance with digital assets, bridging disparate economies and connecting key financial markets.
Reap was an early leader in Asia to incorporate stablecoins into our solutions. In 2024, Reap processed billions in stablecoin-funded transaction flows. From stablecoin-enabled corporate cards to cross-border payments, we streamline financial operations and empower companies to scale with our integrated business accounts and embedded finance solutions.
Reap is a Series A company backed by a strong network of investors, including Acorn Pacific Ventures, HashKey Capital and more. Founded and headquartered in Hong Kong, Reap employs over 200 people worldwide.
More information about Reap can be found at reap.co.
Media Contacts
Fincra
Ellen Ukpi
Director, Marketing and Communications
Reap
Sue Ann Sim
PR & Communications Lead