Checker Secures $8 Million Funding to Enhance Stablecoin Services Across Africa
Checker, a global infrastructure network focused on digital asset markets, has successfully raised $8 million in a funding round aimed at expanding stablecoin-based financial services throughout Africa and other emerging regions. This infusion of capital will facilitate the development of a more robust financial ecosystem leveraging stablecoins across these markets.
Strategic Backing from Leading Investment Firms
The funding round was primarily led by Al Mada Ventures, the investment arm of Morocco’s sovereign wealth fund and the parent organization of Attijariwafa Bank, one of Africa’s largest banking groups. Additional backing came from Galaxy Ventures and Framework Ventures, along with participation from DFS Lab in Africa, Bitso and Airtm in Latin America, and Onigari Capital, SNZ Capital, and Velocity in Asia.
Notable Investor Support from the Tech Sector
This investment showcases significant involvement from the African technology ecosystem. Noteworthy angel investors include Flutterwave co-founder Iyin Aboyeji, former Onafriq VP Gwera Kiwana, and Juicyway co-founder Justin Ziegler, alongside contributions from individuals affiliated with well-known firms like Stripe and Tala.
Addressing the Challenges of Fragmentation in Africa’s Digital Asset Markets
African stablecoin operators are currently grappling with structural fragmentation. The continent demonstrates a strong demand for digital assets, evidenced by Nigeria consistently ranking high in global cryptocurrency adoption. Meanwhile, both Kenya and South Africa are progressing towards formal frameworks for Virtual Asset Service Providers (VASP). However, financial institutions are hindered by split liquidity pools, escalating correspondent banking costs, and currency volatility.
Streamlining Liquidity and Payment Operations
Many operators have managed to navigate these challenges by piecing together liquidity sources from numerous providers—often coordinated informally via platforms like WhatsApp. In contrast, Checker offers a modern solution with a single API designed to unify fragmented liquidity into a cohesive, programmable network.
Comprehensive Financial Solutions for Institutions
Checker’s platform empowers banks and neobanks by providing access to stablecoin liquidity, facilitating cross-border payments, and offering treasury management tools and credit lines through a single integration point. This is especially relevant for B2B trade corridor payments, which have historically been slow and capital intensive due to reliance on correspondent banks, particularly in transactions between Africa and both China and the United States.
Broader Implications of Al Mada’s Investment
Al Mada’s involvement extends beyond mere financial backing. As the controlling stakeholder in Wafa Cash—a remittance network serving Africa and its diaspora—Al Mada contributes crucial operational experience and institutional credibility, making it a valuable partner in this sector.
Enhancing Liquidity and Scalability in the Stablecoin Landscape
Omar Raalei, Managing Director at Al Mada Ventures, highlighted a significant hurdle in the stablecoin industry: the friction in accessing extensive liquidity, particularly in fiat on- and off-ramps. Checker aims to resolve this issue by introducing a new orchestration layer that organizes disparate stablecoin liquidity into a compliant, programmable network.
Expansion Plans and Future Developments
Since its inception, Checker has processed $3 billion in total volume, aligning with roughly 1% of the global annual B2B stablecoin payments. Currently, its network spans 75 currencies and operates in regions including Nigeria, Kenya, Tanzania, and Francophone West Africa. Notable institutional clients include Rail, which was acquired by Ripple, Brazil’s Braza Bank, and Argentina’s Vero. The newly acquired funds will help Checker broaden its global payment reach, minimize reliance on correspondent banks, and integrate built-in lending capabilities for efficient, just-in-time payments.
Leadership Committed to Transforming Financial Infrastructure
CEO Jack Chong remarked that securing this funding will enhance their mission to revolutionize the approach of financial institutions—from Brazil and Kenya to Hong Kong and the United States—toward foreign exchange, payments, trading, and investment product development. Co-founded by Chong and Justin McMahan, Checker benefits from their extensive backgrounds in trading and financial infrastructure at major global organizations. Chong’s personal ties to the South-South trade corridor, specifically between Africa and China, underpin Checker’s core business strategy.
