Bitcoin Payment Expansion Funded: MoneyBadger Secures $400K for Retail Sector Extension in South Africa
South African Crypto Payments Platform MoneyBadger Secures $400,000 in Funding
South Africa's digital asset ecosystem is on the rise, with growing retail acceptance and governmental interest. One of the latest developments in this space is MoneyBadger, a crypto payments platform that has secured $400,000 in pre-seed funding.
The funding round was led by P1 Ventures, a venture capital firm with expertise in African fintech. Three angel investors active in the Bitcoin and crypto ecosystem also participated in the funding. This investment will help MoneyBadger accelerate partnerships and extend its services to more consumers, merchants, use cases, and countries.
MoneyBadger was created in response to Pick n Pay's interest in integrating Bitcoin payments into its point-of-sale systems. The platform focuses on partnering with payment providers that serve major Tier 1 retailers, e-commerce platforms, and QR-based payment networks.
The platform's Bitcoin payment solution, built using advancements in the Lightning Network, is faster, more reliable, and more cost-effective than traditional credit card tap-to-pay systems. As a result, transaction volumes on the MoneyBadger platform have exceeded $83,000 (approximately R1.4 million) per month.
MoneyBadger enables consumers to use Bitcoin and other cryptocurrencies for everyday purchases across various retailers and service providers. Consumers can use Bitcoin and other cryptocurrencies to pay for groceries and a wide range of value-added services including airtime, electricity, bill payments, and travel tickets.
The MoneyBadger team is headed by Carel van Wyk, its CEO, who is a co-founder of leading African crypto exchange Luno. Carl Kritzinger, founder of FireWorks, is also part of the MoneyBadger team. Ben Blaine, head of growth, is an experienced founder and former marketing specialist at SnapScan, one of South Africa's pioneering fintech successes. Brent Peterson, Head of Legal and Compliance, is a recognized expert in cryptocurrency regulation and serves as chair of the Crypto Asset Association of South Africa. Jacques Marais, a full-stack engineer, completes the MoneyBadger team with extensive experience in infrastructure and payment systems.
MoneyBadger has rolled out Bitcoin and crypto payment solutions across more than 1,600 retail outlets in South Africa, including all Pick n Pay hypermarkets, supermarkets, clothing stores, and express branches. The platform integrates with wallets like Binance, Luno, VALR, and AltCoinTrader, and its proprietary QR scanning technology has been adopted by Luno, VALR, Blink, and Aqua.
The growth of Bitcoin and digital asset-based financial solutions in South Africa is evident, with increasing mainstream adoption for everyday payments and financial inclusion. South Africa has about 6.57 million crypto users and over 31,000 retailers accepting cryptocurrencies for retail purchases, including flights, furniture, and groceries. Monthly consumer crypto spending on essentials exceeds $112,000, showcasing growing confidence in crypto for practical use rather than just speculation.
The South African Reserve Bank is exploring Central Bank Digital Currencies (CBDCs), signaling regulatory interest and broader acceptance of digital finance. Major blockchain conferences, such as the Blockchain Africa Conference 2025 in Johannesburg, underline the country’s role as a hub for innovation and practical blockchain integration in Africa.
In summary, MoneyBadger's pre-seed funding is a significant step forward in the maturation of South Africa’s digital asset ecosystem. With its focus on practical solutions for everyday payments, MoneyBadger is set to bridge the gap between the Bitcoin economy and traditional retail, offering a scalable, reliable, and cost-effective alternative to conventional money.
[1] https://cointelegraph.com/news/crypto-payments-in-south-africa-growing-rapidly-with-mainstream-adoption [2] https://www.dailymaverick.co.za/article/2023-03-01-crypto-payments-on-the-rise-in-south-africa/ [3] https://www.blockchainafrica.co/conference/
- The investment secured by MoneyBadger, a crypto payments platform in South Africa, will be utilized to establish more partnerships and extend services into various sectors, potentially attracting venture capital interested in the intersection of finance, technology, and investing in the digital asset space.
- As regulatory interest in CBDCs from the South African Reserve Bank grows, collaborative efforts between platforms like MoneyBadger and venture capital firms, such as P1 Ventures, could significantly contribute to the development and integration of crypto regulation in the African fintech industry.
