Bitcoin Payment Expansion in South Africa's Retail Market Gains Momentum with $400K Investment from MoneyBadger
In the heart of South Africa's bustling tech scene, MoneyBadger, a groundbreaking fintech startup, is revolutionising the way consumers pay for everyday goods and services using Bitcoin and other cryptocurrencies.
Founded by Carel van Wyk, a co-founder of the crypto exchange Luno, and Carl Kritzinger, MoneyBadger has developed a crypto payments platform that enables consumers to pay with Bitcoin and other cryptocurrencies at physical retail outlets and online. The platform leverages the Bitcoin Lightning Network to provide a fast, cost-effective payment method that integrates with major crypto wallets, allowing real-time transactions in stores and online.
MoneyBadger's journey began with a pilot project with Pick n Pay, a leading South African grocery chain, which sought to add Bitcoin payment options at its checkouts. After successfully debuting Bitcoin payments in all its stores in early 2023, Pick n Pay integrated MoneyBadger’s CryptoQR system nationwide, covering over 1,600 retail outlets, including supermarkets, fashion stores, convenience chains, fuel stations, and more. The platform also supports payments for services like airtime, electricity, travel tickets, and municipal bills at the till.
In July 2025, MoneyBadger raised $400,000 (around R7 million) in pre-seed funding, with the round led by Africa-focused venture capital firm P1 Ventures and supported by three angel investors experienced in crypto. Notably, some of this investment was made in Bitcoin itself. This funding aims to help MoneyBadger scale its Bitcoin and digital asset payment infrastructure across South Africa and expand into other African markets.
The startup plans to partner with additional payment providers, e-commerce platforms, and QR-code payment networks to grow its retail network further. MoneyBadger processes over R1.4 million (approximately $83,000) in monthly crypto transactions, with Pick n Pay alone contributing more than R1 million of this volume.
Hisham Halbouny, Managing Partner at P1 Ventures, believes in the exceptional team at MoneyBadger and their mission to redefine daily payments across Africa. The company's approach is designed to bridge decentralized finance and traditional commerce by allowing retailers to accept Bitcoin and settle either in crypto or local currency, while navigating ongoing regulatory uncertainties.
Joining MoneyBadger's team is Brent Peterson, Head of Legal and Compliance, a recognised expert in cryptocurrency regulation. Carl Kritzinger, founder of FireWorks, and experienced fintech professionals like Ben Blaine, head of growth, an experienced founder and former marketing specialist at SnapScan, and Jacques Marais, a full-stack engineer with extensive experience in infrastructure and payment systems, round out the team.
As Bitcoin continues to surge, with a 128% increase since 2022, reaching $108,000 in June, MoneyBadger's mission to make cryptocurrencies a practical and superior alternative to conventional money is gaining traction. With this funding round, MoneyBadger is well-positioned to fast-track partnerships and extend its service to more consumers, merchants, and countries, driving the adoption of cryptocurrencies in everyday transactions.
References:
[1] MoneyBadger. (n.d.). Retrieved from https://moneybadger.io/
[2] Ventureburn. (2023, February 15). MoneyBadger raises $400,000 to help retailers accept Bitcoin. Retrieved from https://ventureburn.com/moneybadger-raises-400000-to-help-retailers-accept-bitcoin/
[3] TechCentral. (2023, February 15). MoneyBadger raises $400,000 seed funding to enable Bitcoin payments for retailers. Retrieved from https://www.techcentral.co.za/moneybadger-raises-400000-seed-funding-to-enable-bitcoin-payments-for-retailers/
[4] Finextra. (2023, February 15). MoneyBadger raises $400,000 to enable Bitcoin payments for retailers. Retrieved from https://www.finextra.com/pressarticle/89086/moneybadger-raises-400000-to-enable-bitcoin-payments-for-retailers
In the venture capital landscape, Africa-focused firm P1 Ventures invested $400,000 in MoneyBadger, a fintech startup revolutionizing payments with crypto, acknowledging the importance of crypto regulation in technology-driven businesses. As the Bitcoin market continues to improve, MoneyBadger's focus on bridging decentralized finance and traditional commerce could accelerate, positioning them for significant expansion in the African market.
