African fintech startup Shield has raised $5 million in seed funding to expand its cross-border payment solutions across the continent. The round was led by MaC Venture Capital, with participation from The Raba Partnership and other strategic investors.
Founded in 2023, Shield is building infrastructure that seamlessly allows businesses and individuals to send and receive payments across African borders. The startup currently processes over $25 million in monthly transactions and has facilitated over $500 million since launch, reflecting strong demand for alternatives to costly and slow traditional remittance channels.
Cross-border payments remain one of the toughest challenges for businesses in emerging markets. Exporters in Africa, Asia, and Latin America often face high transaction fees, long settlement times, and limited access to U.S. dollars. Shield’s platform leverages blockchain rails to offer faster, cheaper, and more reliable settlement, with stablecoins providing a hedge against local currency volatility.
The company operates as a compliance-first provider, registered in the U.S. as a money services business, in the EU as a crypto exchange, and with the Financial Intelligence Centre (FIC) in South Africa. Its platform integrates tools for monitoring sanctions, managing anti-money laundering requirements, and screening large transactions, steps that are increasingly important as regulators scrutinise stablecoin adoption.
Shield was co-founded by brothers Emmanuel and Isaiah Udotong, alongside Luis Carchi. Emmanuel Udotong, now CEO, has said the idea grew out of their direct experience with international trade, where legitimate payments often faced frustrating delays or excessive fees. By turning to stablecoins, the team saw a chance to modernise trade finance and make cross-border settlement more efficient.
The fresh funding will be used to deepen Shield’s presence in high-volume corridors, invest in security and compliance infrastructure, and strengthen partnerships with local financial institutions and global payment providers.
With remittance inflows to sub-Saharan Africa expected to reach $60 billion in 2025, according to the World Bank, the opportunity for efficient, low-cost payment solutions is immense. Shield’s growth underscores the increasing role of crypto-backed fintech in bridging Africa’s financial gaps, particularly in markets where traditional banks struggle to meet demand.
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