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Cape Town-based payments and FX infrastructure company CrissCross has received an investment from Circle Ventures, the corporate venture arm of Circle Internet Group, Inc.
While the investment came through its parent company, Stitch Group, the exact amount was not disclosed. Notably, in July, Circle Ventures also backed Flutterwave with undisclosed strategic investments,
According to Willemijn van Lookeren, Head of Product, businesses and financial institutions want faster, cheaper, and clearer options than traditional correspondent banking.
“On many African corridors, the problem isn’t only speed. Liquidity is thin. If you collect in local currency, you can’t just get dollars at the bank rate,” he said.
As a result, stablecoins are increasingly used to settle payments, especially in markets where currency swings and thin liquidity slow transfers and push up costs.
“Africa’s cross-border payments market is massive, complex, and underserved. Circle Ventures’ investment validates what we’ve been building: infrastructure that can handle that complexity at scale,” said James Cope, General Manager at CrissCross.
CrissCross provides payment infrastructure for enterprises sending money across Africa. Its products cover local collections, automated payouts, and corporate treasury management with real-time FX, all available through a single API. The platform links blockchain-based settlement to local payment channels, so funds reach bank accounts and mobile wallets.
The company operates in more than 30 African markets, supports over 20 currencies and reports 99.99% uptime. Its clients include multinational companies, financial institutions and platforms.
CrissCross is licensed with FINTRAC as a Money Services Business in Canada. In South Africa, it holds FSP, CASP and TOC licences, along with other regulatory approvals in its operating markets.
The announcement comes a couple of weeks after announcing a partnership with London-based stablecoin payments and treasury platform Velocity to link global stablecoin liquidity with local financial infrastructure across African markets.
“We’re excited to support CrissCross as they bring stablecoin-powered payments infrastructure to scale across African markets, some of the most complex and underserved corridors in the world,” said Brian Schultz, Vice President of Corporate Development and Ventures at Circle.
