South African crypto payments startup MoneyBadger has raised $400,000 (approximately R7 million) in a pre-seed funding round to expand its Bitcoin payment infrastructure across the country. The round was led by venture capital firm P1 Ventures and supported by several crypto-focused angel investors, with part of the investment made directly in Bitcoin. This marks MoneyBadger’s first external funding since it emerged from stealth mode.
Founded by Luno Co-Founder in Response to Retail Demand
MoneyBadger was co-founded in 2022 by Carel van Wyk, a founding member of Luno, and entrepreneur Carl Kritzinger. The idea took shape when South African grocery giant Pick n Pay approached Van Wyk to help facilitate in-store Bitcoin payments. With the growing demand for digital assets in retail, the company rapidly developed a working prototype leveraging the Lightning Network, enabling faster and more cost-effective transactions than traditional card payments.
Integration Across 1,600 Retail Outlets and Growing
Since its launch, MoneyBadger has scaled rapidly, integrating into over 1,600 retail locations nationwide. The company’s technology enables consumers to pay for groceries and everyday items using Bitcoin, either through scannable QR codes or directly at point-of-sale terminals. This seamless experience has seen particular success in partnership with Pick n Pay, which alone accounts for more than R1 million ($59,000) in monthly crypto transactions.
Pick n Pay Sees Crypto Payments as Part of Broader Strategy
According to Pick n Pay’s Head of Financial Services, Deven Moodley, the integration aligns with the company’s “Ways2Pay” strategy aimed at offering diverse payment options to customers. He highlighted that crypto payments are becoming a meaningful part of how shoppers transact, especially as the ecosystem matures. Moodley emphasized that enabling Bitcoin at checkout helps meet growing demand from customers who prefer using digital assets for everyday expenses.
Strong Transaction Volumes and Wallet Integrations Support Adoption
Currently, MoneyBadger processes over R1.4 million ($83,000) in monthly crypto payments, with transaction volumes expected to grow in the coming months. The platform integrates with leading crypto wallets including Binance, Luno, VALR, and AltCoinTrader, enabling widespread accessibility across the South African crypto user base. Furthermore, its proprietary QR code scanning technology has been adopted by wallet providers such as Luno, VALR, Blink, and Aqua, supporting more efficient and reliable transactions.
Funding to Accelerate Merchant Partnerships and QR Network Integration
The newly raised capital will be used to expand MoneyBadger’s presence by partnering with Tier 1 payment providers, ecommerce platforms, and national QR code networks. These strategic collaborations aim to accelerate merchant adoption and embed crypto payment functionality into everyday commerce. The company believes that South Africa is poised to lead the way in retail crypto utility due to its rising number of digital asset users and increasing merchant demand for alternative payment solutions.
Bitcoin Growth Makes Crypto Appealing for Retailers
Van Wyk believes Bitcoin’s performance and utility make it increasingly attractive for merchants and consumers alike. “Bitcoin has grown about 3x in the last couple of years. We don’t see that growth slowing,” he said, underscoring the role of Bitcoin not just as an investment, but also as a functional payment tool in emerging markets.
Rising Competition Signals Growing Market Interest
MoneyBadger enters a competitive but expanding landscape, with rivals like Luno Pay also making strides in retail crypto payments. Launched in November 2024, Luno Pay has reported more than R20 million ($1.1 million) in Bitcoin purchases and is now processing close to R2 million ($112,000) monthly. This rising competition highlights growing confidence in Bitcoin’s role in everyday transactions across the region.
Africa Emerges as a Frontier for Crypto Utility
P1 Ventures’ Managing Partner, Hisham Halbouny, said the firm’s investment in MoneyBadger reflects its conviction in crypto’s utility in frontier markets. He noted that while regulatory uncertainty slows progress in the West, Africa is rapidly becoming a proving ground for real-world crypto use cases. Halbouny emphasized that MoneyBadger is well-positioned to lead in transforming how people pay in emerging economies.
With this new funding and growing momentum, MoneyBadger aims to cement its position at the forefront of crypto payments in South Africa. As more retailers embrace digital currencies and consumers seek flexible payment options, the startup is gearing up to meet the demand. Its mission to make Bitcoin a usable, everyday payment method is becoming an increasingly tangible reality.