African businesses seeking to pay overseas suppliers in currencies such as the Chinese yuan, US dollar and Indian rupee are the target market for Lumepay, a Cape Town-based fintech developing cross-border payment infrastructure across the continent.

The company has secured $10 million in capital float to support transaction liquidity, alongside $6 million in pre-seed investment for developing its technology and expanding its operations. The funding round, backed by founder-led angel investors and South African fintech investors, closed in early 2026.

The combined $16 million in investment and liquidity resources gives Lumepay financial backing as it works to connect businesses operating across African markets with international trading partners.

Currency access drives expansion

Lumepay’s payment service allows businesses to transfer money between African markets and settle international supplier payments.

Its October launch in Kenya, following regulatory clearance from the Central Bank of Kenya, extended this offering into East Africa.

Kenyan customers can use the platform to make payments in yuan, US dollars and Indian rupees, while also accessing intra-African payment corridors.

The company’s stated market footprint includes Nigeria, Ghana, Tanzania, Malawi and Mozambique, alongside the West African and Central African CFA franc zones. However, being present in these markets does not mean all payment services are fully operational, as further regulatory approvals are required to expand its capabilities.

Malawi, Mozambique and the CFA franc regions are among the markets receiving attention as Lumepay works to extend its regulatory coverage across Southern, West and Central Africa.

Chief Executive Harry Huang said the company had combined conventional financial infrastructure with digital assets and stablecoins, using foreign exchange liquidity to support its payment services.

Traditional banking remains central

Despite its digital asset capabilities, Lumepay’s operations rely partly on established banking institutions to facilitate transactions. In South Africa, Nedbank serves as its third-party payment provider sponsoring bank for domestic rand collections and disbursements.

Standard Bank also supports rand deposits and withdrawals for institutional customers using its digital asset services.

Its digital asset business, Lume Trade, holds a Category I financial services provider licence covering intermediary services involving crypto assets.

These relationships provide banking support for the company’s broader financial technology offering, which spans domestic payments, digital asset services and international transfers.

Preparing for its next funding round

Lumepay entered the market in April 2026 with Lumetrade, its digital asset and stablecoin trading platform, before launching its dedicated cross-border payments platform in June.

The pre-seed investment has financed the development of its payment rails, wallet infrastructure, core technology and enterprise security systems.

It has also helped establish liquidity arrangements, banking partnerships and regulatory positions in several African markets.

Chief Operating Officer Luc Varejes said the funding had helped put these operational foundations in place. The company is now moving into its growth phase and preparing for a Series A funding round, with further regulatory approvals and expansion of its payment network forming part of its next stage.