Stax

What they do:

Stax has a USSD interface that enables African consumers to manage all their bank and mobile money accounts in one place without mobile data. A USSD application allows users to manage all bank and mobile money accounts in one place without using any mobile data. Users can send, receive money, and buy airtime offline. For all transactions and across every service Stax cover, they have automated the USSD flow so that users can receive and spend money faster.

Why we invested:

Around 500M Africans access their bank and mobile money accounts via USSD and around 300M people in Africa own smartphones and choose to transact via USSD instead of apps. The nature of their technology allows us to support any service that is available via USSD, which means Stax has the potential to support virtually every mobile banking and wallet service in Africa.

No longer active:

Stax has ceased to trade (as of mid 2023) and is no longer operational.