MoneyBadger raises $400K to expand Bitcoin payments in South Africa
Bitcoin now accepted nationwide in South Africa
MoneyBadger, a South African crypto payments startup powering Bitcoin transactions at major retail outlets, has raised $400,000 (approximately R7.2 million) in a pre-seed funding round.
The raise was led by P1 Ventures, a venture capital firm specializing in African fintech, alongside three angel investors active in the Bitcoin ecosystem, MyBroadband informs.
The capital infusion aims to accelerate the company’s mission to make Bitcoin spendable at scale, as the country embraces digital asset payments in everyday commerce.
Pick n Pay and the Rise of Crypto at Checkout
MoneyBadger, formerly known as CryptoConvert, first gained attention in February 2023, when it enabled Pick n Pay, one of South Africa’s largest supermarket chains, to roll out Bitcoin payments across all of its stores. This included PnP Express and Pick n Pay Clothing outlets, where customers can now use Bitcoin to buy groceries, electricity, airtime, bus and flight tickets, and pay municipal bills—right at the till.
The rollout followed successful trials in 39 stores in November 2022. At the core of the deployment is CryptoQR, a proprietary point-of-sale system built on the Bitcoin Lightning Network, allowing for fast, low-cost, and highly reliable transactions. According to MoneyBadger CEO Carel van Wyk, the system is “faster and cheaper than tap-to-pay with a credit card.”
Integration and Future Outlook
MoneyBadger’s solution is compatible with major wallets, including Binance, Luno, VALR, and AltCoinTrader, while its QR scanning technology has been adopted by Luno, VALR, Blink, and Aqua. These integrations position the startup as a core enabler of crypto payments in Africa’s retail landscape.
With the new funding, MoneyBadger is expected to scale its infrastructure and expand merchant adoption both in South Africa and potentially across the continent.
As crypto use in emerging markets continues to rise, South Africa may become a model for real-world Bitcoin integration—particularly in regions with volatile currencies or limited banking access.
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