Momint, a South African digital asset platform, recently accomplished a significant milestone by securing $1.25 million during its ongoing seed funding round. This funding initiative was initiated on September 20th and impressively, 25% of the funding target was met within just 10 days. In this round, Momint’s primary objective is to raise $5 million with a post-money cap set at $25 million, structured using a SAFE note. The allocation of these funds is directed towards marketing, increasing its asset under managment as well as turning profitable.
Prominent investors in this round include Untapped Global, Outlier Ventures, Adaverse, Mountain Partners, simple.Capital(), Raj Kulasingam, Vishal Agarwal, and Crossfin Ventures (Pty) Ltd.
Why the Investors Invested
The startup has generated considerable traction. Momint operates within the renewable energy sector, offering users the opportunity to invest in solar projects and earn from electricity generation. With a community of 55,000 users and over $1.4 million in sales, Momint leverages a thriving market that is increasingly concerned with environmental sustainability and the transition to cleaner energy sources.
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The introduction of a blockchain wallet, which enables users to spend cryptocurrencies at numerous South African retailers, was seen as an innovative breakthrough. This not only enhances the utility of cryptocurrencies but also promotes financial inclusion by enabling crypto transactions at small businesses and informal economy enterprises.
The blockchain wallet’s international functionality and cost-effective cross-border transaction capabilities positioned Momint as a global player. Investors were attracted to the company’s potential impact beyond the borders of South Africa.
A Look at Momint
Founded in 2020 by tech entrepreneurs Ahren Posthumus and Adam Romyn, with the support of serial investor Rob Hersov, Momint is based in Cape Town, South Africa.
Momint’s primary market focus is on South Africa, where it has established partnerships with over 10,000 retailers, including renowned names such as Checkers, Woolworths, Engen, and Takealot. Beyond retail, Momint’s services extend to other sectors, including transportation options like Lift Airlines and Intercape buses.
At its core, Momint offers a blockchain wallet integrated into its app. This wallet empowers South African consumers to utilize cryptocurrencies at various retailers, restaurants, and service providers. Users can purchase items like food, airtime, household goods, and data using cryptocurrencies. Moreover, the wallet enables transactions at 5,000 overseas retailers and supports cost-effective cross-border transactions, eliminating the need for traditional banks.
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While Momint is not a cryptocurrency exchange platform, it has seamlessly integrated its app with external exchanges like Transak and BankX, allowing users to top up their crypto within the app. Users can also directly purchase USDC and Ethereum with real-time exchange rate information. The wallet incorporates essential security features, including peer-to-peer sending and adherence to know your customer (KYC), know your transaction (KYT), and anti-money-laundering (AML) checks.
In January 2023, Momint introduced its flagship product, the SunCash initiative, further underscoring its commitment to renewable energy investment.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the con