Alliance, a New York-headquartered crypto accelerator and founder community that invests in early-stage crypto and fintech startups, has invested $500,000 in equity in Cloud9, a Kenyan fintech that provides digital banking services for businesses.
The investment is part of Cloud9’s ongoing pre-seed round, which also attracted investment from Techstars NYC and strategic angel investors, bringing the company’s total funding to $1 million.
The investment comes as Cloud9 pushes beyond digital banking to build payment infrastructure for African businesses trading across borders after making two acquisitions in three months.
The company plans to use the new funding to expand its cross-border payment corridors, improve its product experience, launch virtual and physical cards, and grow its base of African consumers and businesses using the platform to participate in global trade.
Originally published by TechCabal.